The global oil & gas seals market is likely to exhibit significant deceleration, pegged at -6.5% in 2021 over 2020. This downturn is majorly ascribed to the recessionary impact of the COVID-19 pandemic on the oil & gas industry across the world, according to ESOMAR-certified market research company Future Market Insights (FMI). Fortunately, recovery is on the cards beginning 2022, with a projected annual increase of approximately 3%.
The long-term outlook on oil and gas seals market remains positive, with revenues set to grow at 3.3% CAGR. Substantial increase oil & gas exploration activities and development of oil & gas distribution infrastructure across the globe are expected to remain key defining factors in the global oil & gas seals market.
Besides the burgeoning numbers of exploration projects, the industry is likely to witness immense technological disruptions. Blockchain technology has been touted as a highly effective approach towards enhancing data collection security while automation and robotic deployment across key oil fields is expected to enhance drilling projects, reducing error margins and yielding high throughput.
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Key Takeaways of Oil & gas seals Market Study
- Mechanical seals to remain preferred, reaching US$ 176.1 Mn and capturing nearly 17% revenue by 2021
- Distribution applications to spearhead growth, with refining & distillation units experiencing maximum sales
- PEEK plastics/polymers to remain highly preferred by material type, generating 55% revenue share by 2021-end
- Midstream oil & gas exploration projects to generate lucrative opportunities, followed by upstream projects
- US and GCC countries to remain lucrative throughout the forecast period
- U.K. oil and gas seals market to witness a stable growth of over 3% through 2031
- Oil and gas seals demand in Germany and France to be relatively muted, with growth of nearly 2%
“Manufacturers are focused on developing new seals using cost-efficient manufacturing techniques and advanced raw materials such as elastomers and plastic/polymers like polytetrafluoroethylene, polyetheretherketone and others with high pressure and temperature resistance standards,” says FMI analyst.
The oil & gas seals market witness significant consolidation, in which the leading players account for more than three fourth of the market value share. The diffusion of small regional players is expected to increase competitive intensity during the forecast period.
Some of the key players in the market are Parker Hannifin Corporation, EnPro Industries, Flowserve Corporation, Dätwyler Holding Inc., Freudenberg Group, Trelleborg AB, among others. These players have higher shares in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.
More Insights on FMI’s Oil & Gas Seals Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global oil & gas seals, analyzing historical demand from 2016-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the oil & gas seals on the basis of product type (mechanical seals, hydraulic seals, O-rings, T-seals & S-seals, metal bellow seals, lip seals, dry gas seals, V-ring packing, spring seals & custom seals), application(well drilling, well completion, well production & service and distribution), material (stainless steel, graphite/carbon, elastomers and plastic/polymers) and process (upstream, midstream & downstream) across six major regions.
Scope of the Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for value and Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa|
|Key Segments Covered||Product Type, Material Type, Application, Process Type, and Region|
|Key Companies Profiled||Parker Hannifin Corporation EnPro Industries Flowserve Corporation Dätwyler Holding Inc. Freudenberg Group John Crane Trelleborg AB EagleBurgmann Sinoseal Holding Co., Ltd. AESSEAL Hallite Seals James Walker NAK Sealing Technologies Corporation|
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
Q1. Which is the most lucrative market for oil & gas seals?
GCC currently leads the global market for oil & gas seals. Sales in GCC will be over 16% of total demand throughout the forecast period.
Q2. Which are the top-selling oil & gas seals?
T-Seals & S-Seals are highly sought-after for many applications. The demand for T-Seals & S-Seals is expected to remain high in the near future, especially due to its proliferated usage across different application in drilling, refining and distribution.
Q3. Which industry accounts for highest demand for oil & gas seals?
Oil & gas seals are widely used in distribution applications. Their usage in Refining & Distillation Units, and Transportation Pipelines & Carrier Vessels is rising day-by-day.
Q4. Which are some of the leading oil & gas seals manufacturers?
Some of the leading companies manufacturing oil & gas seals are Parker Hannifin Corporation, EnPro Industries, Dätwyler Holding Inc., Freudenberg Group, Trelleborg AB, etc.