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 %.
Oil & Gas Processing Seals Market
Oil & Gas Processing Seals help in preventing leakage of oil and gas and can withstand extreme temperatures. The oil and gas seals are deployed on mixers and pumps for eliminating the chances of gas and liquid leakage. These seals help in providing extended service life and low friction for applications that make use of extreme pressure over an extensive temperature range.
The global oil & gas processing seals market was valued at USD 6,219 million in 2019 and are likely to reach USD 7,700 million by 2026 with a CAGR of 3.1%.
The large-scale shale gas production in emerging as well as industrialized countries is likely to chart a favorable trajectory for the oil & gas processing seals market. These products have gained massive popularity across the globe, owing to their inherent property of enduring high temperatures. With the double seals devised for both static and dynamic uses, the oil & gas processing seals market is likely to gain traction in the years ahead. Rampant use of the products such as the double seal for preventing leakage will generate lucrative growth avenues for the oil & gas processing seals industry.
Favorable characteristics such as the ability of the products to resist extreme weather conditions as well as their capacity to offer protection against rusting, chemical resistance, cryogenic situations, and radiation will contribute remarkably towards the growth of the oil & gas processing seals market in the years ahead. Furthermore, the growth of the oil & gas processing seals market can be credited to the massive use of these products in upstream, midstream, and downstream applications. Nonetheless, the introduction of new packaging seals such as sealless pumps will majorly obstruct production as well as market earnings.
The oil & gas processing seals industry can be divided into material, type, and application. Based on the material, the market is sectored into metals, face materials, elastomers, and others. On the basis of type, the oil & gas processing seals market is divided into single seals and double seals. Application-wise, the market is classified into upstream, downstream, and midstream.
The oil & gas processing seals market in the Asia Pacific is anticipated to record a humungous growth, subject to escalating product demand across the oil & gas as well as chemicals & petrochemical industries in the APAC region. The Middle East and African region are slated to contribute notably towards the oil & gas processing seals market share over the estimated timeline, owing to a rise in production facilities. Additionally, ongoing technological breakthroughs in the region resulting in large-scale use of the products will further boost regional market trends. North American and Europe markets are anticipated to witness lucrative growth over the ensuing years. Furthermore, the Latin America oil & gas processing seals market has huge untapped growth potential and will contribute remarkably to the business sphere over the coming years.
Some of the major participants operating in the oil & gas processing seals industry include Precision Polymer Engineering (UK), Freudenberg Group (Germany), Parker Hannifin Corp (U.S.), John Crane (U.S.), Flowserve Corporation (U.S.), Barnwell Services Limited (UK), Solenis (U.S.), Saint-Gobain (France), and DuPont (U.S.).