Market Highlights
The Global High-Performance Seals Market is estimated to be
valued at USD 8,049.9 Million by 2024 and is Expected to register a CAGR of
6.81% during the forecast period.
The use of high-performance seals in upstream, midstream,
and downstream operations is increasing in the mining industry as they ensure
safe, reliable, and efficient operation of a wide range of onshore and offshore
equipment. The growing adoption of electric vehicles in line with the stringent
regulations for environment protection is expected to boost the demand for
high-performance seals for battery sealing.
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Segment Analysis
The global high-performance seals market has been segmented
on the basis of material type, end-use industries, and region.
On the basis of material type, the global market has been
segmented into rubber, plastic/polymer, composite, metal, and rubber-metal. The
rubber segment is further sub-segmented into ethylene propylene diene monomer
(EPDM), ethylene acrylate rubber (AEM), hydrogenated nitrile butadiene rubber
(HNBR), thermoplastic polyurethane (TPU), nitrile butadiene rubber (NBR),
polyacrylate (ACM), polychloroprene (CR), silicone, and fluoroelastomers (FKM).
The plastic/polymer segment is further categorized into polytetrafluoroethylene
(PTFE), polyvinylidene fluoride (PVDF), polyether ether ketone (PEEK),
ultra-high molecular weight polyethylene (UHMW-PE). The composites segment is
sub-segmented into carbon fiber, glass, cellulose, and others.
The rubber segment accounted for a major market share in
2017 and is expected to reach a value of USD 2,891.0 million by 2024. The
growth is attributed to the superior characteristics of rubber such as abrasion
resistance, tear resistance, resilience, and elongation. Rubber seals are
multi-purpose bit of kit that allows sealing of two different surfaces or two
opposite surfaces (interior and exterior). This prevents water damage, water
leakage, corrosion, weathering as well as provides an airtight barrier, which
prevents loss of air/heat. These factors make rubber an excellent choice of
material for rubber seals.
Based on the end-use industry, the global market has been
segmented into oil & gas, power generation, aerospace & defense,
chemicals, automotive, pharmaceutical, food & beverage, and others. The
aerospace & defense segment is projected to register a healthy CAGR of
7.40% during the forecast period on account of increasing application of
high-performance seals in aircraft braking systems, gearboxes, flap actuators,
satellites, cryogenic refueling systems, and launch pad dampeners.
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Market Players
Market Research Future (MRFR) recognizes ElringKlinger
Kunststofftechnik GmbH (Germany), Trelleborg Sealing Solutions (Sweden), James
Walker (US), IDG-Dichtungstechnik GmbH (Germany), CARCO S.R.L (Italy), Race-Tec
Sealing Limited (UK), Greene, Tweed (US), PXL SEALS (France), DowDuPont (US),
SKF (Sweden), Techoseal (France), Saint-Gobain Performance Plastics (US),
Freudenberg Sealing Technologies (Germany), Utex Industries, Inc (US),
EagleBurgmann (Germany), Elastotech SA (France), John Crane (US), Hallite Seals
(UK), ATP S.p.a. (Italy), ERIKS NV (the Netherlands), Techné (France), Le joint
français (France), Dichtomatik (Germany), Repack-S (France) and Parker Hannifin
Corp (US) as the key players in the global high-performance seals market.
Regional Analysis
The global high-performance seals market, by region, has
been segmented into North America, Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. As per MRFR analysis, Asia-Pacific was the leading
market for high-performance seals in 2017 and is expected to continue the trend
during the review period. The North American market accounted for more than 20%
of the global market share in 2017 owing to the high demand for
high-performance seals in major end-use industries such as chemical, aerospace
& defense, automotive, pharmaceutical, and food & beverage.
Key Findings of the Study:
·
The Global High-Performance Seals Market is
Projected to reach USD 8,049.9 million by 2024 at a CAGR of 6.81% during the
review period of 2018 to 2024.
·
Asia-Pacific accounted for the largest market
share with China being the major contributor to the growth of the regional
market.
·
The key manufacturers are focusing on strategic
growth initiatives such as new product launches, capacity expansion,
acquisitions, and distribution agreements to meet the rising demand for
high-performance seals across various end-use industries.
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