LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cartridge seals market to grow at a CAGR of over 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global cartridge seals market for 2017-2021. The market size has been calculated based on the demand for cartridge seals from various end-user industries. The average price of different types of cartridge seals has been taken into consideration for estimating the market revenue.
The oil and gas industry is one of the major end-users of cartridge seals, especially in the Middle East, Africa, the Americas, and China. This demand has significantly contributed to the growth of the global cartridge seals market in 2016. The market is expected to grow gradually over the forecast period as a result of the constant demand for aftermarket cartridge seals.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global cartridge seals market:
Rising demand from oil and gas industry in the Middle East and China
Expansion in the global oil and gas market, along with the recent growth in the oil and gas industry worldwide, has led to a hike in the demand for cartridge seals. These cartridge seals now use advanced solutions for sealing rotating shafts in any rotating equipment used in the oil and gas industry. Pumps, expansion joints, agitators, and other rotating equipment are widely used in the oil and gas industry. Cartridge seals protect equipment from external contaminations and influence.
Anju Ajaykumar, a lead tools and components research analyst at Technavio, says, “Most of the infrastructure in this industry has become old and needs renovation for efficient operation. This scenario for the renovation of infrastructure is more visible in the Middle East, which currently dominates in terms of oil and gas reserves.”
Growing demand for high-quality mechanical seals
Advanced high-quality mechanical seals are gaining importance as they have a precision range, and are reliable and durable for centrifugal, high-pressure, dosing, injection, boiler, and effluent pumps; compressors; agitators; mixers; reactors; dyeing machines; and all other equipment having rotating shafts. The quality of mechanical seals, especially cartridge seals, has improved with innovations and advances in technology.
“Traditional mechanical seals were mainly manufactured from asbestos or graphite; therefore, these seals were prone to blowouts and fire mishaps. These seals were toxic in nature and caused health concerns as well,” adds Anju.
High demand in water and wastewater industry
Wastewater treatment plants are gradually gaining importance as a significant end-user industry for cartridge seals, apart from the oil and gas and manufacturing sectors. These sectors require mechanical seals for sealing agitators and pumps. Therefore, an increase in the number of such plants is expected to fuel the demand for cartridge seals globally.
Water is a critical element for the manufacturing industries, such as food and beverages, pharmaceutical, and pulp and paper. Therefore, growth in the manufacturing sector will likely have a significant impact on the global water demand as well. In addition, growing production activities in these manufacturing industries will require adherence to stringent environmental regulations and water conservation norms.
Top vendors:
- AESSEAL
- Chesterton
- EagleBurgmann
- Flowserve
- John Crane
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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