LONDON--(BUSINESS WIRE)--The global mechanical seals market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global mechanical seals market based on the end-user segments such as oil and gas, GI, C&P, WWI, power, and others. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: demand from the oil and gas industry
Mechanical seals are extensively used as sealing solutions for rotating equipment in the oil and gas industry. Pumps, agitators, expansion joints, and other rotating equipment are widely used in the oil and gas industry and this equipment requires mechanical seals for protection against external contamination and leakage. For instance, mechanical seals are required for crude oil pumps, lubricant pumps, and process pumps in the oil and gas industry.
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Market trend: advances in dry gas seal technology for compressors
Centrifugal process gas compressors and rotary compressors need sealing materials between the pressurized gas-containing volume and the bearing assemblies that support the compressor rotor. A wide variety of seal types are available in the market for decades and mechanical seals are one among them.
In most of these seals used in compressors, lubricating oil serves as the fluid which separates rotating from stationary sealing elements. Wet seals include an oil reservoir, filters, valves, coolers, two or more oil pumps and control instrumentation, which are required for the seal oil system.
According to a senior analyst at Technavio for tools and components research, “The dry gas seal is an emerging substitute for wet seals and it has been gaining prominence in the compressors market over the past few years. Dry gas seals are now becoming an integral part of the modern centrifugal compressors owing to their advantages such as low power consumption, no wear and improved operational safety.”
Market challenge: fluctuating oil and gas prices
The crude oil prices play a critical role in shaping the oil and gas industry. For the drilling and production of crude to be commercially viable, the crude oil prices need to be sufficiently high from a financial standpoint so that the firms can sustain in the market. The recent reduction in the revenues had a major impact on the pure upstream companies while the integrated oil companies that had operations in both upstream and downstream sectors were able to absorb some of the financial pressure as revenue was still being generated from the downstream segment.
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Some of the major contributors in the global mechanical seals market:
- AESSEAL
- A.W. Chesterton Company
- EagleBurgmann
- Flowserve Corporation
- Meccanotecnica Umbra
- Smiths Group
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