The global oil & gas seals market is likely to exhibit significant deceleration, pegged at -6.5% in 2021 over 2020. This downturn is majorly ascribed to the recessionary impact of the COVID-19 pandemic on the oil & gas industry across the world, according to ESOMAR-certified market research company Future Market Insights (FMI). Fortunately, recovery is on the cards beginning 2022, with a projected annual increase of approximately 3%.
The long-term outlook on oil and gas seals market remains positive, with revenues set to grow at 3.3% CAGR. Substantial increase oil & gas exploration activities and development of oil & gas distribution infrastructure across the globe are expected to remain key defining factors in the global oil & gas seals market.
Besides the burgeoning numbers of exploration projects, the industry is likely to witness immense technological disruptions. Blockchain technology has been touted as a highly effective approach towards enhancing data collection security while automation and robotic deployment across key oil fields is expected to enhance drilling projects, reducing error margins and yielding high throughput.
Key Takeaways of Oil & gas seals Market Study
- Mechanical seals to remain preferred, reaching US$ 176.1M and capturing nearly 17% revenue by 2021
- Distribution applications to spearhead growth, with refining & distillation units experiencing maximum sales
- PEEK plastics/polymers to remain highly preferred by material type, generating 55% revenue share by 2021-end
- Midstream oil & gas exploration projects to generate lucrative opportunities, followed by upstream projects
- US and GCC countries to remain lucrative throughout the forecast period
- U.K. oil and gas seals market to witness a stable growth of over 3% through 2031
- Oil and gas seals demand in Germany and France to be relatively muted, with growth of nearly 2%
“Manufacturers are focused on developing new seals using cost-efficient manufacturing techniques and advanced raw materials such as elastomers and plastic/polymers like polytetrafluoroethylene, polyetheretherketone and others with high pressure and temperature resistance standards,” says FMI analyst.
The oil & gas seals market witness significant consolidation, in which the leading players account for more than three fourth of the market value share. The diffusion of small regional players is expected to increase competitive intensity during the forecast period.
Some of the key players in the market are Parker Hannifin Corporation, EnPro Industries, Flowserve Corporation, Dätwyler Holding Inc., Freudenberg Group, Trelleborg AB, among others. These players have higher shares in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.
More Insights on FMI’s Oil & Gas Seals Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global oil & gas seals, analyzing historical demand from 2016-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the oil & gas seals on the basis of product type (mechanical seals, hydraulic seals, O-rings, T-seals & S-seals, metal bellow seals, lip seals, dry gas seals, V-ring packing, spring seals & custom seals), application(well drilling, well completion, well production & service and distribution), material (stainless steel, graphite/carbon, elastomers and plastic/polymers) and process (upstream, midstream & downstream) across six major regions.
About Oil & Gas Division at Future Market Insights
With a repository of over 500 reports on energy, mining, oil & gas industry, an expert-led team of analysts in Future Market Insights has consistently tracked and assessed changing dynamics of the industry. The team conducts a number of complex projects pertaining to evolving trends in the fuel market, ongoing transformation in the energy industry, and technological impact on the mining sector. Keeping up with futuristic direction, the team offers in-depth insights and consulting services; reach out to know how we can help meet your business intelligence needs.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.