Global Mechanical Seals Market Forecasts a CAGR of Over 3.5% from 2024 to 2029

A new industry research report from Mordor Intelligence projects the global mechanical seals market to achieve a compound annual growth rate (CAGR) of more than 3.5% during the forecast period from 2024 to 2029. This growth is primarily driven by increased demand from the oil and gas industry and a rise in power generation needs.

The report notes that despite the impact of the COVID-19 pandemic on most industries worldwide, including the mechanical seals sector, the market began to stabilize and grow steadily in 2022. Mechanical seals are typically used to prevent leakage of high-pressure fluids into lower-pressure fluids at the point of entry or exit of a rotating shaft. The market is segmented by seal type (pump seals, compressor seals, and mixer seals), end-user industry (power, oil and gas, and other industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa).

The Asia-Pacific region, driven by strong demand from countries like China, Japan, and South Korea, holds the largest market share and is expected to maintain its leadership in the coming years. The Chinese government's efforts to reduce reliance on gas imports by boosting domestic projects, such as shale gas fields, are expected to create opportunities for the mechanical seals market. Additionally, China's plan to build at least 150 new nuclear reactors in the next 15 years, with an investment of $440 billion, will further drive market demand.

India's chemical industry is also expected to experience robust growth, fueled by increasing demand for polymers, specialty chemicals, and agrochemicals. Japan's plans to construct 22 new coal-fired power plants by 2025 are set to enhance the demand for mechanical seals.

The report highlights the power industry as the fastest-growing end-user industry and the dominant position of the Asia-Pacific region in the market. It also mentions key market players, including Flowserve Corporation, SKF, John Crane, Eagle Industry Co., Ltd., and Garlock.

Mordor Intelligence's report provides an in-depth analysis for participants in the mechanical seals market, including market dynamics, competitive landscape, major players, recent developments, and market opportunities and future trends. The report offers detailed data on market size and forecasts, providing valuable insights for industry decision-makers.