In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Mechanical seals is defined as a leakage controlling device, that are found on rotating equipment such as pumps and mixers to prevent the leakage of liquids and gases. The mechanical seals help sealing the rotating part of the shaft against the stationary part of the pump housing. Mechanical seals are widely used by various industries such as oil and gas, chemical industry and others.
The global mechanical seals market is expected to grow at a CAGR of 9.2% over the forecast period i.e. 2017-2024. Further, mechanical seals market is anticipated to reach exponential revenue globally by 2024. Further, the market is growing on the back of various factors such as growing oil and gas industry coupled with rising demand for advanced seals form wastewater industry.
On the basis of end-use-industry, the global mechanical seal market is segmented into oil and gas , chemical industry , water and wastewater industry , power industry, pharmaceutical, mining and minerals, food and beverage and others. Among these segments, with 30.1% share, the oil and gas industry accounted for the largest segment of overall mechanical seals market in 2016 and is projected to witness a notable CAGR during the forecast period. Moreover, water and wastewater industry segment is believed to grow at a tremendous pace by the end of 2024.
On the basis regional platform, with 42.8% share, Asia-Pacific region captured the biggest market of mechanical seals in 2016. Moreover, Asia-Pacific region is anticipated to continue its dominance over the forecast period. This region is most lucrative market across the globe owing to emerging economies such as India and China. In addition to this, rapid industrialization on the back of positive GDP figure is paving a positive wave for the growth of mechanical seals market. Additionally, growing oil and gas industry owing to rising energy demand is envisioned to bolster the growth of mechanical seals market.
North America and Europe regions mechanical seals market is anticipated to capture significant share in the global mechanical seals market. In North America region, U.S. is the dominating country owing to new gas exploration activities coupled with on-going research and development in the field of mechanical seals. Apart from this, Western Europe countries such as Germany, U.K. and others are major countries contributing in the market of mechanical seals. Further, Middle East and Africa is also projected to show noteworthy CAGR owing to presence of large oil and gas industry.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the global mechanical seals market in the following segments:
By Product Type
Global mechanical seals market is further classified on the basis of region as follows:
Factors such as increasing usage of mechanical seals by various industry such as oil and gas, water and wastewater industry and others is believed to foster the growth of mechanical seals market by the end of 2024. Moreover, continuous advancement in mechanical seals by major key vendors in order to fulfill the demand is also predicted to foster the growth of mechanical seals. Furthermore, heavy investment in pipelines and refineries in major countries is one the major factor bolstering the market of mechanical seals across the globe.
Additionally, robust growing of industrial sector along with strengthening economic growth of developed and developing nations is envisioned to flourish the growth of mechanical seals market. Moreover, rise in production of shale gas is also believed to augment the demand for mechanical seals.
Although, presence of other alternatives such as mechanical packaging and increasing usage electronic seals in automated manufacturing are anticipated to hamper the growth of mechanical seals market.
The major key players for mechanical seals are as follows