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The power transmission seals market size is estimated to grow at a CAGR of 4.46% between 2023 and 2028. The market size is forecast to increase by USD 1.27 billion. The growth of the market depends on several factors such as protection against leakage and wear in hydraulic systems, the growing machine tools industry in emerging economies contributing to market growth and increasing demand for power transmission seals in heavy vehicles and heavy machinery.
The report includes a comprehensive outlook on the power transmission seals market offering forecasts for the industry segmented by Type, which comprises radial shaft seals, axial clamp seals, metal face seals, cassette seals, and others. Additionally, it categorizes End-user into heavy industry, automotive industry, machine tools industry, and others, and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Power Transmission Seals Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Hydraulic systems are distinct from other general systems, as they have to deal extensively with an excessive amount of moisture; even the equipment that is specifically designed to handle moisture is prone to rusting after a certain period of time, as not every part used in equipment can withstand the same moisture level. Leakage can result from poor system design, poor quality control tolerances during the manufacturing of a component, incorrect component selection, and the incorrect overhaul of rebuilt components. System performance, reliability, and increased operating temperatures are the first signs of excessive internal leakage.
Moreover, power transmission seals not only work efficiently in such environments but also perform well for a longer period of time when compared with regular seals. With the higher requirement of leakage protection in heavy-duty industrial applications, the demand for power transmission seals will increase the growth rate of the global power transmission seals market during the forecast period.
The increase in the number of merger and acquisition activities in the seals market can surge the adoption rate of power transmission seals in the market during the forecast period. The rise of the seals manufacturing industry in APAC, the automotive industry in Europe, and the increasing use of innovative designs for power transmission seals can drive the growth of the global power transmission seals market. Regional companies that are present in different regions benefit through merger and acquisition activities by covering a larger market and getting a better consumer base across all regions.
Additionally, SealTeam Australia was acquired by Hallite Seals Australia, a provider of hydraulic cylinder sealing systems, on March 31, 2023. The increasing merger and acquisition activities are likely to improve the seal manufacturing scenario across the world, especially in regions that are going through the development phase. Hence, the adoption rate of power transmission seals is expected to increase the growth of the global power transmission seals market during the forecast period.
Shaft run-out condition refers to the displacement of the positioning of the shaft from its original position, which creates subsequent damage to power transmission seals. Run-out is a condition where the centerline of the coupling or a shaft has deviated from its true axis of rotation. In high-speed applications, the sealing lip, due to inertia, is unable to follow the shaft surface. In such conditions, the distance between the sealing lip and the shaft becomes larger than required to maintain proper lubrication. This large distance between the shaft and the sealing lip not only disturbs the lubrication of the entire seal but also exposes the seals to wear and tear by other media that can cause contamination.
Consequently, the overall lifetime of the power transmission seals also gets affected. This installation issue hampers the overall production of the processes and results in an increase in downtime for the company. It also creates a delay in the overall supply chain activities. Thus, Shaft run-out damaged power transmission seals will hamper the growth of the global power transmission seals market during the forecast period.
The market share growth by the radial shaft seals segment will be significant during the forecast period. Radial shaft seals, which are also known as lip seals, are used to seal rotary elements, such as a shaft or rotating bore. Common examples include strut seals, hydraulic pump seals, axle seals, power steering seals, and valve stem seals. Radial shaft seals sit between rotating and stationary components or two components in relative motion.
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The radial shaft seals segment was the largest and was valued at USD 1.33 billion in 2018. Radial shaft seals are made up of different components and are available in different designs, which makes them suitable for specific end-user applications. Varied lip designs of these seals help them protect the equipment from harmful contaminants. As a result, they are experiencing high demand in all end-user industries. Radial shaft seals are used in most of the end-user industries as they are easy to install. Therefore, owing to the factors mentioned above, it is expected that the global power transmission seals market by radial shaft seals will increase during the forecast period.
End-user Segment Analysis:
Based on the end-user, the market has been segmented into heavy industry, automotive industry, machine tools industry, and others. The heavy industry?segment will account for the largest share of this segment.? The heavy industry consists of heavy equipment manufactured to serve different industries, including oil and gas, power, construction, mining, and agriculture. Further, heavy machinery is generally manufactured to serve the industry for a long period. Power transmission seals are used in the heavy machinery industry to maintain a consistent level of work performance without being damaged by the harshness of the environment. Hence, the demand for power transmission seals in the heavy industry is expected to increase the growth rate of the global power transmission seals market during the forecast period.
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APAC is estimated to contribute 44% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. APAC industrial position has become a growth engine, as the economy and industrial activities have intensified during the last few years. The region is occupied by a large number of small and medium enterprises that demand low-cost products for manufacturing. Furthermore, in the growing economies in APAC, commercial aircraft manufacturing is increasing, which is promoting the growth of the aerospace sector in this region. Infrastructure expansion and the development of new airports are giving rise to the overall use of aircraft in this region. The increment in international seaborne trade is providing new opportunities to the marine industry in this region. Commercial shipping, fleet ownership, and shipbuilding activities are taking a new turn in this industry.
In addition, APAC is seeing a number of development projects that include various expansion projects, giving rise to the growth of the industrial sector in this region. The abundance of raw materials and the rising trend of mergers and acquisitions are providing opportunities to global manufacturers. The power transmission seals market in APAC has many regional companies that provide cost-effective seals. With a lot of expansion projects initiated in this region, the power transmission seals market is expected to grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.W. Chesterton Co - The company offers power transmission seals such as Chesterton 170 slurry single catridge seal, Chesterton 520 dual tandem cassette seal, and Chesterton S10 single cassette seal.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including A.W. Chesterton Co., AB SKF, American High Performance Seals Inc., Antifriction Components Ltd, billi sealing technology gmbh, Colonial Seal Co., DXP Enterprises Inc., Freudenberg and Co. KG, Greene Tweed and Co., Hallite Seals International Ltd., Hi tech Seals Industries, IST innovative sealing technologies GmbH, James Walker Group Ltd., LATTY International S.A., MFPSeals, NAK Sealing Technologies Corp., Parker Hannifin Corp., PRH SEALS GROUP, Trelleborg AB, and Roxtec International AB
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The power transmission seals market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Power Transmission Seals Market Scope |
|
Report Coverage |
Details |
Page number |
183 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market Growth 2024-2028 |
USD 1.27 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.0 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A.W. Chesterton Co., AB SKF, American High Performance Seals Inc., Antifriction Components Ltd, billi sealing technology gmbh, Colonial Seal Co., DXP Enterprises Inc., Freudenberg and Co. KG, Greene Tweed and Co., Hallite Seals International Ltd., Hi tech Seals Industries, IST innovative sealing technologies GmbH, James Walker Group Ltd., LATTY International S.A., MFPSeals, NAK Sealing Technologies Corp., Parker Hannifin Corp., PRH SEALS GROUP, Trelleborg AB, and Roxtec International AB |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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