Mechanical Seals Market Data Current and Future Trends, Industry Size, Share, Revenue, Business Growth Forecast to 2027, Fortune Business Insights

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Mar 09, 2021 (The Expresswire) —
The global mechanical seals market sizeis projected to reach USD 4.77 billion by 2027. The advancements in material associated with the product will create several opportunities for market growth. According to a report published by Fortune Business Insights, titled “Mechanical Seals Market Size, Share and Industry Analysis, By Type (Cartridge Seals, Balanced and Unbalanced Seals, Pusher and Non-pusher, Conventional Seals and Others), By Industry (Metals and Mining, Food and Beverage, Oil and Gas, Energy and Power, Aerospace, Marine, Construction and Manufacturing and Others) and Regional Forecast, 2021-2027,” the market was worth USD 3.20 billion and will exhibit a CAGR of 5.2{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} during the forecast period, 2021-2027.

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Mechanical seals are a medium for containing a fluid within a vessel and prevent leakages. The ease of availability of materials associated with the manufacturing of mechanical seals, coupled with the low cost of the product, will have a huge impact on the growth of the companies operating in the market. The importance of mechanical seals and their properties across diverse industry verticals have fuelled the demand for the product across the world. Rapid industrial development has created several opportunities for the companies operating in the market. Accounting to the huge potential held by the product, several companies are making huge investment in the product.

Increasing Number of Product Launches Will Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches have made the highest impact on the market. In March 2021, John Crane announced the launch of a new cartridge. The company introduced ‘T4111’, a cartridge seal is a single-use product that is used to seal rotary and centrifugal pumps. This product will not only help the company generate substantial market revenue but will have a direct impact on the growth of the market in the coming years. Moreover, the high investment in product RandD will yield newer products at a rapid pace.

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Asia Pacific to Emerge Leading; Increasing Industrial Applications to Aid Growth

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific currently holds the highest market share, owing to the increasing product use in several countries across this region. As of 2021, the market in Asia Pacific was worth USD 1.13 billion and this value is likely to increase further in the coming years. Besides Asia Pacific, the market in North America will witness considerable growth in the coming years.

Segmentation

1. By Type

  • Pusher and non-pusher

  • Balanced and Unbalanced

  • Conventional

  • Cartridge type

2. By End-Use Industry

  • Metals and Mining

  • Food and Beverage

  • Oil and Gas

  • Energy and Power

  • Aerospace

  • Marine

  • Construction

  • Manufacturing

  • Others (Chemicals, etc.)

3. By Geography

  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)

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Some of the leading companies that are operating in the global market are:

  • SKF (AB SKF)

  • Flowserve Corporation

  • John Crane (Smiths Group plc)

  • Trelleborg AB

  • EnPro Industries, Inc. (Garlock GmbH)

  • Dover Corporation (Waukesha Bearings)

  • SHV (ERIKS Group)

  • Freudenberg SE

  • Tenneco Inc. (Federal-Mogul LLC)

  • Fenner Group Holdings Limited (Hallite Seals)

Industry Developments:

  • April 2021:Dover introduced the latest Air Mizer solutions design for the shaft seal for AM Conveyor Equipment Manufacturers Association.

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Major Table of Content For Mechanical Seals Market:

  1. Introduction

  2. Executive Summary

  3. Market Dynamics

  4. Key Insights

  5. Global Mechanical Seals Market Analysis, Insights and Forecast, 2021-2027

TOC Continued….!

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

https://www.fortunebusinessinsights.com/press-release/mechanical-seals-market-9601

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