Oil & Gas Seals Market Size to experience an impressive growth of 4.2%
February 10, 2020
The global oil & gas seals market is projected to offer healthy growth opportunities in the entire ecosystem of the market. The market is estimated to grow at a healthy rate over the next five years to reach US$ 1,801.5 million in 2025. Increasing oil & gas demand, recovering crude oil prices, increasing well-drilling activities, careen recovery in worldwide rig counts, and advancements in sealing products to meet challenging environments are some key factors that drive the demand for seals in the oil & gas industry.
The market is gradually consolidating as the major companies are performing mergers & acquisitions to quickly gain the leading position in the market. For instance; on Feb 2019, Saint-Gobain S.A. strengthened its high-performance solution portfolio by acquiring American Seal and Engineering Co., Inc, latter supplies seals for various industries including oil & gas.
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Oil & Gas Seals Market Insights:
By Product Type:
Based on the product type, the market is segmented as O-rings, U-cup seals, back-up rings, spring energized seals, and others. O-ring is expected to remain the largest segment of the market during the forecast period. O-rings are the most popular seal type and are preferred in many applications. These seals are simple to install and require less installation space.
By Application Type:
Based on the application type, the market is segmented as drilling, completion, production, and distribution & refinery. Production is expected to remain the largest segment of the oil & gas seals market during the forecast period, propelled by usage of seals in various application areas such as, blow-out preventers (BOPs), connector seals, downhole and intervention tools, flow control equipment (ball valves and associated devices), FPSO swivels, gas lifts, and offshore topside hydraulics. All other application types are also estimated to generate sizeable growth opportunities in the coming five years.
By Region:
In terms of regions, North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. The USA is likely to remain the largest market in North America as well as the global marketplace, whereas China is set to remain the fastest-growing market worldwide in years to come.
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