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New Product Launch Was the Key Strategy Adopted by Major Players to Achieve Growth in the Global High Pressure Seals Market between 2012 and 2016
The global high pressure seals market is projected to reach USD 4.84 Billion by 2021, and USD 6.99 Billion by 2026, at CAGRs of 6.6% and 7.1% respectively from 2016. High pressure seals are used in end-use industries, such as oil & gas, chemical & petrochemical, aerospace & defense, power generation, manufacturing, mining, and pharmaceutical. Growing demand from the chemical & petrochemical industry in Asia-Pacific and expansion of the power generation industry, especially in emerging economies, is likely to boost the high pressure seals market.
New product launch was the key strategy adopted by major players to achieve growth in the global high pressure seals market between 2012 and 2016. This strategy accounted for the major share of all development strategies adopted from 2012 to 2016. Some of the major market players are John Crane (U.S.), EagleBurgmann Germany GmbH & Co Kg (Germany), Flowserve Corp. (U.S.), AES Corporation (U.S.), Garlock Sealing Technologies LLC (U.S.), Svenska Kullagerfabriken AB (Sweden), James Walker & Co (U.K.), Parker Hannifin Corporation (U.S.), EKATO Corporation (U.S.), Saint-Gobain S.A. (France), and EI du Pont de Nemours & Co (U.S.) among others.
Besides new product launch, expansion, agreement, and contract were the other key strategies adopted by market players to enhance their market share and expand their geographical reach.
John Crane has launched the O-ring pusher seal 48VBF for high temperature pumps. This seal helps in reducing costs as it does not need a cooling water system to operate. New product launch and expansion are the key strategies adopted by John Crane to target potential customers. A strong focus on R&D has resulted in the launching of new products, such as Aura 220 Gas Seal for high pressure and high temperature, O-ring pusher seal 48VBF for high temperature pumps, and 3740XL split mechanical seal for power generation plants, wastewater plants, desalination, pulp & paper, and mines. The company opened a seal manufacturing facility and a customer service center in Tianjin, China in 2014. The aim behind this expansion is to provide manufacturing, repair, and service capabilities to the local customers.
In June 2015, Flowserve Corporation launched a number of mechanical seals at the ACHEMA trade fair in Frankfurt, Germany. The seals launched include ISC2 Series cartridge seals, M Series mixer seals, and Gaspac dry gas seals. The company has earlier launched two products, Logix 420 digital positioner and Valtek GS globe control valve, in December 2013. These two products deliver high flow capacity that enhances the durability of the product. Flowserve Corporation signed an agreement with Advanced Diamond Technologies, Inc. to provide diamond coated hard faces for mechanical seals manufactured by Advanced Diamond. The company focuses on supporting Advanced Diamond to increase its efficiency for demanding applications of mechanical seals in the oil & gas industry.
High Pressure Seals Market by Material (Metal, TPU, HNBR, Fluoroelastomer, EPDM), End-Use Industry (Oil & Gas, Chemical & Petrochemical, Aerospace & Defense, Power Generation, Manufacturing, Mining, Pharmaceutical) - Global Forecast to 2026
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