Mechanical Seals Market- Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Mechanical Seals Market is segmented into Seal Type (Pump Seals, Compressor Seals and Mixer Seals), End-user Industry (Power, Oil and Gas and Other End-user Industries) and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts for mechanical seals in value (USD Million) for all the above segments.

Market Snapshot

Mechanical Seals Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: >3.5 %
Mechanical Seals Market Key players

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Market Overview

The Global Mechanical Seals Market is projected to register a CAGR of over 3.5% during the forecast period (2022-2027).

The outbreak of the novel coronavirus has impacted most industries worldwide, including the mechanical seal industry. Also, many end-user industries were impacted due to pandemics. That restricted the growth of the market. However, in 2022, the situation is coming on track, and now the market is stable and growing steadily.

  • One of the major factors driving the mechanical seals market is the growing demand from the oil and gas industries.
  • Another major driving factor of the market studied includes the increasing demand for power generation.
  • However, the introduction of alternative methods of sealing leakages is hindering the market growth.
  • Upcoming oil and gas projects and onboard condition monitoring will likely create opportunities for the market in the coming years.
  • Asia-Pacific region accounts for the highest market share due to increasing demand in countries like China, Japan, and South Korea.

Scope of the Report

Mechanical seals are devices that provide a seal at the point of entry or exit of a rotating shaft. Typically, it is used to prevent the leakage of one high-pressure fluid into a lower-pressure fluid. The mechanical seals market is segmented by seal type, end-user industry, and geography. By seal type, the market is segmented into pump seals, compressor seals, and mixer seals—the end-user industries where mechanical seals are used for power, oil and gas, and other end-user industries. The report also covers the market size and forecasts for the mechanical seals market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD Million).

Seal Type
Pump Seals
Compressor Seals
Mixer Seals
End-user Industry
Power
Oil and Gas
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

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Key Market Trends

Power Industry is Expected to be the Fastest Growing End-User Industry

  • Mechanical seals are utilized in a variety of applications such as pumps, mixers, aerators, and other equipment in power plants ranging from coal and natural gas to nuclear, hydroelectric, and geothermal energy. The power industry is used because its ability to satisfy performance goals depends on various factors, such as equipment design, operating conditions, and support systems.
  • The power plant industry demands sealing systems with optimum operating reliability, ease of maintenance, low leakage rates, and appropriate environmental protection measures. Mechanical seal solutions and services improve power plant manufacturing performance by increasing operational dependability, improving equipment uptime, reducing seal water usage and energy consumption, and ensuring cost-effective environmental compliance.
  • Rising electricity demand across the globe is expected to increase the capacity utilization of different power sectors. Various capacity additions will likely be made shortly to fulfill the excess demand.
  • According to International Energy Agency, in February 2022, the total net electricity production was 887.5 terawatt-hour (TWh), down 11.6% from January 2022 but up 1.4% from February 2021.
  • The global electricity demand grew by 6% in 2021, after a modest decline in 2020. With almost 1,500 TWh, it was the largest annual growth in absolute terms and the largest % of age increase since the financial crisis in 2010. China accounted for over half of worldwide growth, with average demand increasing by 10%.
  • In 2021, Eurasia’s electricity consumption climbed by 6% year on year, or about 80 TWh, the biggest rise in absolute terms since the dissolution of the Soviet Union. In 2021, the electricity demand increased by 4%, falling by 1.3% in 2019 and 4% in 2020 and approaching the pre-pandemic level of 2019.
  • With nearly USD 300 billion in 2022, renewable energy now leads to new power generation investments. In the case of the Russian-Ukraine conflict, European countries’ investment levels will now be higher as countries lay a larger focus on energy security. Several EU countries set new targets and programs to boost solar and wind energy, particularly offshore wind. This will create significant investment opportunities for equipment OEMs, project developers, and after-service providers, which is expected to stimulate the demand for the market studied.
  • All the factors above are expected to significantly impact the demand for the market studied during the forecast period.
Mechanical Seals Market Share

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region is dominating the mechanical seals market and is expected to continue this shortly. Countries like Japan, China, South Korea, and India are the major contributor to the Asia-Pacific region due to the economies rapidly undergoing economic changes.
  • China targets to slash its growing dependence on gas imports by boosting domestic projects like shale fields as the security of its energy supply. The government is expected to fund new efforts to boost domestic production, particularly from so-called unconventional sources like shale gas. It is also estimated that China’s shale gas production to reach around 280 billion cubic meters by 2035. Thus, the Chinese government’s effort and plan to boost its shale gas production are expected to create an opportunity for mechanical seals in the coming years.
  • Furthermore, in December 2021, China announced its plan to build at least 150 new nuclear reactors in the next 15 years with an investment of USD 440 billion. The country has 19 reactors under construction, 43 reactors awaiting permits, and a massive 166 reactors that have been announced. The combined capacity of these 228 reactors is 246GW. China's growing thermal and nuclear power plants are expected to drive the market for mechanical seals during the forecast period.
  • India is expected to witness robust growth in its chemical industry, fueled by the growing demand for polymers, specialty chemicals, and agrochemicals. In March 2021, the government informed that an INR 8 lakh crore investment is anticipated in the sector by 2025, with opportunities offered by the increase in demand by about 9% per annum over the next five years, with about 168 investment prospects and about 29 projects under development.
  • Japan plans to build 22 new coal-fired power plants at 17 different sites by 2025. Among them is the 1.3GW Yokosuka coal-fired facility, which is under construction. Yokosuka coal-based power plant is to be equipped with two ultra-supercritical (USC) coal-fired units of 650 MW, and these units are scheduled to come online by 2023 and 2024, respectively.
  • In 2020, Japan had 33 operable nuclear reactors, two under construction, and 27 shut down. The country plans to increase its nuclear energy share in the total energy up to at least 20% by 2030. The country’s dependence on nuclear power to generate electricity is expected to drive the market during the forecast period.
  • Hence, owing to the abovementioned trends, Asia Pacific is likely to dominate the market studied during the forecast period.
Mechanical Seals Market Growth rate

Competitive Landscape

The mechanical seals market is partially consolidated in nature. Some of the major players in the market include Flowserve Corporation., SKF, John Crane, Eagle Industry Co., Ltd. and Garlock among other domestic and global players (not in any particular order).

Recent Development

  • In May 2022, Gallagher Fluid Seals, Inc. acquired IEQ Industries (distributor of new, used, and remanufactured pumps, pump parts, and pump packages for various commercial and industrial applications). This acquisition helped the company to diversify its product mix; having crossover in market segments allows benefit from historical customer relationships.
  • In November 2021, with the expansion of the product portfolio, John Crane launched a new 5610 Liquid Quench (5610L), an extension of the 5600-seal range. The extension offers the same benefits as the 5600-seal design with a lip seal secondary containment device for liquid quench applications. The new design also promotes the reliability and interchangeability of the 5600-seal design for liquid quench applications.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Oil And Gas Industries

      2. 4.1.2 Increasing Demand for Power Generation

    2. 4.2 Restraints

      1. 4.2.1 Introduction of Alternate Methods of Sealing Leakages

      2. 4.2.2 Use of Electronic Seals in Automated Manufacturing Units

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Seal Type

      1. 5.1.1 Pump Seals

      2. 5.1.2 Compressor Seals

      3. 5.1.3 Mixer Seals

    2. 5.2 End-user Industry

      1. 5.2.1 Power

      2. 5.2.2 Oil and Gas

      3. 5.2.3 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%) **/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 A.W. Chesterton Company.

      2. 6.4.2 Dana Limited

      3. 6.4.3 Eagle Industry Co., Ltd.

      4. 6.4.4 Flexaseal Engineered Seals and Systems, LLC.

      5. 6.4.5 Flowserve Corporation.

      6. 6.4.6 Gallagher Fluid Seals, Inc.

      7. 6.4.7 Garlock

      8. 6.4.8 HUTCHINSON

      9. 6.4.9 John Crane

      10. 6.4.10 SKF

      11. 6.4.11 Technetics Group.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Upcoming Oil and Gas Projects

      1. 7.1.1 On-board Condition Monitoring

**Subject to Availability

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Frequently Asked Questions

The Mechanical Seals Market market is studied from 2017 - 2027.

The Mechanical Seals Market is growing at a CAGR of >3.5% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Flowserve Corporation., SKF, John Crane, Eagle Industry Co., Ltd., Garlock are the major companies operating in Mechanical Seals Market.

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