Lip Seals Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027

Market Highlights

Lip seals are used to protect rotating shafts from contamination and decompression. They play an important role in protecting the internal components of sealing systems, which are susceptible to wear and tear. Lip seals on shafts also serve to preserve important fluids, lubricants, and gases. They prevent dirt, dust, and other unwanted particles from entering the application. Lip seals come in a wide range of shapes and sizes to fit the equipment in which they are needed to be installed. They have a range of applications, from slow-moving devices to high-speed rotation and they work across a wide temperature range.

The growing lip seals market was severely impacted by the COVID-19 pandemic in 2020, resulting in a -7.8% decline, causing major disruption and significant losses for the shareholders. The lip seals market was plagued by the fallouts of the pandemic, such as a halt in production, supply chain disruption, lack of manpower, and shortage of raw materials.

Lip seals enhance machine strength and performance. Lip seals must maintain proper contact with other parts of the system to perform well; otherwise, they will leak. Because lip seals are exposed to corrosive chemicals and materials, corrosion resistance should be excellent. Lip seals are among the vital machine components. They seem to be on almost every piece of plant machine. Owing to the aforementioned properties of lip seals, the long-term outlook of the market seems positive. The market for lip seals is expected to grow at a healthy CAGR of 5.0% during the forecast period to reach a value of US$ 16.9 Billion in 2027.

Market Segments' Analysis

Based on the end-use industry type, the lip seals market is segmented as transportation, processing, electrical & electronics, mobile machinery, manufacturing tools, energy & power, and others. Transportation is expected to remain the largest segment of the market during the forecast period. Lip seals are used in pumps, turbines, ships, planes, engines, boats, and aircraft, contributing to the dominance of the transportation industry.

In terms of regions, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to remain the largest region in the market for lip seals during the forecast period. The presence of a large number of manufacturers for automobile, aircraft, electrical & electronics, and processing industries in the region, mainly in China, Japan, and India, creates a huge demand for seals. Seals suppliers also have a presence in the region to meet the requirements of manufacturers. The region is a manufacturing hub due to a variety of factors, including low-cost manufacturing, raw material availability, a well-developed supply chain, and high indigenous demand.

Key Players

The lip seals market is highly populated with the presence of several players. A handful of players occupy a reasonable share of the market. The following are the key players in the lip seals market.

AB SKF

Bal Seal Engineering

Dana Incorporation

Flowserve Corporation

Freudenberg Group

Greene Tweed & Co. Inc.

James Walker & Co.

Parker-Hannifin Corporation

Tenneco (Federal-Mogul)

Trelleborg AB

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's lip seals market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.
• The lip seals market is segmented into the following categories.
• Lip Seals Market, by End-Use Industry Type
• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Processing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Mobile Machinery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Manufacturing Tools (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Energy & Power (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Lip Seals Market, by Region
• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)