Industrial Seals Market to Exhibit a CAGR of 4.5% by 2027; Rising Industrialization to Influence Substantial Demand for Seals, states Fortune Business Insights™
October 07, 2020 at 04:44 AM EDT
Pune, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The global Industrial Seals market size is expected to reach USD 17.09 billion by 2027, exhibiting a CAGR of 4.5% between 2020 and 2027. The increasing industrialization has resulted in the high demand for customized seals across various sectors, in turning uplifting the market potential, states Fortune Business Insights, in a report, titled “Industrial Seals Market Size, Share & COVID-19 Impact Analysis, By Type (Axial Seals, Radial Seals and Mechanical Seals), By Industry (Mining, Food & Beverage, Oil & Gas, Energy and Power, Aerospace, Marine, Construction, Others (Chemicals, etc.) and Regional Forecast, 2020-2027.” The market size stood at USD 12.37 billion in 2019.
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The report on the industrial seals market incorporates:
Heavy Demand for Thermal Seals to Augment Growth
The rising necessity for thermal seals for machine optimization in long production processes will create opportunities for the market during the forecast period. The installation of large manufacturing units is expected to fuel demand for durable seals, which, in turn, will boost the growth of the market. The growing focus of companies towards thermal resistant industrial seals by using elastomeric materials will further augment the growth of the market. The growing demand for efficient and robust seals has impelled companies to introduce advanced seals, which, in turn, will aid the expansion of the market. The shift from traditional seals to advanced seals will enable speedy expansion of the market.
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Desisted Manufacturing Activities to Affect Seal Sales Amid COVID-19
The disruption caused by the outbreak of coronavirus has severely affected the global market. The enormous impact observed by the manufacturing sector has resulted in a substantial loss of the market. However, new strategies implemented by prominent companies to overcome financial losses can elevate the market during the coronavirus. One of the major challenges faced by the manufacturers is the temporary stop on import and export activities of goods and commodities. Nevertheless, the market is expected to outgrow in the forthcoming years owing to the growing demand from industries.
Emergence of Manufacturing Companies to Boost Market in Asia Pacific
The market size for Industrial Seals in Asia Pacific is expected to witness a significant growth rate during the forecast period owing to the emergence of registered and unregistered manufacturing companies in the developing nations. The growing demand for premium quality seals will augment the healthy growth of the market in the region. The market in North America is expected to hold a substantial share during the forecast period due to the presence of eminent companies in the US. The growing number of all and mid-sized seals manufacturing companies will influence the healthy growth of the market. The increasing government initiatives for establishing manufacturing plants will enable speedy expansion of the market in the region.
June 2019: Freudenberg Sealing Technologies announced the launch of new materials for sealing in the Aerospace industry. The new sealing innovations will provide increased safety, reliability, and better performance for aerospace customers.
List Of Key Companies in the Industrial Seals Market:
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