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.