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The Global Cartridge Seals Market size is estimated to grow by USD 253.08 million between 2022 and 2027 accelerating at a CAGR of 4.32%. The growth of the cartridge seals market depends on several factors, including increasing demand for after-market cartridge seals, rising demand in manufacturing industries, and growing adoption of renewable energy.
This cartridge seals market research report extensively covers market segmentation by application (oil and gas, power, chemical and petrochemical, and water and wastewater), type (single seals and double seals), and geography (North America, Middle East and Africa, Europe, APAC, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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The cartridge seals market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cartridge Seals Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand in manufacturing industries is a prominent cartridge seals market driver. Cartridge seals are essential components in manufacturing industries for sealing pumps and mixers. The manufacturing industry is rapidly growing, particularly in emerging economies, due to factors such as favorable government initiatives, increasing demand for consumer goods, and rising urbanization. This growth in manufacturing is driving the demand for various industrial components, including cartridge seals, as they are critical to the efficient functioning of pumps and mixers.
According to the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment (FDI) will grow vigorously in 2021 to USD 1.58 trillion, up 64% from the exceptionally low level in 2020. This implies that there will be strong growth in the manufacturing sector in the coming decade. Moreover, many countries are now adopting investment policies that will boost the growth of the manufacturing sector, which, in turn, will drive the growth of the global cartridge seals market during the forecast period.
Increasing demand for power generation is a major cartridge seals market trend. Cartridge seals are widely used in the power generation industry to prevent leakage of fluids such as water and steam in rotating equipment such as pumps and compressors. Rising demand for power generation driven by factors such as population growth, urbanization and industrialization has correspondingly increased the demand for cartridge seals.
According to the International Energy Agency, total net electricity generation in February 2022 was 887.5 terawatt hours (TWh), down 11.6% from January 2022 but up 1.4% from February 2021. Increased global electricity demand is expected to increase capacity factors across the energy sector. Various capacity expansions are coming soon to meet the excess demand. Many companies are investing in the global cartridge seal market to take advantage of this growing demand. Hence, increasing demand for power generation will drive the growth of the global cartridge seals market during the forecast period.
Fluctuating prices of raw materials is a cartridge seals market challenge hindering the market. The main raw materials used in manufacturing cartridge seals include steel, silicon carbide, tungsten carbide, and carbon. Fluctuations in the prices of steel and related materials, therefore, affect the global cartridge seal market. Increased raw material prices are borne by the supplier when commodity prices reach threshold levels, commodity suppliers are forced to pass on increased costs to downstream industries. Such raw material supplier decisions are influencing the growth of various markets, including the global cartridge gasket market.
In addition, commodity price fluctuations can affect a manufacturer`s profit margins. These factors are expected to hamper the growth of the global cartridge seals market during the forecast period.
Vendors 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 sealing solutions for different rotating equipment such as turbines, pumps, mixers, cooling fans, valves, flanges, heat exchangers, and many more.
AES Engineering Ltd: The company offers engineering and consultancy services for different projects. It also offers different cartridge seals such as high-performance mechanical seals, single mechanical cartridges, and Bi metal FIDC cartridges.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market vendors, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The oil and gas segment will contribute a major share of the cartridge seals market industry. Cartridge seals are annular mechanical seals that form a sealing surface under the pressure of an incompressible liquid. These cartridge seals have been used for decades in the oil and gas sector because they offer several advantages over other types of seals such as no leakage at high temperatures, long service life, etc. In the oil and gas industry, cartridge seals can be used in reciprocating compressors used to compress natural gas for transportation through pipelines.
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These seals help prevent leaks and reduce maintenance costs. In addition, cartridge seals are also used in pipeline pumps used to transport oil and gas over long distances. These seals ensure the reliable operation of the pump and help prevent leaks. Therefore, rising demand for cartridge seals in the oil and gas industry is expected to boost the growth of the global cartridge seals market during the forecast period.
A single seal is known as a check valve. It works on the principle that liquids and gases can only flow in one direction through the seal. This is accomplished by using springs that block the return flow of liquid or gas when pressure builds up from a particular side. This type of seal is used primarily in offshore oil and gas applications, onshore pipelines, and multiphase lines. Check valves are widely used in various industries such as plumbing, water treatment, oil and gas, and chemical processing. They are used to prevent backflow, which can be a serious problem for many applications.
North America is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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The North American cartridge seals market is expected to register moderate growth during the forecast period. The United States is the largest revenue contributor to the North American cartridge seals market. According to the U.S. Energy Information Administration (EIA), oil production per rig will increase in 2022. Increased demand for oil has led companies to expand the number of oil and gas rigs in operation to produce more oil from their current reserves. High E and P activity due to technological development will lead to the production of large amounts of oil and gas from non-traditional sources. Additionally, the trade dispute between the United States and Iran has increased the need for domestic oil production in North America. Such factors have increased the demand for cartridge seals in this region.
In 2020, the COVID-19 outbreak had a negative impact on the North American cartridge seal market. Various governments in the region have imposed strict lockdown measures to curb the spread of the disease. This has halted manufacturing activity in end-use industries such as chemical, oil and gas, reducing demand for cartridge seals. In addition, the closure of a plant that produced cartridge seals reduced demand for new construction, leading to subsequent declines in construction investment. This negatively impacted the growth of the capsule market in the region in 2020. However, with the start of a large-scale vaccination campaign in 2021, several businesses and industrial activities have resumed in various sectors such as automotive, aerospace, and energy such as oil and gas exploration, and across the region. Demand for cartridge seals increased. All these factors are expected to boost the growth of the North American cartridge seals market during the forecast period.
The cartridge seals market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cartridge Seals Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.32% |
Market growth 2023-2027 |
USD 253.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.5 |
Regional analysis |
North America, Middle East and Africa, Europe, APAC, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, Saudi Arabia, China, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
A.W. Chesterton Co., AES Engineering Ltd., Anhui YALAN Seal Component Co. Ltd., Avon Seals Pvt. Ltd., EnPro Industries Inc., Flexaseal Engineered Seals and Systems LLC, Flowserve Corp., Leak Pack Engineering Pvt. Ltd., Meccanotecnica Umbra S.p.A., MICROTEM Srl, PPC Mechanical Seals, Quba Seals India Pvt. Ltd., Saisi Mechanical Seal Co. Ltd., Smiths Group Plc, Tenneco Inc., The Timken Co., Trelleborg AB, TREM Engineering JSC, Hefei Supseals International Trade Co. Ltd., and Kaman Corp. |
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 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. |
We can help! Our analysts can customize this report to meet your requirements.
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