Feb 15, 2019 SOURCE: BusinessWire

$6.4 Billion Oil & Gas Processing Seals Market - Global Forecast to 2023 by Material, Type, Application, and Region with Player Profiles - ResearchAndMarkets.com

The "Oil & Gas Processing Seals Market by Type (Single, Double), Material (Metal, Elastomer, Face Material), Application, and Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global oil & gas processing seals market is estimated to be USD 5.7 billion in 2018 and is projected to reach USD 6.4 billion by 2023, at a CAGR of 2.5% between 2018 and 2023.

The increasing demand for oil & gas processing seals in various industrial applications is projected to drive the demand for these seals. The growing demand from the oil & gas and chemicals & petrochemicals industries in Asia Pacific is likely to boost the oil & gas processing seals market during the forecast period. However, gland packaging and seal-less pumps is a major restraining factor for the oil & gas processing seals manufacturers.

Double seal is the fastest-growing type segment of the oil & gas processing seals market

The market for double seals is projected to register the highest CAGR during the forecast period. These types of seals are ideal for high pressures and temperatures and are generally used to prevent hazardous product from reaching the surrounding, avoid leakage of expensive fluids, and provide an alternative when the process fluid is not a reliable and stable lubricant.

Furthermore, double seal helps in maximizing the life cycle of a seal, preventing the seals face from getting in contact with fluid films. This, in turn, is expected to drive the demand for double seals in the oil & gas industry during the forecast period.

Elastomer is the fastest-growing material segment of the oil & gas processing seals market

The market for elastomers is projected to register the highest CAGR during the forecast period. These types of material are commonly used in the form of elastomeric O-rings and other rings and secondary seals. These are available in the form of common elastomeric materials such as FKM (Fluoroelastomers), FFKM (Perfluoroelastomers), EPDM (Ethylene propylene diene monomer), and NBR (Nitrile Rubber). This, in turn, is expected to drive the demand for elastomers to manufacture oil & gas processing seals during the forecast period.

Downstream is the largest application segment of the oil & gas processing seals market

Downstream application is estimated to be the fastest-growing application of oil & gas processing seals in 2018, in terms of value and accounted for the largest market share during the forecast period. Downstream includes refining of crude oil and the processing & purifying of natural gas at oil refineries and petrochemical plants; furthermore, it helps in marketing and distribution of petroleum products.

Asia Pacific is projected to be the largest oil & gas processing seals market

The oil & gas processing seals market has been studied for Asia Pacific, North America, Europe, South America, and the Middle East & Africa. The Asia Pacific oil & gas processing seals market is projected to register the highest CAGR during the forecast period, in terms of value.

The Middle East & Africa accounted for the largest market share during the forecast period in terms of value. The downstream application is expected to dominate the oil & gas processing seals market during the forecast period due to the increase in the number of manufacturing facilities and technological advancement in this region. This creates an immense opportunity for the consumption of oil & gas processing seals in the region.

Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Oil & Gas Processing Seals Market
4.2 Oil & Gas Processing Seals Market Growth, By Region
4.3 Oil & Gas Processing Seals Market, By Type and Regions
4.4 Oil & Gas Processing Seals Market, By Application
4.5 Oil & Gas Processing Seals Market, By Type
4.6 Oil & Gas Processing Seals Market: Major Countries

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Efficiency in Oil Production in Offshore
5.2.1.2 Increasing Crude Oil Production
5.2.2 Restraints
5.2.2.1 Gland Packaging and Seal- Less Pumps
5.2.3 Opportunity
5.2.3.1 Discovery of New Oilfield
5.2.4 Challenges
5.2.4.1 Specific Requirements From End-Use Industries
5.3 Porter's Five Forces Analysis
5.4 Macroeconomic Overview
5.5 Oil & Gas Wells By Region (2016)
5.6 Crude Oil Throughput By Region (2016) (In 1000 Bpd)

6 Oil & Gas Processing Seals Market, By Material
6.1 Introduction
6.2 Metals
6.3 Elastomer
6.4 Face Materials
6.5 Others

7 Oil & Gas Processing Seals Market, By Type
7.1 Introduction
7.2 Single Seal
7.3 Double Seal

8 Oil & Gas Processing Seals Market, By Application
8.1 Introduction
8.2 Upstream
8.3 Midstream
8.4 Downstream

9 Oil & Gas Processing Seals Market, By Region
9.1 Introduction
9.2 North America
9.3 Middle East & Africa
9.4 APAC
9.5 Europe
9.6 South America

10 Competitive Landscape
10.1 Introduction
10.2 Market Ranking of Key Players
10.3 Competitive Scenario

11 Company Profiles
11.1 Freudenberg Group
11.2 John Crane
11.3 Flowserve Corporation
11.4 Parker Hannifin Corp.
11.5 Saint-Gobain
11.6 Trelleborg AB
11.7 Dupont
11.8 Precision Polymer Engineering
11.9 Techno AD Ltd.
11.10 M.Barnwell Services Limited
11.11 Precision Associates Inc.
11.12 FTL Technology
11.13 Aesseal PLC
11.14 Technetics Group
11.15 Performance Sealing Inc.
11.16 Ceetak Ltd.
11.17 American High Performance Seals