Worldwide High Performance Seals Industry to 2028 - Rising Use of High-Performance Seals in Power Generation Industry Presents Opportunities - ResearchAndMarkets.com

The "High Performance Seals Market" report has been added to ResearchAndMarkets.com's offering.

This report includes the factors fueling market growth, revenue estimation and forecast, and market share analysis along with the identification of significant market players and their key developments.

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.

Based on end-use industry, the high- performance seals market is categorized into oil & gas, chemical, power generation, aerospace & defense, pharmaceutical, automotive, food & beverage, and others. The chemical segment held the largest share in 2020. 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 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.

The global high- performance seals market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. In 2020, Asia Pacific contributed to the largest share in the global high- performance seals market. The dominance of the high-performance seals market in this region is primarily owing to the presence of a strong industrial base with prominent manufacturers significantly contributing to market growth. The rise in investment in manufacturing sector across economies further provides lucrative opportunities for the growth of the high- performance seals market in Asia Pacific. The robust automotive manufacturing base in Asian economies, has supported the growth of high-performance seals to augment regional market growth.

Impact of the COVID-19 Pandemic on the 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. The significant disruptions in terms of sourcing of raw materials from suppliers and 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. The increasing demand for high-performance seals across automotive, aerospace & defense, power generation, oil & gas, and other industries, along with significant investment by prominent manufacturers is, expected to drive its market growth.

Reasons to Buy

• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global high-performance seals market, thereby allowing players to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest `with respect to products, segmentation and industry verticals.

Market Dynamics

Drivers

• Rising Demand for High-Performance Seals from Automotive Industry
• Advantages Associated with High-Performance Seals

Restraints

• Availability of Substitutes along with High Cost Associated with High-Performance Seals

Opportunities

• Rising Use of High-Performance Seals in Power Generation Industry

Future Trends

• Significant Investments in New Product Launches

Companies Mentioned

• 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005610/en/