The new machined seals market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Machined Seals Market 2020-2024 (Graphic: Business Wire).
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"One of the primary growth drivers for this market is the Stringent Environmental Regulations," says a senior analyst for the Industrials industry at Technavio.
Machined seals are considered as important components to prevent leakage in different equipment. The leakage protection minimizes emissions from the prereferral equipment. Moreover, end-users are focusing on enhancing the industrial processes and saving energy by employing seals that use less energy. Since various industries and governments across the world are focusing on resolving environmental concerns such as improving air quality, the use of machine seals has increased. Also, governments of several economies are regulating emissions from various equipment used in industrial activities through policy frameworks. Therefore, Technavio's market research report identifies that the stringent environmental regulations will be one of the primary growth drivers for the global machined seals market.
As the markets recover Technavio expects the machined seals market size to grow by USD 203.24 million during the period 2020-2024.
Machined Seals Market Segment Highlights for 2020
- The machined seals market is expected to post a year-over-year growth rate of 0.98%.
- The automotive industry extensively uses machined seals in cars, light vehicles, heavy vehicles, and two-wheelers.
- They also use these seals for manufacturing vehicles that carry heavy loads at high speed, to ensure leakage protection.
- The demand for advanced vehicles is increasing due to the rising demand from the automotive industry and the increasing competition.
- This, in turn, will drive the employment of different mechanical seal types by end-users to provide high-end designs to these vehicles, which will contribute to the market growth.
- Market growth by the automotive industry segment will be faster than the growth of the market by the heavy industries and machine tools industries segments.
Regional Analysis
- 50% of the growth will originate from the APAC region.
- The increasing demand for machined seals from the aerospace and automotive industries will significantly drive machined seals market growth in this region over the forecast period.
- China and India are the key markets for machined seals in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Global Power Transmission Seals Market: The power transmission seals market size has the potential to grow by USD 457.61 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
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Notes:
- The machined seals market size is expected to accelerate at a CAGR of almost 2% during the forecast period.
- The machined seals market is segmented by End-user (automotive industry, heavy industry, machine tools industry, and others), Geography (APAC, North America, Europe, South America, and MEA), and Type (fluid power seals, power transmission seals, and large diameter seals).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including A.W. Chesterton Co., AB SKF, Datwyler Holding Inc., Freudenberg SE, IDEX Corp., James Walker Group Ltd., Martin Fluid Power Co. Inc. and MFP Seals, Michelin Group, Parker Hannifin Corp., and Trelleborg AB
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