by Mechanical pump seals have crucial applications in sealing centrifugal pumps used for transfer of various liquids in the oil & gas, chemicals, energy & power, mining, pharmaceuticals, food & beverage and other general industries. They prevent leakage of handled fluid from the pump and contamination of the pumped fluid. Rising exploration and production activities in oil and gas industry has driven the demand for centrifugal pumps accompanied with mechanical pump seals to transfer petroleum crude/fluids from one location to another within facilities and pipelines.
The global Mechanical Pump Seals Market is estimated to be valued at US$ 3537.54 Mn in 2023 and is expected to exhibit a CAGR of 4.3%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing usage of mechanical pump seals market in oil and gas industry is one of the major trends driving the market growth. The oil and gas industry has been witnessing increasing investment in exploration and production activities across the globe in order to cater to growing energy demand. Various onshore and offshore drilling and production operations require mechanical seal equipped pumps for efficient transfer of crude and other fluids. As per reports, the global oil and gas industry is estimated to invest over US$ 1 trillion annually towards upstream activities during 2019-2023. This is continually increasing the demand for centrifugal pumps along with mechanical pump seals from the industry. Going further, implementation of stringent regulations regarding prevention of environmental pollution is also promoting adoption of efficient mechanical seals to avoid fluid leakages during industrial transfer.
SWOT Analysis
Strength: Mechanical pump seals offers operational efficiency and lasts longer. They reduce operational downtime and maintenance costs.
Weakness: High initial investment cost involved in replacing existing seals with mechanical seals. Frequent replacements are required in harsh applications.
Opportunity: Increasing oil & gas production and rising energy demand drives the demand for mechanical seals in pumps. Growing infrastructure development globally creates opportunities.
Threats: Fluctuating raw material prices increases the production costs. Growing adoption of electric submersible pumps pose threats.
Key Takeaways
The Global Mechanical Pump Seals Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3537.54 Mn in 2023 with a CAGR of 4.3%during the forecast period.
Regional analysis comprises- North America dominates the global market currently due to growing oil & gas industry and increasing shale gas production. Asia Pacific is expected to witness fastest growth owing to rising industrialization and infrastructure development activities in countries like China and India.
Key players operating in the mechanical pump seals are Boehringer Ingelheim, Zoetis, MSD Animal Health , Elanco Animal Health, Virbac, Bayer Animal Health, Vetoquinol, Huvepharma, IDT Biologika, Merial , Heska Corporation, Dechra Pharmaceuticals, Phibro Animal Health, Neogen Corporation. Key players are focusing on new product launches catering to application specific requirements to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
