Dublin, Feb. 15, 2019 (GLOBE NEWSWIRE) -- The "Oil & Gas Processing Seals Market by Type (Single, Double), Material (Metal, Elastomer, Face Material), Application, and Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The market size of oil & gas processing seals is estimated at USD 5,657.8 million in 2018 and is projected to reach USD 6,412.6million by 2023.
The market is projected to register a CAGR of 2.5%, in terms of value, during the forecast period. Metal is estimated to account for the largest share of 51.6%, in terms of value in overall oil & gas processing seals market and is projected to register a CAGR of 2.5% during the forecast period.
Oil & gas processing seals are leakage control devices that are deployed on rotating equipment like mixers and pumps to avoid the leakage of liquid and gases from escaping into the environment. These are designed to provide long service life and low friction for extreme pressure applications over a wide temperature range.
Oil & gas processing seals are mostly made up of metal or alloys but other materials such as plastics, and elastomers are also used in the manufacturing of oil & gas processing seals. oil & gas processing seals find application in various end-use industries such as oil & gas, and chemicals & petrochemicals, among others.
The oil & gas processing seals industry is mainly characterized by three main material types, namely, metal, elastomers, face material, and others. The other segments include thermoplastics and rubber. Oil & gas processing seals have major usage in industrial applications and equipment. As the operating environment (temperature range, and pressure range) for equipment are becoming more and more complex, the demand for oil & gas processing seals is likely to go up in the future to increase their service life and efficiency. Single seal is the fastest-growing type of oil & gas processing seals, estimated to account for a share of 53.1%, in terms of value, of the overall market in 2018. The market in this segment is projected to register a CAGR of 2.1% during the forecast period. Downstream is projected to be the fastest growing application of oil & gas processing seals registering a CAGR of 2.5%, in terms of value, during the forecast period. Growing demand from oil & gas and chemicals & petrochemicals industry in the Asia-Pacific and in emerging economies is likely to boost the oil & gas processing seals market. The major driver of the oil & gas processing seals market is increased efficiency in oil production offshore, furthermore increase in oil production is also expected to drive the consumption of oil & gas processing seals. The major restraining factor in the oil & gas processing seals market is gland packaging and seal-less pumps. Industry players followed strategies such as expansions, new product developments, and contracts to address the demand generated by end-use industries and to increase their global footprint.
Key Topics Covered:
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in the Oil & Gas Processing Seals Market 4.2 Oil & Gas Processing Seals Market Growth, By Region 4.3 Oil & Gas Processing Seals Market, By Type and Regions 4.4 Oil & Gas Processing Seals Market, By Application 4.5 Oil & Gas Processing Seals Market, By Type 4.6 Oil & Gas Processing Seals Market: Major Countries 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increased Efficiency in Oil Production in Offshore 5.2.1.2 Increasing Crude Oil Production 5.2.2 Restraints 5.2.2.1 Gland Packaging and Seal- Less Pumps 5.2.3 Opportunity 5.2.3.1 Discovery of New Oilfield 5.2.4 Challenges 5.2.4.1 Specific Requirements From End-Use Industries 5.3 Porter's Five Forces Analysis 5.3.1 Threat of New Entrants 5.3.2 Threat of Substitutes 5.3.3 Bargaining Power of Suppliers 5.3.4 Bargaining Power of Buyers 5.3.5 Intensity of Competitive Rivalry 5.4 Macroeconomic Overview 5.4.1 Manufacturing Industry Trends and Forecast, By Country 5.5 Oil & Gas Wells By Region (2016) 5.6 Crude Oil Throughput By Region (2016) (In 1000 Bpd) 5.6.1 Oil & Gas Industry Trends, By Country 6 Oil & Gas Processing Seals Market, By Material 6.1 Introduction 6.2 Metals 6.3 Elastomer 6.4 Face Materials 6.5 Others 7 Oil & Gas Processing Seals Market, By Type 7.1 Introduction 7.2 Single Seal 7.2.1 Increased Usage Owing to Reduced Energy Usage and Increasing Reliability to Drive the Demand 7.3 Double Seal 7.3.1 Increased Durability and Improved Efficiency in Demanding Operating Conditions to Drive the Market 8 Oil & Gas Processing Seals Market, By Application 8.1 Introduction 8.2 Upstream 8.2.1 High Temperature Resistance Durability and Efficiency of Seals to Drive the Demand 8.3 Midstream 8.3.1 Increased Midstream Applications to Drive the Demand of Seals Globally 8.4 Downstream 8.4.1 Increase Demand in Glass Fiber and Cosmetics Application to Drive the Market During the Forecast Period 9 Oil & Gas Processing Seals Market, By Region 10 Competitive Landscape 10.1 Introduction 10.2 Market Ranking of Key Players 10.3 Competitive Scenario 10.3.1 New Product Launch 10.3.2 Expansion 11 Company Profiles 11.1 Freudenberg Group 11.2 John Crane 11.3 Flowserve Corporation 11.4 Parker Hannifin Corp 11.5 Saint-Gobain 11.6 Trelleborg AB 11.7 Dupont 11.8 Precision Polymer Engineering 11.9 Techno Ad Ltd 11.10 M.Barnwell Services Limited 11.11 Precision Associates, Inc. 11.12 Ftl Technology 11.13 Aesseal Plc. 11.14 Technetics Group 11.15 Performance Sealing Inc 11.16 Ceetak Ltd 11.17 American High Performance Seals
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