PUBLISHER: The Business Research Company | PRODUCT CODE: 1274503
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274503
“Oil & Gas Processing Seals Global Market Report 2023 ” 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 oil & gas processing 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 oil & gas processing seals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oil & gas processing 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.
Major players in the oil & gas processing seals market are Freudenberg Group, Flowserve Corporation, Solenis, Trelleborg AB, Precision Polymer Engineering, M. Barnwell Services Limited, Jhon Crane, Parker Hannifin Corp., Saint-Gobain, DuPont, Techno Ad Ltd., SystemSeals, EagleBurgmann, Vamech Seals & Pumps, and Leak Proof Engineering.
The global oil & gas processing seals market is expected to grow from $6.17 billion in 2022 to $6.36 billion in 2023 at a compound annual growth rate (CAGR) of 3.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil & gas processing seals market is expected to grow to $7.08 billion in 2027 at a CAGR of 2.7%.
The oil and gas processing seals market consists of sales of polyetheretherketone (PEEK), ultra-high-molecular-weight polyethylene (UHMW), polychlorotrifluoroethylene (PCTFE) and hytrel 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.
Oil and gas processing seals are a type of seal that keeps gas and oil from leaking into or out of a machine along a shaft. Oil and gas seals are used to guard shafts and bearings against the entry of debris, foreign objects, and oil or grease.
Asia-Pacific was the largest region in the oil & gas processing seals market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oil & gas processing seals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of oil and gas processing seals are single seals and double seals. Single-face seals utilize a spring to press together two flat surfaces (faces), which slide against each other. The materials used are metals, elastomers, face materials, and others for various applications including upstream, midstream, and downstream.
The increasing crude oil production is expected to boost the growth of the oil and gas processing seals market going forward. Crude oil is a naturally occurring liquid petroleum product made of hydrocarbon deposits and other organic components generated from the remains of animals and plants that were alive millions of years ago. Seals are necessary to safeguard the oil after production and oil tank terminals, securing them against tampering and theft; hence, increasing crude oil production is expected to boost the demand for oil and gas processing seals. For instance, according to a report published by OPEC (Organization of the Petroleum Exporting Countries), a Switzerland-based intergovernmental organization of 13 oil-exporting developing nations, compared to 2020, global crude oil output grew by 0.8%, or 0.52 million barrels per day (mb/d), in 2021. Additionally, the production of crude oil by OPEC increased by 0.70 mb/d, or 2.7%, yearly. Therefore increasing crude oil production is driving the growth of the oil and gas processing seals market.
Technological advancements have emerged as the key trend gaining popularity in the oil and gas processing seals market. Major companies operating in the oil and gas processing seals market are developing innovative technologies to strengthen their position in the market. For instance, in December 2021, John Crane, a US-based engineered products and services provider, launched John Crane Sense Turbo. The unique feature of John Crane Sense Turbo is the use of a special set of sensors that are integrated into the dry gas seal of a compressor to provide continuous, real-time insight to identify potential problems and ensure that corrective actions are taken to prolong the seal's useful life. Customers can evaluate the condition of dry gas seals placed in turbomachinery using John Crane Sense Turbo, which uses machine learning, and discover how to improve the dependability and performance of their rotating equipment.
In August 2021, System Seals Inc., a US-based manufacturer of seals, acquired Plastoseal Produktions GmbH for an undisclosed amount. The acquisition strengthens System Seals' GlobalOne program, a thorough method of managing supply chain logistics for seal clients all around the world. Plastoseal Produktions GmbH is an Austria-based manufacturer of seals and plastic components for all industry sectors.
The countries covered in the oil & gas processing seals market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The oil and gas processing seals market research report is one of a series of new reports from The Business Research Company that provides oil and gas processing seals market statistics, including oil and gas processing seals industry global market size, regional shares, competitors with an oil and gas processing seals market share, detailed oil and gas processing seals market segments, market trends and opportunities, and any further data you may need to thrive in the oil and gas processing seals industry. This oil and gas processing seals market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.