Hydraulic Seals Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Wiper Seals, Piston Seals, Rod Seals, Buffer Seals, and Others) and End-User Industry (Automotive, Aerospace, Agriculture, Chemical, Marine, and Others)
The global hydraulic seals market was valued at US$ 3,950.09 million in 2019 and is projected to reach US$ 5,770.71 million by 2027; it is expected to grow at a CAGR of 4.9% from 2020 to 2027.
Hydraulic seals are utilized in hydraulic cylinders to seal openings between several components in a hydraulic cylinder. Seals are either machined or molded, and are carefully designed using sophisticated simulation software. Hydraulic seals are made of a variety of materials such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). It offers high resistance from fluid, heat, and wear & tear. The major tasks of hydraulic seals are to retain hydraulic fluids, maintain rod and pistons alignment (to exclude solid or liquid contaminations), and maintain the hydraulic pressure. Hydraulic seals are used in various end-use industries such as aerospace, automotive, agriculture, construction, oil & gas, marine, and chemical.
Based on product, the global hydraulic seals market is segmented into wiper seals, piston seals, rod seals, buffer seals, and others. The rod seals segment led the market in 2019. Rod Seals are the sealing devices used to impede fluid leakage from a cylinder and maintain the movement between piston head and the cylinder head. These types of seals are primarily used in fluid power plants and in hydraulic cylinders to seal the system pressure. In most fluid power systems, proper sealing effect or proper functioning of the rod seals is one parameter for decision-making efficiency and effectiveness. Hence, rod seals are one of the most important components of the sealing system, given that any failure to perform them can have a significant effect on the performance of the entire equipment. In addition to all factors applicable to piston seals, nonperformance rod seals can contribute to a loss of fluid that may also affect the environment. These types of seals are used on piston rods, which are attached to the cylinders. Rod seals can be used within hydraulic or pneumatic cylinders. Many kinds of rod seals such as hydraulic rod seals, pneumatic rod seals, U seal backups, and custom designed rod seals are available in the market.
Geographically, the global hydraulic seals market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2019, Asia Pacific accounted for the largest share of the global hydraulic seals market. Increasing industrialization and urbanization leads to the dominancy of the region in the market. Attributed to the region's growing economic conditions, there has been a spur in its industrial activities. Exponential growth in the various industrial sectors, such as aerospace, automotive, marine, and agricultural, is influencing the demand for hydraulic seals systems. Currently, the oil & gas industry is expanding in Asia Pacific. According to the IOGP’s Global Production Report 2019, demand for oil and gas is at the peak in Asia Pacific countries. Similarly, the demand for equipment to be used in the sector is high. The equipment must have excellent seals that would prevent oil from leaking. Hydraulic seals are critical in preventing leakage of gas in a cylinder. The linear motion of oil through a hydraulic cylinder also depends on these seals to generate the required pressure.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries in terms of COVID-19 confirmed cases and reported deaths. According to the latest WHO figures, there are ~81,159,096 confirmed cases and 1,791,246 total deaths across the world. The pandemic is adversely affecting various industries across the world due to lockdowns, travel bans, and business shutdowns. The global manufacturing industry is one of the major industries that are suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is restricting the global supply chains and hindering the manufacturing activities, delivery schedules, and various goods sales. In addition, global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. All these factors are disrupting the manufacturing industry, which is eventually restraining the growth of hydraulic seals market.
AccroSeal, A.W. Chesterton Company, All Seals Inc., Freudenberg Sealing Technologies, James Walker, Kastas Sealing Technologies, Parker Hannifin Corp, SealTeam Australia, SKF, and Trelleborg Group are among the players operating in the global hydraulic seals market.
Overall size of the global hydraulic seals market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global hydraulic seals market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global hydraulic seals market.
Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global Hydraulic Seals market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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