DUBLIN--(BUSINESS WIRE)--The "Hydraulic Seals Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product and End-User Industry" report has been added to ResearchAndMarkets.com's offering.
According to this report the global hydraulic seals market was valued at US$ 3,950.09 million in 2019 and is projected to reach US$ 5,770.71 million by 2027; it is expected to grow at a CAGR of 4.9% from 2020 to 2027.
Hydraulic seals are utilized in hydraulic cylinders to seal openings between several components in a hydraulic cylinder. Seals are either machined or molded, and are carefully designed using sophisticated simulation software. Hydraulic seals are made of a variety of materials such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). It offers high resistance from fluid, heat, and wear & tear. The major tasks of hydraulic seals are to retain hydraulic fluids, maintain rod and pistons alignment (to exclude solid or liquid contaminations), and maintain the hydraulic pressure.
Hydraulic cylinders are highly utilized by various end-use industries such as automotive, agriculture, construction, aerospace, and oil & gas. Hydraulic seals play a pivotal role in hydraulic cylinders. High-performance seals are required to contain the pressurized fluids in a hydraulic cylinder system and keep it in motion. Continuous demand in industries where hydraulic systems play a crucial role is boosting the adoption of hydraulic cylinders, which, in turn, drives the growth of the hydraulic seals market. Irreplaceability of hydraulic systems in aviation, manufacturing, construction equipment, and infrastructure also bolsters the growth of the hydraulic seals market.
The incorporation of machinery with hydraulic cylinders encourages growth in functionality, accuracy, and offers enhancements in controlled performance and ease-of-use. Increasing demand for material handling equipment and rising construction activities for contributing to economic development is amplifying the utilization of hydraulic cylinders. Growing demand for sophisticated agriculture machinery combined with escalating population size and rising the oil & gas industry are further augmenting the demand for hydraulic cylinders. Hydraulic cylinders are the highly preferred actuators for oil and gas applications owing to key characteristics of high power-to-size ratio, durability in harsh environments, and constantly held force and torque.
For instance, the small and compact form of hydraulic cylinders helps effectively utilize powerful, lightweight, and heavy-duty equipment to conduct narrow hole drilling and efficient pipe handling. Besides, the double-acting function-based hydraulic cylinders are widely used for heavy trucks, forklifts, and earth moving equipment. Thus, the extensive utilization of hydraulic cylinders across various end-use industries coupled with the technological advancements in the hydraulic industry is driving the growth of the hydraulic seals market.
Impact of COVID-19 Pandemic on Hydraulic Seals Market
The COVID-19 pandemic was first reported in Wuhan (China) in December 2019. As of January 2021, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst-affected countries in terms of the COVID-19 confirmed cases and reported deaths. The outbreak is adversely affecting economies and industries in various countries owing to lockdowns, travel bans, and business shutdowns. Overall market breakdown, due to shutdown of factories and disruptions in supply chain, and downturn in world economy are hindering the growth of the hydraulic seals market.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global Hydraulic Seals market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Rising Adoption of Hydraulic Cylinders Across Various End-User Industries
- Advantages Offered by Hydraulic Seals
Restraints
- Adoption of Adhesives and Sealants Instead of Hydraulic Seals
Opportunities
- Tremendous Increase in the Construction and Infrastructural Activities
Future Trends
- Innovations in Hydraulic Seals Industry
Companies Mentioned
- AccroSeal
- A.W. Chesterton Company
- All Seals Inc.
- Freudenberg Sealing Technologies
- James Walker
- Kastas Sealing Technologies
- Parker Hannifin Corp
- SealTeam Australia
- SKF
- Trelleborg Group
For more information about this report visit https://www.researchandmarkets.com/r/68d7c
