by Mechanical pump seals are sealing devices installed at the shaft penetrations of pumps which help minimize leakage of pumped fluids from the pump. They are essential components in various industrial processes such as oil & gas production and refining, chemical and petrochemical processing, power generation, mining, pharmaceuticals, food & beverage and general industrial manufacturing. The continuous requirement of treated water in these industries has fueled the demand for pumps, as they help transfer fluids from one point to another. Simultaneously, the proliferation of the global water and wastewater treatment industry has accelerated the installation of new treatment plants and upgrading of existing facilities. This in turn has augmented the procurement of centrifugal pumps installed with mechanical seals for applications like water transfer, sludge handling etc.
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:
One of the key trends witnessed in the market is the growing preference for advanced seal face materials like carbon, ceramics and advanced engineering plastics to withstand the sealing challenges posed by corrosive, abrasive and high-temperature applications. These high-performance materials aid in extending seal life, reducing maintenance downtime and leakage. Ceramic and carbon face mechanical seals have especially emerged as viable replacements for conventional rubber and metal seals used in critical process pumps. With the demand for efficiency enhancements and operational cost reductions, mechanical seal manufacturers are investing heavily in R&D to develop next-gen seals with advanced material formulations catering to the dynamic industry-specific requirements. This evolving product landscape will significantly influence the mechanical pump seals market dynamics over the forecast period.
Porter’s Analysis
Threat of new entrants: The mechanical pump seals market requires significant investments in R&D and manufacturing facilities. Established players have significant economies of scale and brand recognition which pose significant entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established manufacturers. However, switching costs are relatively low.
Bargaining power of suppliers: Component suppliers have low to moderate bargaining power due to availability of substitute materials and components from other suppliers.
Threat of new substitutes: Threat of substitution is low as mechanical pump seals have well established application across industries however magnetic drive pumps can be considered as substitutes.
Competitive rivalry: The global mechanical pump seals market is moderately competitive due to presence of few major players.
Key Takeaways
The Global Mechanical Pump Seals Market Demand is expected to witness high growth. 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.
The Asia Pacific region dominated the global market in 2022 and is expected to witness the highest growth during the forecast period owing to rapid industrialization and growth of end use industries such as oil & gas, chemical processing and mining in major economies such as China and India.
Key players: Key players operating in the mechanical pump seals market 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. Boehringer Ingelheim and Zoetis captured over 30% of global market share in 2022.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
