The global polymer seals market has experienced remarkable growth, with estimates indicating a valuation of US$ 11.3 billion in 2022. Projections for the next decade reveal an even more promising future, with the market expected to expand at a Compound Annual Growth Rate (CAGR) of 5.1%, aiming to reach an impressive US$ 18.7 billion by 2032.
Polymer seals play a pivotal role in various industries, especially in the manufacturing of subsea equipment, turret swivel stack systems, production and exploration equipment, and transfer systems. These seals are recognized for their exceptional ability to meet stringent requirements related to diameter, pressure, and temperature, making them indispensable components in critical applications across multiple sectors.
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Increasing defense budgets of governments are also expected in the coming years, which should generate further demand for polymer seals. For instance, the governments of India and China have been observed to increase their spending on defense in recent years, particularly for upgrading their respective air forces by investing in latest military-grade air crafts and fighter jets. Owing to the tense geopolitical climate in the region, the spending is set to rise in the near future and result in accelerating polymer seal sales.
FMI also predicts the emergence of certain market restraints from 2022 to 2032. These restraints are likely to stem from the fact that sealant production causes significant pollution. Small scale consumers are also poised to choose polymer seal substitutes due to the high expenses associated with polymer seals.
Key Takeaways from the Polymer Seals Market Study:
- By material type, the polyurethane (PU) segment is anticipated to witness considerable demand growth at 4.9% CAGR from 2022 to 2032.
- By product type, the sales of hydraulic and pneumatic seals are projected to expand at a CAGR of 5.6%.
- By region, Europe is anticipated to witness substantial growth in the polymer seals market due to lucrative markets in Germany, Italy, and the United Kingdom.
- India and China markets are anticipated to emerge as prominent polymer seals markets in Asia and register 6.9% and 6.0% CAGR, respectively.
- By end use, transportation equipment was estimated to hold a prominent volume share of 30.4% in 2022.
Who is Winning?
Key players in the Polymer Seals include Saint-Gobain, ERIKS Group, SKF AB, Precision Polymer Engineering/IDEX, Trelleborg AB, Bal Seal Engineering, Parker Hannifin Corporation, Advanced Seals & Gaskets Ltd., Greene Tweed, TRP Polymer Solutions Ltd., Specialised Polymer Engineering Ltd., SHS Dichtungen GmbH, A.W. Chesterton Company, Carco Precision Rubber Products Spa, Novotema Spa
To gain a competitive advantage in the industry, key manufacturers are developing innovative polymer seal products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their global footprints.
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Global Polymer Seals Market by Category:
By Material Type:
- Polyurethane (PU)
- Acrylonitrile-butadiene-rubber (NBR)
- Fluoro-rubber (FKM)
- Polytetrafluoroethylene (PTFE)
By Product Type:
- Hydraulic and Pneumatic seals
- Rotary Seals
- Spring Energized Seals
By End Use:
- Transportation Equipment
- Automotive and Components
- Aircraft and Components
- Railroad Equipment
- Marine Transportation and Components
- Industrial Machinery and Equipment
- Electronic Apparatus and Appliances
- Healthcare
- Medical Devices and Component Manufacturing
- Surgical Tool manufacturing
- Oil and Gas Extraction
- Construction Infrastructure and Utilities
- MRO, Other Manufacturing, and Assembly
By Distribution Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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