12-Nov-2020 | Zion Market Research
Zion Market Research predicts that the global oil & gas processing seals market was valued at USD 5.9 billion in 2019 and is expected to cross USD 7.2 billion by 2025, with a CAGR of 3.1 %. The elevated manufacturing of shale gas in developed and developing nation is predicted to boost the oil & gas processing seals market.
Players such as John Crane, Freudenberg Group, Parker Hannifin Corp, Flowserve Corporation, Saint-Gobain, Solenis, Precision Polymer Engineering, Trelleborg AB, DuPont, Techno AD Ltd, and M. Barnwell Services Limited are the leading the global oil & gas processing seals market.
Double Seal Projected To Be The Biggest Catalyst In The Development Of Oil & Gas Processing Seals Market
The development of the segment is majorly credited attributed to the elevated employment of oil & gas processing seals due to of their capability of sustaining high temperature and pressure. These seals are developed for both dynamic and static applications. The double seal’s distortion assists in stopping the leakage, hence making a seal. The aforementioned reasons are accountable for boosting the requirement for oil & gas processing seals in the years to come.
The Downstream Segment Predicted To Have The Biggest Share By Application In The Oil & Gas Processing Seals Market
The downstream section is predicted to dominate the global oil & gas processing seals market. The development in this section is credited to rising employment of seals in the purifying & processing of natural gas and the refining of crude oil at petrochemical plants and oil refineries. In addition to this, it assists in distribution and marketing of goods. These offerings assist in making crude oil into different usable goods such as fuel oils, gasoline, and petroleum-based goods.
Asia Pacific Predicted To Be The Quickest-Developing Market In The Years To Come
The oil & gas processing seals market in Asia Pacific is predicted to clock the max CAGR in terms of value during the forecast period. The Middle East & Africa added up for the biggest share of the market in terms of value during the forecast period. The downstream application during the forecast period is predicted to rule the market due to the rise in the number of production plants and technical enhancements in this area. This generates growth avenues for the usage of oil & gas processing seals in the area.
Browse the full “Oil & Gas Processing Seals Market by Material (Metals, Face Materials, Elastomers, and Others) Type (Single Seal and Double Seal), Application (Upstream, Downstream, and Midstream): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/oil-gas-processing-seals-market
The global oil & gas processing seals market is segmented as follows:
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