According to a research survey conducted by ChemView Consulting, in 2022, the Global Oil and Gas Seals Market was worth US$ 300.0 Mn and is expected to grow at a CAGR of 8.2% over the forecast period. The market is expected to hit US$ 6,500.0 Mn by 2032 end.
Compliance with difficulties, including high pressures, harsh temperatures, and exposure to abrasive fluids, has long been a top priority for oil and gas firms. For equipment utilized in the oilfield service environment, selecting an appropriate sealing compound is essential for safety, dependability, and little downtime.
In the upcoming years, it is anticipated that demand for more durable, high-performance seals will increase as the oil and gas sector pushes its machinery to ever-greater boundaries to explore new sources of oil. Leading manufacturers are concentrating on creating technologically superior seals designed particularly for high temperatures, high pressures, and quick gas decompression.
Due to a greater reliance on fossil fuels for many economic operations, the oil and gas sector has shown tremendous promise. This trend is anticipated to continue during the projection period of 2022–2032. As a result, numerous upstream, midstream, and downstream exploration initiatives have been undertaken and will continue to be.
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Segments Covered in Report
By Product Type:
- Mechanical Seals
- Hydraulic Seals
- T-Seals & S-Seals
- Metal Bellow Seals
- Lip Seals
- Dry Gas Seals
- V-Ring Packing
- Spring Seals
- Custom Seals
- Well Drilling
- Well Completion
- Well Production & Service
- Refining & Distillation Units
- Transportation Pipelines & Carrier Vessels
- Stainless Steel
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
- Based on product type, mechanical seals are anticipated to have the largest value by product category, reaching around US$ 38.0 Mn by 2021. The market segment is expected to contribute close to 17.5% of the revenue. The increased acceptance is primarily attributable to less daily maintenance, minimal damage to shafts or pumps sleeves, assurance of a corrosion-free environment, and prevention of dirt buildup in the extraction machine.
- Based on material, the plastic/polymers category will continue to represent more than one-third of all material types globally. By the end of 2031, the class is anticipated to control close to 37% of the market in terms of material type, according to FMI. It is because of the features of its products that make they are suitable for various applications.
- Based on Process, the downstream sector is anticipated to dominate the oil and gas processing seals market. The rise in this segment is due to an increase in the use of seals in the processing and purification of natural gas at oil refineries and petrochemical plants, as well as the refining of crude oil. Additionally, it aids in the promotion and distribution of goods. These services aid in converting crude oil into useful products like fuel oils, gasoline, and other petroleum-based goods.
- Based on region, the Middle East and Africa held the biggest market share throughout the projection period. Due to the expansion of production facilities and technological advancements in this area, the downstream application is anticipated to dominate the oil & gas processing seals market during the forecast period. As a result, there is a huge market opportunity for the region’s oil and gas processing seals.
Key companies covered in the market study are 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, and NAK Sealing Technologies Corporation.
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.