High Pressure Seals Market Soars to New Heights with Rapid Growth and Technological Advancements| MarketsandMarkets™

Posted by Jack Martin on May 23rd, 2023

The report "High Pressure Seals Market by Material (Metal, TPU, HNBR, Fluoroelastomer, EPDM), End-Use Industry (Oil & Gas, Chemical & Petrochemical, Aerospace & Defense, Power Generation, Manufacturing, Mining, Pharmaceutical) - Global Forecast to 2026", The global high pressure seals market size is estimated to reach USD 4.84 Billion by 2021, at a CAGR of 6.6% from 2016 to 2021; and USD 6.99 Billion by 2026, at a CAGR of 7.1% from 2016 to 2026. The market is driven by the increased demand in end-use industries, such as oil & gas, chemical & petrochemical, mining, pharmaceutical, and manufacturing.

Increasing demand from end-use industries, such as oil & gas, chemical & petrochemical, mining, pharmaceutical, and manufacturing, are driving the high pressure seals market. Among end-use industries, the oil & gas industry is estimated to be the largest application for the high pressure seals market. High pressure seals are used in the oil & gas industry in upstream, midstream, and downstream segments. Upstream includes exploration and production, midstream includes transport and storage, and downstream includes processing and refining. Seals in oil & gas are used in pipe couplings, valves, compressors, and hydraulic pumps.

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The EPDM (ethylene propylene diene monomer rubber) segment is projected to be the fastest-growing material segment of the market between 2016 and 2021. EPDM-based high pressure seals are used in the power generation industry. These seals provide better weather resistance, good low-temperature flexibility, and good heat resistance. Along with economic growth, the demand for electricity is also growing at a high rate in countries such as China, India, and Southeast Asian countries. This will propel the demand for EPDM-based high pressure seals during the next few years.

In 2015, Asia-Pacific accounted for the largest share of the global high pressure seals market and the market in this region is also expected to grow at the highest rate from 2016 to 2026. China is currently the largest market for high pressure seals in Asia-Pacific, and is expected to remain so during the forecast period. China, being the largest car industry, globally, has evolved as the major market for high pressure seals that are essentially required for the manufacturing of car components and equipment. India is the fastest-growing market for high pressure seals. Increasing demand from the pharmaceutical, mining, and aerospace & defense industries drives the high pressure seals market in these countries.