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Press Release: Global Mechanical Pump Seals Market to Surpass US$ 7.34 Billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
GLOBAL Mechanical Pump Seals Market – Insights
Mechanical pump seals are machine element, which are used to join systems or mechanisms together for preventing leakage. Mechanical pump seals are the seals that are specially designed for pump which are used to seal the passage point between the rotating part of the shaft and the stationary part of the pump housing. Mechanical pump seals are also called as packaging materials. Furthermore, various government agencies are focusing on stringent norms and guidelines to reduce leakage and emission in rotating equipment from various end-use industries including oil and gas, chemical, food and beverage, and pharmaceutical industries, which will help the mechanical pump seals market to grow. For instance, Environmental Protection Agency (EPA) has put forward the Leak Detection and Repair (LDAR) regulations to control the leakage of harmful gases and fluid. Significant increase in demand from end-use industries for mechanical pump seals with superior sealing ability in order to prevent leakages from pumps is one of the major factors, which is expected to boost growth of the global mechanical pump seals market.
Global mechanical pump seals market is expected to witness significant growth during the forecast period (2018–2026). The market growth for mechanical pump seals is majorly attributed to growing environmental concern among the people to protect the environment from leakage of oil and gasses.
Use of alternate packaging materials such as glad packaging, which is mostly used in water treatment plants, is one of the major restraining factors for growth of the global mechanical pump seals market.
Figure 1. Global Mechanical Pump Seals Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2017-18
Increase in Demand for Mechanical Pump Seals in Oil & Gas Industry is expected to Aid in Growth of the Global Mechanical Pump Seals Market.
In oil & gas industry application, safety and reliability are two major key phenomena. Therefore, players in the oil & gas industry are adopting innovative mechanical seal solutions such as elastomer seals, O-ring seals, and bellow seal, to support highly regulated and mission critical business operations. Furthermore, leakages from the oil & gas industry are expensive, therefore the use of mechanical seals are mandatory in these industries, which helps the global mechanical seals market to grow.
Governments of several countries are taking various initiatives to develop the industrial sector in their country. For instance, government of India launched a policy known as ‘Pharma Vision 2020’, which aims to attract pharmaceutical industry in India and become a global leader in end-to-end drug manufacturing which will also help the market to grow.
As per Coherent Market Insights, global mechanical pump seals market is expected to increase at a rapid pace over the forecast period. Increasing demand for mechanical pump seals from end-use industries such as oil and gas, chemical, food and beverage, and pharmaceutical industries is a major reason in growth of the global mechanical pump seals market.
Figure 2. Global Mechanical Pump Seals Market Share (%), By Design (2017 & 2026)
Source: Coherent Market Insights, 2017-18
Increasing Demand for Mechanical Pump Seals among Cartridge Seals Segment Due to its Advantages over Conventional Seals.
Among design type, cartridge seals segment is expected to be the fastest growing segment during the forecasted period, as conventional mechanical seals are expected to be replaced by cartridge seals in the near future. This is due to various advantages of cartridge seals such as ease in installation process and reduction in the number of errors over conventional mechanical seals. Therefore, various end-use industries are preferring cartridge mechanical seals over other mechanical seals.
Major players operating in the 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.
Mechanical pump seals are used on large number in oil and gas refinery and industry to avoid leakage of gases and oil. Mechanical pump seals witnessed significant adoption in the oil and gas exploration activities during the forecast period, owing to increasing demand for petroleum products such as petrol and diesel across the world. For instance, according to U.S. Energy Information Administration, four new refineries were setup from 2014 to 2017. High demand for mechanical pump seals to avoid leakage of high priced gases and fluids are another factor boosting the growth of the mechanical pump seals market.
Market Dynamics
The global mechanical pump seals market growth is attributed to stringent norms and guidelines put forward by various government agencies to reduce leakage and emission in rotating equipment from various end-use industries such as oil and gas, chemical, food and beverage, water treatment plants, and pharmaceutical industries. Some of these include policy such as environment protection rule for sewage water treatment plants put forward by the government bodies, across the world towards development of sustainable water systems, is another major factor expected to positively impact growth of the mechanical pump seals market. Increasing awareness among consumers, governments, and end-use industries to protect the environment from hazardous gases generated from oil & gas industry is expected to increase demand for installation of mechanical seals rather than packaging material. Such events will aid in growth of the pump mechanical seals market over the forecast period. Mechanical seals are used to stop leakage of oil and gases from pipelines, these seals are in direct contact with oil and gases so it gradually wears out and needs to be changed after some interval of time. Therefore, the demand for mechanical pump seals will keep on rising, which will boost growth of the market.
However, use of gaskets as an alternative to mechanical seals in water and wastewater management plants to stop the leakage of water is a major restraining factor for mechanical pump seal market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 60 market data tables and 40 figures on "Mechanical Pump Seals Market - Global forecast to 2027".
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