SEATTLE, Feb. 13, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Global Mechanical Pump Seals market is projected to exhibit an impressive CAGR of 6.8% over the forecast period (2018 – 2026).
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Global pump mechanical seals market is expected to grow at a higher rate during the forecast period owing to growing demand for pump mechanical seals from pharmaceutical industry and oil & gas industry. This is due to high economic growth and favorable government policies such as ‘Pharma Vision 2020’, which was launched by government of India in 2013. Moreover vendors in oil & gas and petrochemical industries are majorly focusing on expanding its operational presence in emerging economies of Asia Pacific such as China and India by opening new petrochemical plants. This is owing to increasing demand for petroleum products by around 3 to 4% every year, according to government of India.
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Availability of alternatives for mechanical seals such as use of gland packaging and stuffing box, in various end use industries in order to reduce leakages, is expected hamper growth of the global mechanical seals market. Moreover, gland packaging are largely used by small scale industries as the cost of these packaging material is low as compared to mechanical seals, which reduces its operational cost. Hence, this is expected to be one of the major restraining factors of the global mechanical seals market during the forecast period.
The global mechanical pump seals market is segmented on the basis of design type, Industry, and region. Among design type, non-pusher seals segment held the dominant position in the market in 2017, as these seals are axially compact and easy to install to the seal head assembly.
Among Industry, oil and gas industry segment held the dominant position in the market in 2017, however power industry segment is expected to be the fastest growing segment throughout the forecast period. This is owing to high usage of mechanical pump seals in hydroelectric, nuclear, and geothermal energy plants, which are expanding on large scale across the world. For instance according to U.S. Energy Information Administration, four new refineries were setup from 2014 to 2017.
Asia Pacific was the dominant region in the global mechanical pump seals market in 2017, and is projected to maintain its dominance during the forecast period, owing to stringent norms and guidelines set by Environment Protection Agency, such as Leak Detection and Repair (LDAR) regulations to avoid the leakage of fluid and gases from end use industries.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 6.8% during the forecast period (2018–2026), owing to rising stringent government norms to stop leakage of fluid and gases that affect the environment
- Growing demand for mechanical seals in water treatment and wastewater management plants as these plants have to perform robust and critical wastewater treatments on regular basis. These water treatment plants are facing various challenges for designing supporting equipment systems and to ensure successful operations of the systems, wastewater management vendors are relying on pump mechanical seals, as these seals are durable and can withstand extreme abrasiveness, which helps to overcome operational challenges, which in turn boosts demand for mechanical seals.
- Some of the major players operating in the global mechanical pump seals market include John Crane, Eagleburgmann, Flowserve Corporation, AESSEAL Plc, Meccanotecnica Umbra Spa, Vulcan Engineering Limited, Garlock, Sichuan Sunny Seal Co.Ltd, Sulzer Ltd, James Walker, and others
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