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2022
Oil & Gas Processing Seals Market

Oil & Gas Processing Seals Market by Type (Single Processing Seals and Double Processing Seals), Material (Seal Face Material, Metal, and Elastomer): Global Opportunity Analysis and Industry Forecast, 2021-2030

A16099
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Jul 2022 | 93 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Seal for oil & gas processing plays an important part in packaging. Oil & gas leaks can cause serious damage to the product, so it is necessary to protect it from such disasters. Even in the most severe situations and temperatures, oil & gas processing seals can help prevent leaks. Electrical appliances, such as mixers, require this sort of protective wrapping to prevent damage. These seals protect the items from wear and tear, extending their life and maintaining their quality. These processing seals are commonly employed in downstream flow and upstream flow applications. At oil refineries and petrochemical facilities, downstream activities include crude oil refining and natural gas processing and purification. It aids in the marketing and distribution of petroleum products.

Market Scope and Structure Analysis
Description

Oil & gas processing seals are segmented into single seals and double seals. Double seals capable of handling high pressures  and high temperatures are widely used to keep dangerous objects away from the environment, prevent the outflow of expensive fluids, and provide an alternative if the process fluid is not a reliable and stable lubricant. Furthermore, double seals help extend the life of the seal by preventing the sealing surface from coming into contact with the fluid film. During the forecast period, this is likely to fuel demand for double seals in the oil & gas industry.

Report Metric

Details

  Market Size Available for Years

 2020-2030

  Base Year Considered

  2021

  Forecast Period

  2021-2030

  Forecast Unit

  Value (USD)

  Segments Covered

  Type, Material, and Region

 Companies Covered

Freudenberg Group, John Crane, Flowserve Corporation, Parker Hannifin Corp, Solenis, DuPont, Precision Polymer Engineering, M. Barnwell Services Limited, and Techno AD Ltd.

 

COVID-19 Impact analysis

  • The COVID-19 pandemic has ceased the production of various products in the oil & gas processing seals industry, which is attributed to the global lockdown. This has hampered the growth of oil & gas processing seals market from the last few months and is likely to continue through 2022.
  • COVID-19 has already affected the sales of oil & gas processing seals in the first quarter of 2021 and is anticipated to have a negative impact on the market growth throughout the year.
  • The major demand for oil & gas processing seals was previously noticed from giant manufacturing countries, such as North America, Europe, Asia-Pacific, and South America, which are negatively affected by the spread of the coronavirus, thereby declining the demand for yarders.
  • Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Oil & gas processing seals manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain during the COVID-19 health crisis.
  • Oil & gas processing seals manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, and ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce. 

Top Impacting Factors

Expansion of the oil & gas industry is supporting rise in the manufacture of appliances that operate on gas or oil. The transition to industrialized shale gas extraction is expected to increase the need for oil & gas packaging and help the industry prosper. The oil & gas packaging industry is anticipated to see more opportunities and profits due to their diverse application and extensive use of specialized goods that require sealing. Furthermore, the market is growing due to increase in crude oil output and improved offshore oil production efficiency. Technological advancements and introduction of new packaging techniques is predicted to support the market's expansion. 

Oil & gas processing seals prevent oil & gas leaks and can withstand high temperatures. These seals are used in mixers and pumps to prevent liquids and gases leaks. Furthermore, they have a longer service life and low friction for applications that need intense pressure and a wide temperature range. Such factors are expected to drive the market growth. 

  • In October 2021, Freudenberg Filtration Technologies opened a new production site in Shunde, China. Filters & seals for air purifiers and oil & gas are going to be manufactured at the new development and manufacturing center.
  • In December 2021, John Crane introduced John Crane Sense Turbo, a first-to-market dry gas seal digital diagnostics system for monitoring compressor conditions. John Crane Sense Turbo employs a unique collection of sensors placed directly into the dry gas seal of a compressor to provide continuous and real-time insight into possible faults and ensuring that corrective steps are taken to extend the seal's usable life. It is designed to maximize productivity and revenue while improving reliability, reducing the possibility of failures & unplanned downtime, and increasing the average time between repairs.  
  • In January 2021, FlowServe launched Ampliflow T-Boost seal gas booster. It is an electric powered seal gas booster that continuously supplies clean seal gas when the differential pressure is low to improve operating efficiency.

Key Benefits of the Report

  • This study presents the analytical depiction of the oil & gas processing seals industry along with the current trends and future estimations to determine the future investment pockets.
  • The report presents information related to key drivers, restraints, opportunities, and the oil & gas processing seals market share.
  • A quantitative analysis to highlight the oil & gas processing seals growth scenario from 2020 to 2030.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
  • The report provides a detailed oil & gas processing seals analysis based on competitive intensity and how the competition will take shape in coming years.

Key Market Segments

Segments Sub-segments
Type
  • Single Processing Seals
  • Double Processing Seals
Material
  • Seal Face Material
  • Metal
  • Elastomer
Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 
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