The global Oil & Gas Processing Seals market is forecast to reach USD 6.74 Billion by 2026, according to a new report by Reports and Data. The large-scale production of shale gas in the developing as well as developed countries are leading to favorable growth for the oil & gas processing seals market.
Oil and Gas seals have garnered huge popularity on the global platform, owing to their innate nature of enduring high temperature. The development in double seals for both dynamic and static uses, the oil & gas processing seals market is anticipated to gain traction in the coming years. Pervasive usage of the products like the double seal for prevention of leakage will provide lucrative growth opportunities for oil & gas processing seals sector.
The ability of the oil & gas processing seals to resist extreme weather conditions and its capacity to offer protection against chemical resistance, cryogenic situations, rusting, and radiation contributes towards the growth of the market significantly. Moreover, the growth of the oil & gas processing seals market can be due to the massive application of these products in the upstream, midstream, and downstream applications. The advent of new packaging seals such as seal-less pumps will hinder the production as well as the market revenue.
The Asia Pacific region held a market share of 36.0% in the year 2018. An escalation in demand for oil and gas processing seals is because of the growing oil and gas industries as well as chemical and petroleum industries in the region.
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Salient Trends of the Oil & Gas Processing Seals Market
- Oil and gas processing seals are used for leakage control and are deployed on rotating equipment such as mixers and pumps to avoid leakage of liquid and gas in the environment. These type of seals provide low friction and long service life.
- Major driver of the oil and gas processing seals market is the increased efficiency in oil production offshore, thus leading to increased oil production.
- Growth in the downstream application is expected to boost the market for oil and gas processing seals. The rise in consumers through end-user industries such as kerosene, gasoline or petrol, fuel oils, diesel oil, heating oil, jet fuel, lubricants, natural gas, asphalt, waxes, and liquefied petroleum gas (LPG) as well as petrochemicals are propelling the market demand.
- A rise in gland packaging and seal-less pumps is hindering the growth of the oil and gas processing seals market. Petroleum plants and refineries are late in adopting Sealless pumps, but the establishment of API standard 685 has provided the assurances required for the encouragement to install Sealless pumps into their zero-emission applications.
- While petrochemical refineries and plants in the U.S. have been slow to adopt mag drive pumps and canned motor pumps, the creation of API standard 685 has offered the assurances needed to encourage companies to install these types of pumps into their zero-emission applications.
Companies considered and profiled in this market study
Saint-Gobain, Flowserve Corporation, Dupont, John Crane, Techno Ad Ltd., Trelleborg AB, Parker Hannifin Corporation, M.Barnwell Services Limited, Precision Polymer Engineering, and FTL Technology, among others. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
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Market-O-Nomics
- The valuation for the Oil & Gas Processing Seals Market was USD 5.57 Billion in 2018, and it is expected to reach USD 6.74 Billion by 2026.
- Metals held a market share of 35.6% in the year 2018. Metal seals remove the problem of temperature and pressures. They are used in extreme environmental conditions for the protection against cryogenic conditions, corrosion, radiation, and chemical resistance.
- The single seal offers considerable cost and energy savings as compared to a double seal. Single Seal held a market share of 32.6% in the year 2018 and is forecasted to grow with a CAGR of 2.0% during the forecast period.
- Upstream held a market share of 32.7% in the year 2018. It includes a search for underground and underwater natural gas and crude oil, drilling of exploratory wells and drilling wells that recover and bring the crude or natural gas to the surface.
- North America held a market share of 11.2% in the year 2018, and Europe is forecasted to hold a market share of 8.4% in the year 2026. The production of shale gas in the U.S. is driving the market for oil and gas processing seals in the region.
- The rise in production facilities, and ongoing technological developments, resulting in large-scale application of the oil and gas seals, will boost the regional market demand. MEA held a market share of 37.8% in the year 2018.
Segments Covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this report, Reports and Data have segmented into the global Oil & Gas Processing Seals market on the basis of type, material, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Single Seal
- Double Seal
Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Metals
- Elastomer
- Seal Face Material
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Upstream
- Midstream
- Downstream
Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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