The global oil & gas processing seals market is estimated to be USD 5.7 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 2.5% during the same period. The oil & gas processing seals market is segmented by material into metal, elastomers, face material, and others. The others segment includes thermoplastics and rubber. Oil & gas processing seals have major usage in industrial applications and equipment. As the operating environment (temperature and pressure range) for equipment becomes more complex, the demand for oil & gas processing seals is also likely to go up. The global oil & gas processing seals market is mainly driven by increasing oil production and efficiency in offshore oil production.
The growing demand from oil & gas and chemicals & petrochemicals industries in Asia Pacific and in emerging economies is likely to boost the oil & gas processing seals market. The continuous expansion of the oil & gas industry is fueling the demand for seals. Emerging economies such as China and India are putting more emphasis on adopting the latest technologies and manufacturing processes in the oil & gas industry. This, in turn, is expected to drive the market for oil & gas processing seals during the forecast period.
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Freudenberg Group (Germany), John Crane (US), Flowserve Corporation (US), Parker Hannifin Corp (US), Solenis (US), Saint-Gobain (France), Trelleborg AB (Sweden), DuPont (US), Precision Polymer Engineering (UK), M. Barnwell Services Limited (UK), and Techno AD Ltd. (Israel) are the leading oil & gas processing seals manufacturers, globally. These companies adopted expansion and new product launch as their major business strategies between January 2015 and August 2018 to stay competitive in the market.
Flowserve Corporation (US) is one of the leading players in the oil & gas processing seals market. The company has been focusing on both organic and inorganic strategies to maintain its leading position. For example, in June 2015, the company launched a number of mechanical seals in ACHEMA 2015 Frankfurt, Germany. The seals launched are ISC2 Series cartridge seals, M Series mixer seals, and Gaspac dry gas seals. This development helped the company to expand its reach to the untapped market and strengthen its position in the oil & gas processing seals industry.
John Crane (US) is another major player in the oil & gas processing seals market. In March 2016, the company launched O-ring pusher seal 48VBF for high-temperature pumps. This seal helps in reducing costs as it does not need cooling water system to operate. The development of new product helped the company to increase its share in the global oil & gas processing seals market.
Oil & Gas Processing Seals Market by Type (Single, Double), Material (Metal, Elastomer, Face Material), Application, and Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023
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