Global Oil & Gas Processing Seals Market was Valued at US$ XX Mn in 2018, Increasing Crude Oil Production
Analyst Speak:
“The Global Oil & Gas Processing Seals Market was valued around US$ XX Mn by 2018 and growing at a significant CAGR over next seven years 2019-2025 due to increasing crude oil production”
The global Oil & Gas Processing Seals market accounted for US$ XX Mn in 2018 and burgeoning over the forthcoming years. Some of the key factors influencing the market growth include increasing demand for oil & gas processing seals in various industrial applications, increased efficiency in offshore oil recovery and increasing crude oil production. However, factors such as low oil & gas prices and specific requirements from end-use industries are hindering the market growth.
Global Oil & Gas Processing Seals market segmented on the basis of material, type, application and region.
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Metal Based Materials Dominate the Global Oil & Gas Processing Seals Market
Based on the Material, global Oil & Gas Processing Seals market segmented into Seal Face Material, Metal,
Elastomer and Others. Metal-based oil & gas processing seals are used for high-temperature applications. Metal-based seals eliminate permeation problems and can handle an extremely wide range of temperatures and pressures. These are used in extreme environmental conditions to provide protection against corrosion, cryogenic conditions, chemical resistance, and radiation. The above-mentioned factors will drive the market during the forecast period.
Asia Pacific Leads the Global Oil & Gas Processing Seals market
PBI’s global Oil & Gas Processing Seals market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis. Asia Pacific accounted for larger revenue share in global Oil & Gas Processing Seals market with considerable CAGR. Growing demand from oil & gas and chemicals & petrochemicals industry in the Asia-Pacific and in emerging economies is likely to boost the oil & gas processing seals market.
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Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players
Global Oil & Gas Processing Seals market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For Instance, In December 2015, Dupont launched Kalrez Spectrum 6380 perfluoroelastomer seal that offers high resistance to oxidizers and amines in gas sweetening process in the oil & gas industry. The company aims to protect metal equipment for corrosion and wear & tear and increase the reliability.
Key player’s profiles in the report are Trelleborg AB (Sweden), Techno AD Ltd. (Israel), Solenis (US), Saint-Gobain (France), Precision Polymer Engineering (UK), Parker Hannifin Corp (US), M. Barnwell Services Limited (UK), John Crane (US), Freudenberg Group (Germany), Flowserve Corporation (US) and DuPont (US).
Precision Business Insights (PBI) in its report titled “Global Oil & Gas Processing Seals Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Moreover, the report also includes the total revenue and volume for the market.
Detailed Segmentation
By Material
o Seal Face Material
o Metal
o Elastomer
o Others
By Type
o Double Seal
o Single Seal
By Application
o Downstream
o Midstream
o Upstream
Geography
o North America
• U.S
• Canada
o Europe
• Germany
• France
• U.K
• Italy
• Spain
• Russia
• Poland
• Rest of Europe
o Asia-Pacific
• Japan
• China
• India
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Brazil
• Mexico
• Argentina
• Venezuela
• Rest of Latin America
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• Israel
• South Africa
• Rest of MEA
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