High-Performance Seals Market Outlook and Strategic Insights by 2028
Historic Data: 2018-2019 | Base Year: 2020 | Forecast Period: 2021-2028High-Performance Seals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type ( Hydraulic and Fluid Seals, Rotary Shaft Seals, Spring Seals, Oilfield Seals, Pump Seals, Others); End-Use Industry ( Oil and Gas, Chemical, Power Generation, Aerospace and Defense, Pharmaceutical, Automotive, Food and Beverage, Others ), and Geography
- Report Date : Jul 2021
- Report Code : TIPRE00023241
- Category : Chemicals and Materials
- Status : Published
- Available Report Formats :
- No. of Pages : 168
The high-performance seals market was valued at US$ 7,920.82 million in 2020 and is projected to reach US$ 10,426.16 million by 2028; it is expected to grow at a CAGR of 4.0% from 2021 to 2028.
High-performance seals are used against high-pressure gases and liquid chemicals to withstand mechanical deformation. Seals are either machined or molded and are carefully designed using sophisticated simulation software. Seals are made of a variety of materials, such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). High-performance seals are of different types such as hydraulic seals, rotary shaft seals, oil seals, packings, gaskets and other high performance rubber and plastic parts. High performance seals offer high resistance from fluid, heat, and wear & tear. High-performance seals are highly utilized by various end-user industries such as chemical, automotive, oil & gas, aerospace & defense, pharmaceutical, construction, and many others.
The high-performance seals market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is mainly attributed to factors such as the significant growth in chemicals, automotive, oil & gas, and aerospace & defense. The region provides ample opportunities for the growth of the market owing to rapid industrial development, along with significant rise in foreign direct investments, and increasing expenditure toward research and development activities. These factors are altogether expected to diversify the application base of high performance seals and also drive the market growth. Furthermore, the rapid development of manufacturing base, backed by improved economic activities and better investment opportunities, is promoting the growth of high-performance seals in Asia Pacific market. China is dominating the regional market, followed by other countries such as Japan, India, and South Korea.
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High-Performance Seals Market: Strategic Insights
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High-Performance Seals Market: Strategic Insights
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Impact of COVID-19 Pandemic on High Performance Seals Market
The ongoing pandemic has drastically altered the status of the industrial sector and has negatively impacted the growth of the high-performance seal market. Industries such as oil & gas, chemical, power generation, aerospace & defense, pharmaceutical, semiconductor, automotive, and food & beverages have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains due to the sudden closure of national and international boundaries. For instance, as per an article published by the Aerospace Manufacturing Magazine in January 2021, a decline of 54% in deliveries of aircraft was registered compared to the previous year. Similarly, the growth of power generation sector was also impacted by the pandemic leading to reduced demand, financial stress, and disruptions to the power supply chain as highlighted by the International Finance Corporation. The significant decline in the growth of the several industrial sectors negatively impacted the demand for high-performance seals in the global market. The significant disruptions in terms of sourcing of raw materials from suppliers, as well as temporary closure of manufacturing bases due to indefinite lockdowns and temporary quarantines, have impacted the growth of the market. Nevertheless, as the economies are planning to revive their operations, the demand for high-performance seals is expected to rise globally.
Market Insights
Rising Demand for High-Performance Seals from Automotive Industry Fuel High Performance Seals Market Growth
Automotive manufacturers demand new and innovative high-performance material to be used in automotive components. The automotive industry is witnessing a monumental transformation across the world owing to rapid urbanization, rise in disposable income, and shift in consumer lifestyle. Further, the positive impact of globalization, improvements in manufacturing capabilities in developing economies, and incorporation of advanced technology are among the factors bolstering the demand for passenger and commercial vehicles. As per The Economist Intelligence Unit Limited, the sales of new car are expected to witness a rise of 15% by the end of 2021, among which the sales of commercial vehicle may record a rise of 16% by 2021. The high-performance seals are extensively used in various automotive applications such as air conditioning systems, vehicle batteries, braking systems, electronic control units, fuel systems, and ride control systems. Therefore, the rising sales of vehicles drive the demand for high-performance seals material used in automotive components.
The high-performance seals withstand high temperatures in long-distance driving. Furthermore, the imposition of strict carbon emission regulations motivate manufacturers to comply with specifications to help minimize emissions and risk of unexpected downtime, which has further promoted the demand for such seals.
Product Type Insights
Based on product type, the high-performance seals market is segmented into hydraulic and fluid seals, rotary shaft seals, spring seals, oilfield seals, pump seals, and others. The hydraulic and fluid seals segment accounted for the largest market share in 2020 and it is expected to register the highest CAGR during the forecast period. Hydraulic seals are used in hydraulic cylinders to seal the openings between the cylinder's various components. Seals are either machined or molded and are meticulously engineered utilizing advanced simulation tools. Hydraulic seals are made of a variety of materials such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). These seals offer high resistance from fluid, heat, and wear & tear. The major tasks of hydraulic seals are to retain hydraulic fluids, maintain rod and pistons alignment, exclude solid or liquid contaminations, and maintain the hydraulic pressure. These are used in various end-use industries such as aerospace, automotive, agriculture, construction, oil, & gas, marine, and chemicals.
End-Use Industry Insights
Based on end-use industry, the high-performance seals market is segmented into oil & gas, chemical, power generation, aerospace & defense, pharmaceutical, automotive, food and beverage, and others. The chemical segment accounted for the largest market share in 2020, and the oil and gas segment it is expected to register the highest CAGR during the forecast period. High-performance seals are used in various chemical processing applications such as sealing pumps, valves, tanks, and fluid metering devices. The chemical industry consists of a variety of processes and materials requiring individually tailored sealing solutions. These seals ensure that nothing harmful infiltrates into the process. The seals used in the industry can be made of high-quality materials such as polytetrafluoroethylene (PTFE), perfluoroelastomers, and ethylene propylene diene monomer (EPDM). The high-performance seals to be used in the chemical industry require outstanding chemical resistance to various aggressive media, resistance to high and low temperature extremes, and robust mechanical strength. Therefore, the reliability of the sealing systems is a top priority to allow the productive procedures to operate in a completely safe manner.
A few players operating in the high-performance seals market are AFT Fluorotec, American High Performance Seals; ElringKlinger Kunststofftechnik GmbH; High Performance Seals; James Walker; Mykin Inc.; Performance Seals, Inc.; PXL SEALS; Precision Polymer Engineering Limited; and Trelleborg Sealing Solutions. The key companies implement the mergers & acquisitions and R&D strategies to expand customer base and gain significant share in the global market, which also allow them to maintain their brand name globally.
Report Spotlights
- Progressive industry trends in the high-performance seals market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the high-performance seals market from 2019 to 2028
- Estimation of global demand for high-performance seals
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the high-performance seals market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the high-performance seals market size at various nodes
- Detailed overview and segmentation of the market, as well as the high performance seals industry dynamics
- Size of the high-performance seals market in various regions with promising growth opportunities
High Performance Seals High-Performance Seals Market Regional Insights
The regional trends and factors influencing the High-Performance Seals Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses High-Performance Seals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
High-Performance Seals Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2020 | US$ 7.92 Billion |
| Market Size by 2028 | US$ 10.43 Billion |
| Global CAGR (2020 - 2028) | 4.0% |
| Historical Data | 2018-2019 |
| Forecast period | 2021-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
High-Performance Seals Market Players Density: Understanding Its Impact on Business Dynamics
The High-Performance Seals Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
- Get the High-Performance Seals Market top key players overview
High-Performance Seals Market – by Product Type
- Hydraulic and Fluid Seals
- Rotary Shaft Seals
- Spring Seals
- Oilfield Seals
- Pump Seals
- Others
High Performance Seals Market – by End-Use Industry
- Aerospace & Defense
- Automotive
- Oil & Gas
- Chemical
- Power Generation
- Pharmaceutical
- Food & Beverage
- Others
Company Profiles
- AFT Fluorotec
- American High Performance Seals
- ElringKlinger Kunststofftechnik GmbH
- High Performance Seals
- James Walker
- Mykin Inc.
- Performance Seals, Inc.
- PXL SEALS
- Precision Polymer Engineering Limited
- Trelleborg Sealing Solutions
Frequently Asked Questions
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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The List of Companies - High-Performance Seals Market
- AFT Fluorotec
- American High Performance Seals
- ElringKlinger Kunststofftechnik GmbH
- High Performance Seals
- James Walker
- Mykin Inc.
- Performance Seals, Inc.
- PXL SEALS
- Precision Polymer Engineering Limited
- Trelleborg Sealing Solutions
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