Global Oil and Gas Processing Seals Market to Value Over USD 7 Billion by 2026 End

  • 12 Jul 2019

Global oil and gas processing seals market estimated to value over USD 7 billion by 2026 end and register a CAGR of over 2.3% during the forecast period 2019 to 2026.

The global oil and gas processing seals market refers to the packaging of products to help seal from any leakages. Oil and gas leakages are detrimental to a product’s service and life.
Electronic devices using oil or gas as fuel need secure packaging. These seals are employed on such devices, safeguarding them from leakage.

The increasing use of oil and gas appliances across various industries due to rapid industrialization lead to the need for oil and gas processing seals. These appliances have versatile uses and thus are more in demand and this in turn fuels demand for oil and gas seals market, to increase the lifespan and efficiency of these appliances. Improvements in this sector through innovations in technology can contribute remarkably to the growth of the market. 
New developments in this market are in 2015, Dupont, introduced the Kalrez Spectrum 6380 perfluoroelastomer seal that offers high oxidiser resistance in gas sweetening process in the oil & gas industry. 

Global Oil & Gas Processing Seals Market: Restraints
•    Developments of other methods of sealing
•    Not eco-friendly or sustainable

Global Oil & Gas Processing Seals Market: Segmentation
By Type: 
•    Single Seal 
•    Double Seal  
The double seal segment is projected to be the major contributor in the oil & gas processing seals market during the forecast period. They can withstand extreme temperature and pressure. Thus the double seals are estimated to grow and expand at the highest CAGR during the forecast period.
 

By Material: 
•    Seal face material 
•    Metal 
•    Elastomer 
The metals segment is projected to account for major revenue of the oil & gas processing seals market during the forecast period.
Metal-built oil & gas processing seals are used for products functioning at high temperature. Metal-formed seals can withstand and bear a wide range of temperatures and pressures. Thus they will drive the market and garner significant revenue in the foreseeable future. 

By Application: 
•    Upstream 
•    Midstream 
•    Downstream
The downstream segment is estimated to be the lead the oil & gas processing seals market during the forecast period.
 

By Region:  
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World  
Asia Pacific is expected to grow the fastest during the forecast period.
The Middle East & Africa will also garner huge revenue during the forecast period. Other regions will also record considerable growth of the market but not as high compared to the above two regions.

Competitive Landscape:  
•    Tier 1 players- established companies in the market with the major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   
 Major firms in the market are Freudenberg Group (Germany), John Crane (US), Flowserve Corporation (US), Parker Hannifin Corp (US), Solenis (US), Saint-Gobain (France), Trelleborg AB (Sweden), DuPont (US), Precision Polymer Engineering (UK), M. Barnwell Services Limited (UK), and Techno AD Ltd (Israel. 
 

FutureWise Takeaways  
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

Objectives of the Study: 
•    To provide with an exhaustive analysis on oil & gas processing seals market by seal type, use of material, application, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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