The mechanical pump seals market has been growing progressively owing to high demand of mechanical pump seals from oil and gas industry across the globe. Mechanical pump seals are preferred sealing solution to avoid leakage in various pumping applications in industries such as oil and gas production, mining, marine, power plants and manufacturing units. They provide perfect sealing between static and rotating components at minimal cost while ensuring safety and prolonging equipment life.
The Global mechanical pump seals market is estimated to be valued at US$ 4075.25 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the mechanical pump seals market
Key players operating in the mechanical pump seals market are HiMedia Laboratories, Sartorius AG, Thermo Fisher Scientific, Auckland BioSciences Ltd., Moregate Biotech, Bovogen Biologicals, Merck KGaA, Capricorn Scientific GmbH, Gemini Bio, ROCKY MOUNTAIN BIOLOGICALS, Otto Chemie Pvt. Ltd, CellSera Australia, Serana Europe GmbH, TRINA BIOREACTIVES AG, and WISENT BIOPRODUCTS.
Growing demand in oil and gas industry
The growing demand of crude oil & natural gas across the globe has increased oil and gas production & exploration activities substantially, which in turn is leading to higher demand for mechanical pump seals to avoid fugitive emissions and process leaks.
Global expansion of manufacturing sector
Rising industrialization leading to capacity expansion of various industries such as manufacturing, power generation, mining etc. across developing economies in Asia Pacific and Middle East is anticipated to augment the growth of global mechanical pump seals market over the forecast period.
Market key trends
One of the key trends witnessed in the Mechanical Pump Seals Market Growth is the increasing adoption of environment-friendly seals. Manufacturers are developing mechanical seals with eco-friendly materials that emit lesser greenhouse gases and are suitable for applications in process industries striving to reduce their carbon footprint. Further, advancement in material technology is allowing manufacturers to develop mechanical seals capable of handling varied fluid properties and operational conditions.
Porter’s Analysis
Threat of new entrants: Low capital requirements will create threat of new entrants in the mechanical pump seals market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and services.
Threat of new substitutes: Substitute products like magnetic drive pumps pose threat to mechanical pump seals.
Competitive rivalry: Intense competition due to large number of players.
Geographical Regions
North America dominates the mechanical pump seals market in terms of value owing to strong presence of manufacturing industries. The United States holds major share of the North American market due to high usage of mechanical pumps in oil & gas industry.
Asia Pacific is expected to grow at the fastest rate in the mechanical pump seals market during the forecast period. Presence of emerging economies like China and India experiencing rapid industrialization will drive the demand for mechanical pumps and seals in the region. Rising manufacturing sector in China is a key factor for pumps and seals growth in Asia Pacific.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
(https://www.linkedin.com/in/money-singh-590844163)
