Global Mechanical Face Seals Market 2024 – 2033

Reports Description

The growth of the manufacturing sector is boosting the Mechanical Face Seals market.

The global Mechanical Face Seals market was estimated at around USD 3.2 billion in 2021 and is projected to witness a CAGR of nearly 7% to account for USD 4.1 billion by 2030. The report includes an analysis of the market’s driving and restraining factors, along with opportunities existing in the market. Moreover, the report scrutinizes opportunities in the global Mechanical Face Seals market.

Mechanical Face Seals Market: Overview

Mechanical Face Seals are specific kinds of mechanical seals. There are several terms for mechanical face seals, which include floating seals, toric seals, duo cone seals, lifetime seals, and heavy-duty seals. The two major mechanical face seals are Type DO and Type DF. Type DO is the most commonly used mechanical face seal type, in which an O-ring is utilized as a secondary sealing element. However, a diamond-shaped cross-section elastomer is a secondary element in Type DF. These seals connect different systems or mechanisms to prevent the leakage of gases or fluids, which excludes contamination and contains pressure.

Mechanical Face Seals Market: COVID–19 Impact Analysis

The outbreak of the COVID-19 pandemic has impacted various sectors where mechanical face seals are used. These include energy & power, oil & gas, chemical processing, food & beverages, automotive, metals & mining, and automotive. The slowdown in the operations of these industries impacted the overall mechanical face seal market. The oil & gas sector is the key mechanical face seals market. Halted investments in oil & gas infrastructure worldwide are now easily operated under stringent government regulations such as lockdowns and trade movements. COVID-19 impacted the mechanical face seals market in 2020; however, after a short-term catastrophic impact, the market is witnessing a strong recovery and is expected to witness steady growth during the projected period.

Mechanical Face Seals Market: Growth Drivers

Investments in the manufacturing sector

The growth in the manufacturing sector, particularly in emerging economies, is driving the growth of the mechanical face seal market. The governments of these countries are offering benefits, such as tax rebates, to attract foreign investments in their manufacturing sector. They are also supporting technological advancements by providing enhanced infrastructure. Investments in advanced industrial tools and machinery are anticipated to drive the market.

The rise in the number of oil & gas reserve discoveries

The oil and gas sector is expected to witness tremendous growth during the coming years, attributed to the increased demand for petroleum. Various new oil and gas reserves have been discovered recently, and governments are spending a significant amount on these reserves. Several new projects for oil and gas have been announced during the past few years, which are anticipated to boost the demand for the mechanical face seals market.

Mechanical Face Seals Market: Segmentation Analysis

The Mechanical Face Seals market is segmented into type and application in our research scope. Based on type, the floating seal segment is anticipated to hold the largest market share in 2021. The floating seals are highly reliable and offer improved performance as they are pre-assembled at the facility and pressure tested. By application, the tunnel boring segment is expected to witness a steady CAGR due to rising investments in public infrastructures, such as railways and roadways. Developing economies across the globe are experiencing rapid investments in their public infrastructures, particularly through FDI, which is boosting market growth. Also, developed countries, such as the US, are experiencing growth in renovating old infrastructure.

Report Scope

Key Insights:

• As per the analysis shared by our research analyst, the Mechanical Face Seals market is estimated to grow annually at a CAGR of around 7% over the forecast period (2022-2030).
• In terms of revenue, the Mechanical Face Seals market was valued at around USD 3.2 billion in 2021 and is projected to reach USD 4.1 billion by 2030. Due to various driving factors, the market is predicted to rise significantly.
• Based on type, the floating seal segment is estimated to have the maximum market share in 2021.
• Based on the application, the tunnel boring machines segment was the leading revenue-generating category 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• September 2021: Caterpillar acquired Carbon Point Solutions, a US-based capture technology company. The acquisition aimed to decrease Caterpillar’s greenhouse gas emissions while helping customers achieve climate-associated objectives.
• April 2019: John Cranes acquired the Advanced Diamond Technologies Engineering Division, which enhanced John Crane’s performance and reliability of mechanical seals and thus enhanced the company’s product portfolio.

Regional Landscape

In 2021, Asia Pacific dominated the Mechanical Face Seals market. The growth in the industrial sector of regional countries is expected to drive the market demand. The mechanical face seals are utilized in diverse industrial applications. Additionally, emerging economies in the region are witnessing huge foreign investments in their manufacturing sector, which is expected to influence the demand for these seals.

Other prominent factors include supporting government regulations and policy frameworks by several authorities across the Asia Pacific countries, increasing investments in the manufacturing industry, growing demand from regional construction, oil & gas, and marine industry verticals, and rapid-paced industrialization. Also, a growth in public infrastructure investments and development projects is projected to propel the market growth of mechanical face seals.

Additionally, the rapid growth of the automotive and aerospace industries within the Asia Pacific is anticipated to create a significant demand for mechanical face seals. However, the high initial installation cost may hinder the market’s growth.

Competitive Landscape

Companies in the mechanical face seal industry are focused on expanding their geographical reach by partnering with regional agencies. New product launches and partnerships are other key strategies mechanical face seal players adopt to retain their market share. SKF, Flowserve Corp., and John Crane are some of the key players operating in the mechanical face seal market, with SKF holding the largest market share.

Our research report includes elaborate company profiles of key market players focused on SWOT analysis, product description, financials, and recent key developments. It also includes industry shares, investment trends, notable associations, and market regulations.

The global Mechanical Face Seals market is segmented as follows:

By Type

• Lifetime Seals
• Floating Seals
• Duo Cone Seals
• Toric Seals
• Heavy Duty Seals

By Application

• Tracked vehicles
• Agriculture machines
• Conveyor systems
• Mining machines
• Heavy trucks
• Tunnel boring machines
• Axles
• Others

Based on Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America