High Performance Seals Market is expected to reach US$ 10,426.16 Mn by 2028

Rising demand for high-performance seals from automotive industry to escalate market growth

According to our latest market study on “High-Performance Seals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Hydraulic and Fluid Seals, Rotary Shaft Seals, Spring Seals, Oilfield Seals, Pump Seals, and Others.) and End-Use Industry (Oil & Gas, Chemical, Power Generation, Aerospace & Defense, Pharmaceutical, Automotive, Food & Beverages, and Others),” the market was valued at US$ 7,920.82 million in 2020 and is projected to reach US$ 10,426.16 million by 2028; it is expected to grow at a CAGR of 4.0% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

High-performance seals are used against high-pressure gases and liquid chemicals to withstand mechanical deformation. High- performance seals are either machined or molded and are carefully designed using sophisticated simulation software. These are made of a variety of materials, such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). High-performance seals are of different types such as hydraulic seals, rotary shaft seals, oil seals, packings, gaskets and other high- performance rubber and plastic parts. High-performance seals offer high resistance from fluid, heat, and wear & tear. High-performance seals are widely adopted by various end-user industries such as chemical, automotive, oil & gas, aerospace & defense, pharmaceutical, and construction.

Automotive manufacturers demand new and innovative high performance material to be used in automotive components. The automotive industry is witnessing monumental transformation across the world owing to rapid urbanization, rise in disposable income, and shift in consumer lifestyle. Further, the positive impact of globalization, improvements in manufacturing capabilities in developing economies, and incorporation of advanced technology are among the factors bolstering the demand for passenger and commercial vehicles. As per The Economist Intelligence Unit Limited, the sale of new cars is expected to witness a rise of 15% by the end of 2021, among which the sale of commercial vehicles may record a rise of 16% by 2021. The high-performance seals are extensively used in various automotive applications such as air conditioning systems, vehicle batteries, braking systems, electronic control units, fuel systems, and ride control systems. Therefore, the rising sale of vehicles is driving the demand for high-performance seals material used in automotive components.

Some of the major key players operating in the global high- performance seals market include AFT Fluorotec; American High Performance Seals; ElringKlinger Kunststofftechnik GmbH; High Performance Seals; James Walker; Mykin Inc.; Performance Seals, Inc.; PXL SEALS; Precision Polymer Engineering Limited; and Trelleborg Sealing Solutions. The major players in the high- performance seals market are focused on strategies such as mergers & acquisitions and research & development to increase the geographical presence and consumer base globally.

Impact of COVID-19 Pandemic on High- Performance Seals Market

The ongoing pandemic has drastically altered the status of the industrial sector and has negatively impacted the growth of the high-performance seal market. Industries such as oil & gas, chemical, power generation, aerospace & defense, pharmaceutical, semiconductor, automotive, and food & beverages have been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains due to the sudden closure of national and international boundaries. The significant disruptions in terms of sourcing of raw materials from suppliers and temporary closure of manufacturing bases due to indefinite lockdowns and temporary quarantines have impacted the growth of the market. Nevertheless, as the economies are planning to revive their operations, the demand for high-performance seals is expected to rise globally. The increasing demand for high-performance seals across automotive, aerospace & defense, power generation, oil & gas, and other industries, along with significant investment by prominent manufacturers is, expected to drive its market growth.

Global High- Performance Seals Market Breakdown – by Region

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High Performance Seals Market to Grow at a CAGR of 4.0% to reach US$ 10,426.16 Million from 2020 to 2028

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High-Performance Seals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type ( Hydraulic and Fluid Seals, Rotary Shaft Seals, Spring Seals, Oilfield Seals, Pump Seals, Others); End-Use Industry ( Oil and Gas, Chemical, Power Generation, Aerospace and Defense, Pharmaceutical, Automotive, Food and Beverage, Others ), and Geography

The report includes the segmentation of the global high- performance seals market as follows:

High-Performance Seals Market – by Product Type

• Hydraulic and Fluid Seals
• Rotary Shaft Seals
• Spring Seals
• Oilfield Seals
• Pump Seals
• Others

High Performance Seals Market – by End-Use Industry

• Aerospace & Defense
• Automotive
• Oil & Gas
• Chemical
• Power Generation
• Pharmaceutical
• Food & Beverage
• Others

By geography, the global high performance seals market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America includes countries like the US, Canada and Mexico. Europe region includes countries like Germany, France, the UK, Italy, Russia, and Rest of Europe. Asia Pacific region includes countries like China, India, Japan, Australia, South Korea, and Rest of Asia Pacific. Middle East & Africa (MEA) includes countries like South Africa, Saudi Arabia, UAE, and Rest of MEA. South America includes countries like Brazil, Argentina and Rest of South America.

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