New report published by QY Research which offers insights on the global Mechanical Seals market. The Mechanical Seals market has been experiencing steady growth graph since past years. During the 2017-2023 timeline, the global market for Mechanical Seals is expected to reflect increase in the revenue growth. In 2018 the global Mechanical Seals market was valued at US$ 3,348 Million and by the end of the assessment year (2023), it is estimated to touch a value more than US$ 4,325 Million growing at a value CAGR of 4.35% throughout the period of forecast.
Global Mechanical Seals Market: Market Driver and Restraint
Applications of Mechanical Seals are anticipated to create new business segments in the market. A mechanical seal is a device that helps join systems or mechanisms together by preventing leakage (e.g. in a plumbing system), containing pressure, or excluding contamination. The effectiveness of a seal is dependent on adhesion in the case of sealants and compression in the case of gaskets.
Global Mechanical Seals Market: Key Takeaways
· In process industry, reliability of rotating equipment’s such as pumps, compressors, agitators, mixers etc., is of utmost importance, which depends largely on the ability to avoid leakage through shafts. The industry spent well over a billion dollars annually world over in maintenance of rotating equipment’s and a substantial amount of this expenditure was leakage through shafts related. Mechanical seals play an important role in avoiding leakage.
· In general, today the process industry is demanding in terms of requirements for safety and component reliability that the industry is increasingly conscious of the need for safer improved performance of mechanical seals.
Global Mechanical Seals Market: Forecast by Application
This segment includes Oil & Gas, Power, Chemical Industry and Others. In terms of volume, Oil & Gas segment is expected to remain dominant in the global Mechanical Seals market.
Global Mechanical Seals Market: Forecast by Form
Form segment consists of Compressor Mechanical Seals, Pump Mechanical Seals, Reactor Mechanical Seals and others. Pump Mechanical Seals segment has the largest market share of 40.85% in 2017.
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Global Mechanical Seals Market: Forecast by Region
With emerging economies growing faster, a strategy has been adopted by most leading vendors in the mechanical seals market to approach these areas. QYR analysis of the mechanical seals market indicated that the demand of Europe and North America will be stable, and Asia-Pacific has the higher growth rate. Vendors recognize the importance of this region, particularly in China, and are working towards penetrating this market by strengthening their sales and distribution networks.
Global Mechanical Seals Market: Key Players
John Crane, EagleBurgmann, Flowserve, AESSEAL, Meccanotecnica Umbra, VULCAN, Garlock, Sunnyseal, Oerlikon Balzers, KSB, Colossu, Sulzer, Flex-A-Seal and Chesterton, are the key vendors included in this report.
A mechanical seal is a device that helps join systems or mechanisms together by preventing leakage (e.g. in a plumbing system), containing pressure, or excluding contamination. The effectiveness of a seal is dependent on adhesion in the case of sealants and compression in the case of gaskets.
Asia-Pacific, North America and Europe is now the major consumption regions of mechanical seals, in the coming years there is an increasing demand for mechanical seals in the regions of China and other developing countries are expected to drive the market for more advanced mechanical seals.
The consumption volume of mechanical seals is related to downstream industries and global economy. As there will always be some uncertain in the global economy in the following years, the growth rate of mechanical seals industry may not keep that fast. But it is surely forecasted that the market of mechanical seals is still promising.
The product average price declined in the past few years due to the technology development, the average price will keep the trend in the few future years due to increasing mature manufacturing technology and lowing cost of raw materials.
The Mechanical Seals market has been experiencing steady growth graph since past years. During the 2017-2023 timeline, the global market for Mechanical Seals is expected to reflect increase in the revenue growth. In 2018 the global Mechanical Seals market was valued at US$ 3,348 Million and by the end of the assessment year (2023), it is estimated to touch a value more than US$ 4,325 Million growing at a value CAGR of 4.35% throughout the period of forecast.
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