PUBLISHER: Allied Market Research | PRODUCT CODE: 1266487
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266487
The global oil & gas seals market is anticipated to reach $8,110.50 million by 2031, growing from $6,299.80 million in 2021 at a CAGR of 2.6% from 2022 to 2031.
Increasing oil exploration and production is projected to drive the market growth. Petroleum product output is increasing rapidly over the globe. The developing oil & gas, chemical, and petrochemical sectors are projected to boost demand for oil & gas processing seals in the future. Emerging countries are actively trying to embrace cutting-edge technologies and manufacturing methods in the petroleum sector. This has resulted in the need for advanced and reliable sealing solutions, driving the growth of the oil & gas seals market.
The fluctuating oil & gas prices can create uncertainty in the market and lead to reduced investment in the industry, which in turn can affect the demand for seals. The oil & gas industry is majorly dependent on the price of oil & gas, and changes in these prices can directly impact the industry's profitability. In addition, petroleum-derived materials such as polyurethane and hydrogenated acrylonitrile butadiene rubber are used in oil & gas processing seals. The price of these materials fluctuates due to fluctuations in the price of petroleum, which may impede market growth during the forecast period.
Petroleum product production is increasing rapidly around the world. In the future, the burgeoning oil & gas chemical petrochemical sectors in Asia-Pacific are expected to boost demand for oil & gas processing seals. Various countries such as India and China are actively working to adopt cutting-edge technologies and manufacturing processes in the petroleum industry, which is expected to drive the global market growth even further. Every year, more than 4 billion metric tons of oil is produced worldwide. Almost one-third of this total is produced solely in the Middle East. These are major factors projected to create growth opportunities for the major market players during the forecast period.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. There were import-export restrictions laid down on major oil & gas seals producing countries such as the U.S. and China, which imposed significant challenges on the market. The COVID-19 pandemic had a significant impact on the oil & gas seal market growth. The reduction in demand for oil & gas products, due to the lockdowns and travel restrictions, led to a decrease in the demand for oil & gas seals. This in turn led to a slowdown in the production and sales of oil & gas seals. In addition, supply chain disruptions caused by the pandemic also affected the market. However, with the gradual easing of restrictions and the increase in demand for oil & gas products, the market is expected to recover and grow in the future.
The key players profiled in this report include: AMG Sealing Limited, BRUSS Sealing Systems GmbH, Cooper Standard, Daetwyler Holding Inc., Dana Limited, ElringKlinger AG, Flowserve Corporation, Freudenberg Sealing Technologies, GARLOCK FAMILY OF COMPANIES, and KLINGER Holding GmbH.