New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- High-Performance Seals Market: Key Insights
According to our new research study on “High-Performance Seals Market to 2030 – Global Analysis and Forecast – by Product Type and End-Use Industry,” the High-Performance Seals Market was valued at US$ 7,920.82 million in 2020 and is projected to reach US$ 10,426.16 million by 2028; it is expected to grow at a CAGR of 4.0% from 2020 to 2028. The availability of substitutes and high costs associated with high-performance seals may impede the market growth.
High-Performance Seals Market: Competition Landscape and Key Developments
AFT Fluorotec; American High Performance Seals; ElringKlinger Kunststofftechnik GmbH; High Performance Seals; James Walker; Mykin Inc.; Performance Seals, Inc.; PXL SEALS; Precision Polymer Engineering Limited; and Trelleborg Sealing Solutions are among the key companies operating in the global high-performance seals market. The market leaders are continuously looking forward to tapping prevailing business opportunities by expanding and diversifying their market presence and acquiring new customer bases.
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In February 2021, Trelleborg Sealing Solutions launched the unique and revolutionary Turcon VL Seal II, a hydraulic sealing product for the aerospace industry. This new product offers enhanced sealing efficiency, easier installation, and even greater reliability.
In 2020, James Walker launched a new innovative version of its Walkersele rotary lip seal. The new product, Walkersele X-Gen, has been developed by in-depth research and development projects in collaboration with wind turbine and bearing OEMs.
Asia Pacific accounted for the largest share of the global high-performance seals market in 2020. The dominance of the high-performance seals market in this region can be primarily attributed to the presence of a strong industrial base with prominent manufactures significantly contributing to market growth. The increasing demand for high-performance seals from oil and gas, automotive, aerospace and defense, and other industries, backed by significant growth in end-use industrial bases, is stimulating the demand for high-performance seals in the regional market. The rise in investment in the manufacturing sector across economies further provides lucrative opportunities for the growth of the high-performance seals market in Asia Pacific. The robust automotive manufacturing base in Asian economies has supported the growth of high-performance seals to augment the regional market growth. Furthermore, favorable policies implemented by the government of India such as Atmanirbhar Bharat and Make in India, are expected to create sufficient growth opportunities for the diverse industrial bases, which, in turn, is expected to propel the demand for high-performance seals in the region.
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Automotive manufacturers demand new and innovative high-performance materials to be used in automotive components. The global automotive industry is witnessing monumental transformation, owing to rapid urbanization, a rise in disposable income, and a shift in consumer lifestyle. Further, the positive impact of globalization, improvements in manufacturing capabilities in developing economies, and incorporation of advanced technology are among the factors bolstering the demand for passenger and commercial vehicles. As per The Economist Intelligence Unit Limited, the sales of new cars are expected to witness a rise of 15% by the end of 2021, among which, the sales of commercial vehicles may record a rise of 16% by 2021. The high-performance seals are extensively used in various automotive applications such as air conditioning systems, vehicle batteries, braking systems, electronic control units, fuel systems, and ride control systems. Therefore, the rising sales of vehicles drive the demand for high-performance seals material used in automotive components. The high-performance seals withstand high temperatures in long-distance driving. Also, the imposition of strict carbon emissions regulations motivates manufacturers to comply with specifications to help minimize emissions and the risk of unexpected downtime, which has further promoted the demand for such seals. Hence, the demand for high-performance seals in the automotive industry is rising, which is propelling market growth.
High-Performance Seals Market: Segmental Overview
In terms of product type, the hydraulic and fluid seals segment is anticipated to register the highest CAGR in the market during the forecast period. The growth of the market for this segment is attributed to the rising use of these seals across various end-use industries such as aerospace, automotive, agriculture, construction, oil, & gas, marine, and chemicals. In terms of end-use industry, the chemicals segment accounted for largest share of the high-performance seals market in 2020.
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The high-performance seals to be used in the chemical industry require properties such as outstanding chemical resistance to various aggressive media, resistance to high and low temperature extremes, and robust mechanical strength. Therefore, the reliability of the sealing systems is a top priority to allow productive procedures to operate in a completely safe manner.
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