Increasing demand for mechanical pump seals from end-use industries like oil and gas, chemical, food, and beverage, and pharmaceutical industries may be a major reason in growth of the worldwide mechanical pump seals market. Governments of several countries are taking various initiatives to develop the economic sector in their country.
In oil & gas industry application, safety, and reliability are two major mode phenomena. Therefore, players within the oil & gas industry are adopting innovative mechanical seal solutions like elastomer seals, O-ring seals, and bellow seal, to support highly regulated and mission critical business operations.
Furthermore, leakages from the oil & gas industry are expensive, therefore the utilization of mechanical seals are mandatory in these industries, which helps the worldwide mechanical seals market to grow.
As an example, government of India launched a policy referred to as ‘Pharma Vision 2020’, which aims to draw in the pharmaceutical industry in India and become a worldwide leader in end-to-end drug manufacturing which can also help the market to grow.
As per Coherent Market Insights, global mechanical pump seals market is predicted to extend at a rapid pace over the forecast period.
Key Market Drivers
- Various government agencies are that specialize in stringent norms and guidelines to scale back leakage and emission in rotating equipment from various end-use industries including oil and gas, chemical, food, and beverage, and pharmaceutical industries, which can help the mechanical pump seals market to grow. As an example, Environmental Protection Agency (EPA) has suggests the Leak Detection and Repair (LDAR) regulations to regulate the leakage of harmful gases and fluid.
- Significant increase in demand from end-use industries for mechanical pump seals with superior sealing ability so as to stop leakages from pumps is one among the main factors, which is predicted to spice up growth of the worldwide Mechanical Pump Seals Market.
- The market growth for mechanical pump seals is majorly attributed to growing environmental concern among the people to guard the environment from leakage of oil and gasses.
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Key Market Restraints
Use of alternate packaging materials like glad packaging, which is usually utilized in water treatment plants, is one among the main restraining factors for growth of the worldwide mechanical pump seals market.
Among design type, cartridge seals segment is predicted to be the fastest growing segment during the forecasted period, as conventional mechanical seals are expected to get replaced by cartridge seals within the near future.
This is often thanks to various advantages of cartridge seals like ease in installation process and reduction within the number of errors over conventional mechanical seals.
Therefore, various end-use industries are preferring cartridge mechanical seals over other mechanical seals.
Major players operating within the Mechanical Pump Seals Market include John Crane, Eagleburgmann, Flowserve Corporation, AESSEAL Plc, Meccanotecnica Umbra Spa, Vulcan Engineering Limited, Garlock, Sichuan Sunny Seal Co. Ltd, Sulzer Ltd, James Walker, et al..