As the Oil & Gas industry pushes its equipment to ever greater limits for exploring new avenues of obtaining oil, the need for more robust, high-performance seals are expected to surge during the coming years.

DUBAI, UAE / ACCESSWIRE / January 26, 2021 / Future Market Insights: FMI finds that oil and gas seals sales have been growing at 2.1% CAGR between 2016 and 2020. The growth has been driven by factors of heavy investments and oil and gas exploration activities around the globe. Several upstream, midstream and downstream exploration projects have opened opportunities for the market to grow significantly and positively. Therefore, the market is expected to show positive growth on these lines.

Digital transformation is another significant advancement taking place in this market. FMI finds that Industry 4.0 and its rapidly influential technological innovations in robotics, AI, and IoT have been observed to effectively streamline exploration activities and supply chain such as in data analytics, robotic operations of drilling equipment and so on.

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'Leading manufacturers are focused on developing technologically advanced seals specifically for high pressures and high temperatures, as well as rapid gas decompression.' reports FMI

The U.S. market experienced a decline in output levels because of suspending oil & gas exploration projects, anticipated to last until 2022. However, as one of the largest crude oil producers and natural gas providers, the U.S. is expected to be a lucrative market due to development in horizontal drilling and hydraulic fracturing. On the other hand, the U.K. oil and gas seals market is expected to exceed 9% through 2021 in revenue share. FMI accounts this growth to 75% of total primary energy needs.

According to FMI's findings, China is observed as a promising market for oil and gas seals since it is the largest energy producer and consumer globally. Some of the key factors underlying behind the traction of China's oil and gas seals market is in the investigation of drilling techniques to increase productivity and the preference of the population towards petrol and diesel-driven cars.

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Key takeaways from Future Market Insights' Oil and Gas Seals study

• By product type, mechanical seals are highly on-demand due to attributes like reduced daily maintenance, durable pump sleeves or shafts that is corrosion-free, deterring dirt in the extraction machine.
• The durability of dry gas seals is set to expect growth as it has been observed that end-users are more inclined to products that are easy to maintain with lesser operating costs along with decreased emission levels.
• By material type, plastic/polymers are flexible enough and compatible with all applications. Therefore, the demand for this segment is expected to stand at 37% in the market by the end of 2031.
• Germany to experience a moderate penetration in the market due to growing government initiatives promoting green energy such as Renewable Energy Sources Act 2000, the Heat-Power Cogeneration Act 2002 and the Integrated Energy and Climate Programme.
• Russia with the world's largest petroleum industry recuperates from Covid-19 pandemic due to existing and emerging exploration projects in oil and gas reserves and companies.

Oil and Gas Seals market: Prominent Drivers

• The Oil & Gas industry has shown growing demands of equipment that are robust and requires high-performance seals. Therefore the market is expected to surge during the forecast period.
• Although oil and gas provide automation fuel and electricity, petrochemical industries producing pharmaceuticals, cosmetics, plastics and domestic appliances are also key drivers in the market.
• Factors involved in opting for a suitable sealing compound for equipment used in the oilfield service environment is critical for safety, reliability, and minimal downtime is pushing the competition for technological advancements amongst key market players.

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Oil and Gas Seals market: Key Restraints

• Compliance with challenges like extreme temperatures, high pressures, and exposure to aggressive fluids has been the prime concern for oil & gas companies.
• Growing initiatives by governmental bodies and more aggressively by international bodies towards a green environment, promoting the use of reduced gas emissions are affecting the oil and gas market.

Competitive Insights

FMI's report has profiled the below-mentioned players within its reports such as Parker Hannifin Corporation, EnPro Industries, Flowserve Corporation, Dätwyler Holding Inc., Freudenberg Group, John Crane, Trelleborg AB, EagleBurgmann, Sinoseal Holding Co., Ltd., AESSEAL, Hallite Seals, James Walker and NAK Sealing Technologies Corporation which will be available upon request.

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About Future Market Insights

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE: Future Market Insights