Report : Asia Pacific High Performance Seals Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Hydraulic and Fluid Seals, Rotary Shaft Seals, Spring Seals, Oilfield Seals, Pump Seals, and Others) and End-Use Industry (Oil and Gas, Chemical, Power Generation, Aerospace and Defense, Pharmaceutical, Automotive, Food and Beverage, and Others)
Hydraulic and Fluid Seals Segment to Dominate Asia Pacific High Performance Seals Market during 2021-2028
According to a new market research study on “Asia Pacific High Performance Seals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, End-Use Industry and Country,” is expected to reach US$ 4,906.06 million by 2028 from US$ 3,655.82 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific high performance seals market along with the drivers and restraints pertaining to the market growth. Heightening demand for high-performance seals from automotive industry and benefits associated with high-performance seals are major factors driving the growth of the Asia Pacific high performance seals market. However, presence of substitutes together with high cost associated with high-performance seals hinder the growth of Asia Pacific high performance seals market.
In Asia Pacific, India reported a huge number of COVID-19 cases, which led to the discontinuation of high performance seals manufacturing activities. The downfall of other chemicals and materials manufacturing sectors had negatively impacted the demand for high performance seals during the early months of 2020. However, the economies are planning to revive their operations. This has led to the reopening of the high performance seals manufacturing projects. A similar trend was witnessed in many Asia Pacific countries, such as Japan, China, and Australia. With the economic activities regaining their pace, the high performance seals market in the region is expected to recover from the loss of 2020.
The market for Asia Pacific high performance seals market is segmented into product type, end-use industry and country. Based on product type, the market is segmented into hydraulic and fluid seals, rotary shaft seals, spring seals, oilfield seals, pump seals, and others. The hydraulic seals segment is further sub-segmented into rod seals, piston seals, wiper seals, buffer seals and others. In 2020, the hydraulic and fluid seals segment held the largest share in Asia Pacific high performance seals market. Based on end-use industry, the Asia Pacific high performance seals market is divided into oil and gas, chemical, power generation, aerospace and defense, pharmaceutical, automotive, food and beverage, and others. The oil and gas segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific high performance seals market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific high performance seals market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific high performance seals market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for high performance seals.
ElringKlinger Kunststofftechnik GmbH; James Walker; PXL SEALS; Precision Polymer Engineering Limited and Trelleborg Sealing Solutions are some of the leading companies in the Asia Pacific high performance seals market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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