May 20, 2024
Mechanical Pump Seals Market

Mechanical Pump Seals Market will Grow Owing to Increase in Demand from Oil & Gas Industry

The mechanical pump seals market involves seals used between pump casings and shafts to prevent leakage of liquids in a variety of industrial applications. Growing at a CAGR of 5.6%, the global mechanical pump seals market is estimated to be valued at US$ 4075.25 Mn in 2024. The mechanical pump seals provide reliability and durability by sealing rotating shafts that pass through casings of pumps and impellers used in industrial processes. The seals separate pumped fluids from environments outside the pumps and are available in single and double mechanical configurations based on industry requirements. Rising exploration and production (E&P) activities in the oil & gas industry have heightened demand for mechanical pump seals that can function reliably in harsh process conditions involving high pressures and temperatures.

Key Takeaways
Key players: The key players operating in the Global Mechanical Pump Seals Market Share are HiMedia Laboratories, Sartorius AG, Thermo Fisher Scientific, Auckland BioSciences Ltd., Moregate Biotech, Bovogen Biologicals, Merck KGaA, Capricorn Scientific GmbH, Gemini Bio, ROCKY MOUNTAIN BIOLOGICALS, Otto Chemie Pvt. Ltd, CellSera Australia, Serana Europe GmbH, TRINA BIOREACTIVES AG, and WISENT BIOPRODUCTS.HiMedia Laboratories, Sartorius AG, and Thermo Fisher Scientific hold a major market share due to their wide product portfolio and strong geographical presence across major markets.

Growing demand: Rising demand from industries like oil & gas, energy & power, chemical processing is one of the major factors driving the mechanical pump seals market. The increasing oil & gas exploration and production activities are accelerating the demand.

Technological advancements: Advancements in material science and surface engineering are enabling manufacturers to develop mechanical pump seals that can efficiently function in harsh industrial process environments involving high temperatures, pressures, and corrosion. The newer seals have superior leakage resistance and longer lifespans.

Market Trends
Chemical Industry’s Rising Adoption – The shifting focus of chemical companies towards continuous manufacturing processes is driving their uptake of pumps with mechanical seals for high-volume production. This is expected to stimulate the demand.

Customized Solutions Based on Applications – Leading manufacturers are focusing on developing customized mechanical pump seal solutions tailored for specific applications in industries like oil & gas extraction, power plants, manufacturing. This helps gain customer trust.

Market Opportunities
Opportunities in Emerging Economies – Countries like India, China, Brazil offer lucrative opportunities for market players owing to increasing industrial activities and infrastructure development drives.

Aftermarket Services – Provision of long-term aftersales services like maintenance, repair and inventory management presents an opportunity to gain recurring revenue streams. This helps optimize operations for end-users.

Impact of COVID-19 on Mechanical Pump Seals Market Growth

The outbreak of COVID-19 has significantly impacted the growth of the global mechanical pump seals market. The imposition of lockdowns and movement restrictions across many countries led to the closure of manufacturing facilities. This resulted in disruptions across supply chains and shortage of raw materials. Consequently, the demand and production of mechanical pump seals declined sharply during the initial months of the pandemic.

During the pre-COVID period, the mechanical pump seals market was growing steadily supported by increasing demand from several end-use industries like oil & gas, power generation, chemicals, and others. However, with the onset of the pandemic in early 2020, most end-use industries witnessed weakening demand and production cutbacks due to depressed economic activities worldwide. This negatively affected the requirement for mechanical pump seals across various applications. Moreover, supply chain disruptions stemming from lockdowns restricted the smooth supply of key components required for manufacturing pump seals. As a result, it impeded the market growth rate during the period.

Now with the lifting of lockdowns and resumption of manufacturing activities post relaxations by governments, the mechanical pump seals market is witnessing signs of recovery compared to the initial pandemic period. However, uncertainties still remain regarding the lingering effects of COVID-19 on end-use industries’ production levels and investment activities which can restrain the market’s growth trajectory over the short to medium term. Hence, original equipment manufacturers and industrial end-users will need to closely monitor demand trends and pursue flexible market strategies to effectively deal with any future COVID-19 waves and their economic fallouts.

The value concentration of the mechanical pump seals market in terms of geography has traditionally remained highest in North America and Western Europe. Within these developed regions, the high concentration of oil & gas, power generation, and manufacturing industries acts as a major demand driver. However, the Asia Pacific region excluding Japan is emerging as the fastest growing market for mechanical pump seals currently as well as over the forecast period between 2024 to 2030. This is attributed to rising investments towards industrial infrastructure development and manufacturing sector expansion across major APAC economies like China and India. Additionally, increasing power generation capacities based on renewable as well as non-renewable energy sources in developing Asian nations will further stimulate the demand for pump seals in these high growth potential markets. OEMs may target newer product launches and expand manufacturing footprints strategically across high potential APAC countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it