CHICAGO, Feb. 11, 2019 /PRNewswire/ -- According to the new research report "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", published by MarketsandMarkets™, the Oil & Gas Processing Seals Market is projected to grow from USD 5.7 billion in 2018 to USD 6.4 billion by 2023, at a CAGR of 2.5% during the forecast period. The growth of the Oil & Gas Processing Seals Market can be attributed to their increasing use in the midstream and downstream applications.
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In terms of value, the single seals segment is projected to account for the larger share during the forecast period.
Based on type, the Oil & Gas Processing Seals Market has been segmented into single and double seals. In terms of value, the single seal is projected to be the larger segment during the forecast period. The growth of this segment is mainly attributed to its cost savings characteristics; furthermore, single seals tend to release vapor from high-pressure side to low-pressure side and are generally used where pumped product poses little or no hazard to the environment. The above-mentioned factors will drive the market during the forecast period.
Downstream application is estimated to account for the largest share of the Oil & Gas Processing Seals Market in 2018, in terms of value.
Downstream is estimated to be the fastest-growing application of oil & gas processing seals in 2018, in terms of value and is projected to account 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 the marketing and distribution of petroleum products.
The metal segment is estimated to account for the largest share of the Oil & Gas Processing Seals Market in 2018, in terms of value.
Metal is estimated to account for the largest share in the global Oil & Gas Processing Seals Market in 2018, in terms of value. The metal construction eliminates permeation problems and can handle an extremely wide range of temperatures and pressures. These are used in extreme environmental conditions to provide protection against corrosion, cryogenic conditions, chemical resistance, and radiation. The above-mentioned factors will drive the market during the forecast period.
APAC Oil & Gas Processing Seals Market is projected to witness the highest CAGR during the forecast period, in terms of value.
The Oil & Gas Processing Seals Market has been studied for APAC, North America, Europe, South America, and the Middle East & Africa. The APAC 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 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.
Freudenberg Group (Germany), John Crane (US), Flowserve Corporation (US), Parker Hannifin Corp (US), Solenis (US), Saint-Gobain (France), Trelleborg AB (Sweden), DuPont (US), Precision Polymer Engineering (UK), M. Barnwell Services Limited (UK), and Techno AD Ltd (Israel) are the key players operating in the Oil & Gas Processing Seals Market.
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