Incessantly growing crude prices and overall growth across the oil and gas industries are nurturing healthy ground for the growth of several co-dependent markets. The global high-pressure seal market is one such market that is poised to flourish in such a business landscape. Growing research and development activities in end-use industries of high-pressure seals are expected to unlock further avenues for market growth. The automotive industry, for instance, is a source of significant opportunities due to increasing vehicle demand and safety requirements. Increased interest in nuclear power generation and consumption is also furthering the market’s growth prospects. The development of heat-resistant and industrial usage-grade seals is expected to bode well for the prospective market’s foreseeable future. Moreover, focused research and development operations are leading to the production of more advanced high-pressure seals.
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Paced Demand for Thermal High-pressure Seals to Open New Avenues of Growth for High-pressure Seal Market
As high-pressure seals become more effective, highly specialised types of seals are being developed for specific applications. Against this backdrop, thermal-resistant high-pressure seals are gaining tremendous traction. Each type of industrial machinery requires a specific temperature to function optimally. These seals enable better machine optimization as they boost the productivity and lifetime of industrial machines. As more large-scale production units get set up, the global high-pressure seal market is expected to brim with opportunities in the forecast period. Beyond the industrial landscape, many individual consumers are also eager to use high-pressure seals due to their notable heat resistance and higher real world applicability.
Growing Demand in Manufacturing, and Pharmaceutical Sectors to Prolong Growth Trajectory of High-pressure Seal Market
In the past few decades, the manufacturing and pharmaceutical industries have been growing at a promising rate. This is primarily due to the considerable increment in disposable incomes and standard of living in many economic sections. Moreover, tightening safety regulations in the automotive manufacturing sector is generating significant demand for high-pressure seals. As the user base of these markets continues to grow, the demand for more sophisticated features and solutions shall also develop. This is resulting in more focused RD activities. As these industries have several end-uses for high-pressure seals, the growth of these industries is facilitating the global high-pressure seals market expansion.
Asia Pacific to Cement its Dominance in High-pressure Seal Market with Robust Industrialization
Growing industrialisation and the thriving energy industry in Asia Pacific are aiding the regional high-pressure seal market expansion. Several developing regional economies such as India, China, and other Southeast Asian countries are the key enablers of this regional market trend. The region’s healthy pharmaceutical and automotive industries are propelling the market to a dominant, almost monopolistic position. On the other hand, North America is also emerging as a lucrative regional high-pressure seal market on account of its mature domestic aerospace and military sectors.
Leading Market Players
Some of the key players in the global high-pressure seal market include ExxonMobil (U.S.), Solvay Zeon Chemicals L.P. (U.S.), S.A. (Belgium), E. I. du Pont de Nemours and Company (U.S.), Saint-Gobain S.A. (France), 3M Company (U.S.), OMNOVA Solutions (U.S.), PetroChina Co. Ltd. (China), and Lubrizol Corporation (U.S.).
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