The global refinery industry is expected to experience strong growth during the forecast period. The APAC and MEA regions will drive this growth, primarily to meet the increasing domestic demand for petroleum products and for exports. Asia will account for the largest investments, with china and India being key countries driving new projects and greenfield investments.
According to MarkNtel Advisors’ research report “Global Mechanical Seals Market Analysis, 2020”, the mechanical seals market is projected to grow at a CAGR of around 6% during 2020-25. With recovery in oil prices, investments into exploration and production (E&P) are on the rise, especially in North America and the Middle East. As oil production increases, there is a need for transportation facilities to move large quantities of oil. Therefore, the companies are expected to invest in the related infrastructure such as of oil pipelines. This in turn would drive the market for large engineered equipment. Moreover, the boom in unconventional oil & gas reserves and the need to be self-sufficient in terms of energy are encouraging countries, such as China and India, to invest in various oil and gas infrastructure, including pipelines. Therefore, it is anticipated to boost the growth Global mechanical seals market in the forthcoming period.
As per MarkNtel Advisors’ study, the pusher seals captured the highest market share in the Global mechanical seals market in 2019. The major applications of pusher seals are in low temperature services. The pusher seals are majorly utilized in low specific gravity (<0.7) services. Hence, the application of pusher seals in transportation of gas is more as compared to others. The highest market share of oil & gas sector in the Global mechanical seals market is one of the key factors for the growth of pusher seals market.
Moreover, the Asia Pacific region grabbed a significant market share in the Global mechanical seals market in 2019. The mechanical seals market in the Asia Pacific region is fueled by the growth in developing economies such as India and Indonesia. Moreover, the rising investments in industries such as oil and gas, chemicals and water & wastewater in China, India, and Indonesia owing to increasing FDI are expected to contribute to the market growth. According to the United Nations Conference on Trade and Development, the Asia region recorded 4% growth in FDI inflows in 2018 from the past year.
The major players who has grabbed a considerable market share in the Global mechanical seals market include John Crane, EagleBurgmann, AESSEAL, Flowserve Corporation, AW Chesterton, Flex-A-Seal, Trelleborg Sealing Solutions, etc.
Global Mechanical Seals Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for mechanical seal firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type (Dry Seals, Pusher Seals, Non Pusher Seals)
2. By Sales Channel (Direct Sales, Distributors, EPC)
3. By Application (Oil & Gas, Chemicals, Food & Beverages, Metals & Mining, Water & Wastewater, Power Generation, Others)
4. By Geographic Region (North America, South America, Europe, Middle East, Africa, Asia Pacific)
5. By Competitors (John Crane, EagleBurgmann, AESSEAL, Flowserve Corporation, AW Chesterton, Flex-A-Seal, Trelleborg Sealing Solutions, Others)
Key questions answered in the study:
1. What are the current and future trends of the Global mechanical seals market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Global mechanical seals market?
6. What are the customer orientation, purchase behavior, and expectations from the mechanical seal companies across various regions?