Oil & Gas Seals Market is expected to grow at a healthy CAGR during the next five years, according to a newly added report by Stratview Research. Seals in the oil & gas industry are used in different applications including drilling, completion, production, and distribution & refinery. Oil & gas exploration and extraction exhibit challenging conditions for seals, such as extreme temperature, high pressure, and aggressive chemicals and gases. Seals need to withstand high pressure, high temperature, rapid gas decompression, explosive decompression, aggressive chemicals, and highly abrasive and corrosive environments. Hence, rapid gas decompression tests, explosive decompression tests, sour test, etc. are required for seals in order to their reliably functioning. Materials used for manufacturing seals for the oil & gas industry must be compliant with industry standards such as ISO, NORSOK, and API.
The global oil & gas seals market is projected to offer healthy growth opportunities in the entire ecosystem of the market. The market is estimated to grow at a healthy rate over the next five years to reach US$ 1,801.5 million in 2025. Increasing oil & gas demand, recovering crude oil prices, increasing well-drilling activities, careen recovery in worldwide rig counts, and advancements in sealing products to meet challenging environments are some key factors that drive the demand for seals in the oil & gas industry.
The market is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; on Feb 2019, Saint-Gobain S.A. strengthened its high-performance solution portfolio by acquiring American Seal and Engineering Co., Inc, latter supplies seals for various industries including oil & gas.
Seals used in the oil & gas industry are made of a wide range of materials including NBR/HNBR, FKM, FFKM, PTFE, PEEK, etc. This selection of sealing material depends on various parameters including sealing efficiency, temperature resistance, environmental conditions, reliability, longevity, durability, and cost. Elastomers, which majorly include NBR/HNBR, FKM, and FFKM, are likely to remain dominant materials for sealing applications in the oil & gas industry in the coming five years.
The report offers detailed insights in relevant market segments, their growth rates, latest market trends, forecasts, and other important details. The market has been segmented in Six ways and the report has more than 150 figures and tables providing the most comprehensive information about the market segments and their growth prospects for the forecast period of 2020-2025.
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As per the report, among different applications types, the market is segmented as drilling, completion, production, and distribution & refinery. Production is expected to remain the largest segment of the oil & gas seals market during the forecast period, propelled by usage of seals in various application areas such as, blow-out preventers (BOPs), connector seals, downhole and intervention tools, flow control equipment (ball valves and associated devices), FPSO swivels, gas lifts, and offshore topside hydraulics. All other application types are also estimated to generate sizeable growth opportunities in the coming five years.
Based on the product type, the market is segmented as O-rings, U-cup seals, back-up rings, spring energized seals, and others. O-ring is expected to remain the largest segment of the market during the forecast period. O-rings are the most popular seal type and are preferred in many applications. These seals are simple to install and require less installation space.
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North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. The USA is likely to remain the largest market in North America as well as the global marketplace, whereas China is set to remain the fastest-growing market worldwide in years to come.
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The report further mentions about the key manufacturing players EnPro Industries, Inc., Fredenburg Group, Flowserve Corporation, John Crane, Inc., M.Barnwell Services Limited, Green Tweed & Co., CDI Energy Products, Parker Hannifin Corporation, Precision Polymer Engineering, Saint-Gobain S.A., and Trelleborg AB. who are emerging fast and their roles in the growing market. It also portraits the important mergers, acquisitions, and other current happenings in the Oil & Gas Seals Market that can be helpful for the interested clients in analysing the market and taking right decisions accordingly.
Salient Features of the Report
The report on Oil & Gas Seals Market is a well-researched work after analysing of various data from different reliable sources. The report included some of the salient features such as:
- Market structure,
- Market environment analysis,
- Market trend and forecast analysis,
- Market segment trend and forecast,
- Competitive landscape and dynamics,
- Attractive market segments and associated growth opportunities,
- Emerging trends,
- Strategic growth opportunities for the existing and new players,
- Key success factors
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