PUBLISHER: The Business Research Company | PRODUCT CODE: 1619733
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619733
Mechanical seals are devices designed to prevent the leakage of fluids-whether liquids or gases-where a rotating shaft extends through a stationary housing or where a moving part is involved. They are typically employed in pumps, compressors, mixers, and other rotating machinery. The main function of a mechanical seal is to contain the fluid within the equipment, preventing leaks into the environment and maintaining internal fluid pressure.
Mechanical seals come in several types, including O-ring seals, lip seals, and rotary seals. O-ring mechanical seals use an O-ring as the main sealing component to prevent leakage between parts, often in rotating or reciprocating machinery. These seals can be made from various materials such as metal, elastomers, and face materials, and are used in diverse applications such as pumps, compressors, and mixers. They are utilized across multiple industries, including metals and mining, food and beverage, oil and gas, energy and power, aerospace, marine, construction, and manufacturing.
The mechanical seals market research report is one of a series of new reports from The Business Research Company that provides mechanical seals market statistics, including the mechanical seal industry global market size, regional shares, competitors with the mechanical seals market share, detailed Mechanical seals market segments, market trends, and opportunities, and any further data you may need to thrive in the mechanical seal industry. These mechanical seal market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The mechanical seal market size has grown strongly in recent years. It will grow from $3.39 billion in 2023 to $3.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth during the historic period can be attributed to increased global investment, expansion of the chemical processing industry, growing demand for clean water, rising petroleum needs, urbanization, and infrastructure development.
The mechanical seals market size is expected to see strong growth in the next few years. It will grow to $4.52 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period is driven by rising investments, industrial advancements, increased demand in the oil and gas sector, greater use of mechanical seals, and growing needs for electricity generation and consumption. Key trends expected during this period include advances in customization and precision engineering, the development of self-healing materials, integration with AI and machine learning, enhanced designs for high-speed applications, and the rise of modular and easy-to-maintain designs.
The growing demand in the oil and gas sector is anticipated to drive the expansion of the mechanical seals market. This sector encompasses the exploration, extraction, refining, transportation, and marketing of oil and natural gas products. Increased global energy demand, rising industrial activity, transportation, and consumer spending have led to higher energy consumption. Mechanical seals play a critical role in this industry by preventing hazardous fluid and gas leaks, ensuring operational safety and environmental compliance. For instance, GOV.UK reported in September 2023 that government revenues from UK oil and gas production reached $9.90 billion (£9 billion) in the 2022-2023 financial year, a significant increase from $1.54 billion (£1.4 billion) in 2021-2022. This $8.36 billion (£7.6 billion) rise underscores the growing demand in the sector, which in turn drives the mechanical seals market.
Leading companies in the mechanical seals market are innovating with advanced products such as single cartridge seals to boost sealing efficiency and equipment reliability in demanding industrial settings. A single cartridge seal is a pre-assembled mechanical seal that simplifies installation and maintenance by coming as a compact unit. For example, in October 2022, A.W. Chesterton Company, a US-based industrial sealing solutions provider, introduced the Chesterton 1510. This seal features a compact cartridge design that facilitates easy installation on various process equipment. Its monolithic seal faces offer reliability despite temperature changes and intermittent operations, enhancing durability. The Tapered Adjustable Bolting System allows for easier installation and adjustments post-installation, while the resettable centering strap function enables impeller modifications, improving operational flexibility and efficiency.
In October 2023, DENSIQ Group, a Sweden-based producer and supplier of sealing technology, acquired DEPAC Anstalt for an undisclosed sum. This acquisition enables DENSIQ to incorporate DEPAC's mechanical seals into its product lineup, positioning it among a select group of industry manufacturers. The deal expands DENSIQ's market reach into new countries and continents, significantly increasing its international presence and supporting its goal of becoming a global supplier of sealing solutions. DEPAC Anstalt is a Austria-based designer and manufacturer of mechanical seals for industrial applications.
Major companies operating in the mechanical seals market are Tenneco Inc., Federal Mogul Corporation, Flowserve Corporation, Trelleborg AB, John Crane Inc., AES Seal Plc, Garlock Sealing Technologies LLC, Nippon Pillar Packing Co. Ltd., A.W. Chesterton Company, Bal Seal Engineering, LLC, Vogelsang, Vulcan Seals, Meccanotecnica Umbra SpA, EKK Eagle Industry Co. Ltd., Anhui YALAN Seal Component Co. Ltd., Max Spare Limited, Avon Seals Private Limited, ROTEN srl, PPC Mechanical Seals, Flexaseal Engineered Seals and Systems LLC, Saisi Mechanical Seal Co. Ltd
Asia-Pacific was the largest region in the mechanical seal market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the mechanical seals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the mechanical seals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mechanical seals market consists of sales of pusher mechanical seals, spring-loaded mechanical seals, and split mechanical seals. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Mechanical Seals Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mechanical seals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mechanical seals ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mechanical seals market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.