The report “Oil & Gas Processing Seals Market by Type (Single, Double), Material (Metal, Elastomer, Face Material), Application, and Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) – Global Forecast to 2023″ The oil & gas processing seals market was projected to grow from USD 5.7 billion in 2018 to USD 6.4 billion by 2023, at a CAGR of 2.5% during the forecast period. The growth of the oil & gas processing seals market can be attributed to their increasing use in the midstream and downstream applications.
In terms of value, the single seals segment is projected to account for the larger share during the forecast period.
Based on type, the oil & gas processing seals market has been segmented into single and double seals. In terms of value, the single seal is projected to be the larger segment during the forecast period. The growth of this segment is mainly attributed to its cost savings characteristics; furthermore, single seals tend to release vapor from high-pressure side to low-pressure side, and are generally used where pumped product poses little or no hazard to the environment. The above-mentioned factors will drive the market during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23117438
Downstream application is estimated to account for the largest share of the oil & gas processing seals market in 2018, in terms of value.
Downstream is estimated to be the fastest-growing application of oil & gas processing seals in 2018, in terms of value and is projected to account for the largest market share during the forecast period. Downstream includes refining of crude oil and the processing & purifying of natural gas at oil refineries and petrochemical plants; furthermore, it helps in the marketing and distribution of petroleum products.
The metal segment is estimated to account for the largest share of the oil & gas processing seals market in 2018, in terms of value.
Metal is estimated to account for the largest share in the global oil & gas processing seals market in 2018, in terms of value. The metal construction eliminates permeation problems and can handle an extremely wide range of temperatures and pressures. These are used in extreme environmental conditions to provide protection against corrosion, cryogenic conditions, chemical resistance, and radiation. The above-mentioned factors will drive the market during the forecast period.
APAC oil & gas processing seals market is projected to witness the highest CAGR during the forecast period, in terms of value.
The oil & gas processing seals market has been studied for APAC, North America, Europe, South America, and the Middle East & Africa. The APAC oil & gas processing seals market is projected to register the highest CAGR during the forecast period, in terms of value. The Middle East & Africa accounted for largest market share during the forecast period in terms of value. The downstream application is expected to dominate the oil & gas processing seals market during the forecast period due to the increase in the number of manufacturing facilities and technological advancement in this region. This creates an immense opportunity for the consumption of oil & gas processing seals in the region.
Freudenberg Group (Germany), John Crane (US), Flowserve Corporation (US), Parker Hannifin Corp (US), Solenis (US), Saint-Gobain (France), Trelleborg AB (Sweden), DuPont (US), Precision Polymer Engineering (UK), M. Barnwell Services Limited (UK), and Techno AD Ltd (Israel) are the key players operating in the oil & gas processing seals market.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=23117438
Flowserve Corporation (US) is one of the leading players in the oil & gas processing seals market. The company has been focusing on both organic and inorganic strategies to maintain its leading position. For example, in June 2015, the company launched a number of mechanical seals in ACHEMA 2015 Frankfurt, Germany. The seals launched are ISC2 Series cartridge seals, M Series mixer seals, and Gaspac dry gas seals. This development helped the company to expand its reach to the untapped market and strengthen its position in the oil & gas processing seals industry.
John Crane (US) is another major player in the oil & gas processing seals market. In March 2016, the company launched O-ring pusher seal 48VBF for high-temperature pumps. This seal helps in reducing costs as it does not need cooling water system to operate. The development of new product helped the company to increase its share in the global oil & gas processing seals market.
Read Our Trending Press Release Below:
Plastic Caps and Closures Market
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/oil-gas-processing-seal-market-23117438.html