Dublin, October 10, 2023 (GLOBE NEWSWIRE) — The “Industrial Seals Market – Forecast 2023 to 2028” report has been added to researchandmarkets.com gift.
Thank you for reading this post, don't forget to subscribe!The global industrial seals market, valued at US$9.159 billion in 2021, is set to grow significantly at a compound annual growth rate (CAGR) of 4.17%.
Its market size is projected to reach US$12.191 billion by 2028. Industrial seals, critical mechanical equipment, prevent leakage of fluids or gases between surfaces in contact with each other. These seals are used in various industries such as oil and gas, chemicals, food and beverages and pharmaceuticals.
Highlights of the Global Industrial Seals Market:
- Innovation and advanced sealing: The market is witnessing an increase in innovation, with manufacturers focusing on advanced industrial seals that provide superior performance, extended lifespan and improved reliability. Investment in research and development is driving the creation of innovative products to meet the emerging needs of the industry.
- Digital Technology Integration: The market is witnessing increasing adoption of digital technologies including Industrial Internet of Things (IIoT) and predictive maintenance. These technologies enable monitoring of equipment in real time, helping to detect potential problems before they lead to equipment failure.
- Customized Solution: There is a growing demand for customized industrial seals to meet specific industry requirements. Industries such as food and beverage, subject to strict regulations, are driving demand for specialized industrial seals.
Driving Factors:
- Demand from end-use industries: Growing industries such as oil and gas, chemicals, food and beverages and pharmaceuticals are contributing to the growing demand for industrial seals. The United States Census Bureau reports increasing shipments of industrial machinery and equipment, indicating increased demand.
- Emphasis on Maintenance: The increasing focus on equipment maintenance and repair is driving the need for industrial seals, which play a vital role in preventing leaks and ensuring efficient equipment operation.
- Make in India Initiative: The Make in India initiative of the Government of India, which aims to increase the contribution of the manufacturing sector to the GDP, is expected to increase the demand for industrial seals in the region.
Market Development:
- In January 2023, Kiss Industries, in collaboration with Israel-based Tamer Seal, introduced innovative sealing technology for its VJOT-series rotary airlocks. These mechanical seals provide superior protection against contamination, leakage and rupture even in challenging dry-running conditions. This technology allows sealant replacement without disassembling the machinery.
- In February 2023, Safcon Seals Pvt Ltd launched high-security tamper-resistant RevGuard meter seals, designed to provide maximum meter protection and eliminate revenue loss. Smart meter seals feature a strong locking mechanism and digital reading and recording of seal numbers.
Companies Mentioned
- skf
- Timken Company
- epm
- john crane
- Flowserve Corporation
- Special engineering against leakage GmbH
- Freudenberg SE
- Trelleborg Group
- SSP Manufacturing Inc.
- completely sealed
market segmentation:
by type
- O-rings
- piston seal
- rotary seal
- oil seals
- Other
by end-user
- Construction
- Food & Beverage
- oil and gas
- energy and power
- aerospace
- marine
- Other
by geography
North America
South America
Europe
- United Kingdom
- Germany
- France
- spain
- Other
Middle East and Africa
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- taiwan
- Other
Main characteristics:
| Report Attribute | Description |
| number of pages | 150 |
| forecast period | 2021 – 2028 |
| Estimated market cap in 2021 (USD). | $9.16 billion |
| Estimated market value by 2028 (USD). | $12.19 billion |
| compound annual growth rate | 4.1% |
| Area covered | global |
For more information on this report visit here
About ResearchandMarkets.com
ResearchandMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and latest trends.
Source: www.globenewswire.com
