Report : Asia Pacific Hydraulic Seals Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Wiper Seals, Piston Seals, Rod Seals, Buffer Seals, and Others); End-User Industry (Automotive, Aerospace, Agriculture, Chemical, Marine, and Others)
According to the latest study on “Asia Pacific Hydraulic Seals Market Forecast to 2027 – Covid-19 Impact and Analysis – By Product (Wiper Seals, Piston Seals, Rod Seals, Buffer Seals, and Others); End-User Industry (Automotive, Aerospace, Agriculture, Chemical, Marine, and Others); and Country,” the Asia Pacific hydraulic seals market was valued at US$ 1,576.70 million in 2019 and is projected to reach US$ 2,273.66 million by 2027; it is expected to grow at a CAGR of 4.7 % during 2020-2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.
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). Hydraulic cylinders are highly utilized by various end-user industries such as automotive, agriculture, construction, aerospace, oil & gas, and many others. Hydraulic seals play a pivotal role in hydraulic cylinders. In order to contain the pressurized fluids in a hydraulic cylinder system and keep it in motion, high-performance seals are required. Thus, the hydraulic seals market grows in accordance with the increasing demand for hydraulic cylinders. Uninterrupted demand in industries where hydraulic systems play a crucial role is a significant factor in boosting hydraulic cylinder adoption. Irreplaceability of hydraulic systems in aviation, manufacturing, construction equipment, and infrastructure helps 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 coupled with 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 is further augmenting the demand for hydraulic cylinders. Furthermore, the expansion of the oil and gas industry is also stimulating the adoption of hydraulic cylinders. the extensive utilization of hydraulic cylinders across various end-user industries coupled with the technological advancements in the hydraulic industry is catalyzing the development of the hydraulic seals market.
Emerging economies are now investing heavily in infrastructure development in order to solve problems such as population explosion, traffic congestion, and aging transportation infrastructure. Developed countries focus on enhancing their current infrastructure by investing in technologies such as earthquake-proof buildings, hyperloop, and others. These factors are propelling the sales of construction machinery, which subsequently boosts the hydraulic seals market growth. The lack of basic infrastructure facilities such as roads for transportation, information and communication, and electric power is forcing the governments of developing economies to invest in infrastructure activities. This expanding scope of development in the Asia Pacific infrastructure industry promotes several businesses to introduce advanced solutions and equipment. This is anticipated to stimulate the demand for hydraulic cylinders and hydraulic seals. According to the Asia Pacific Construction Perspective (GCP) and Oxford Economics research, the construction industry is estimated to reach a value of USD 15.5 trillion by 2030. The majority of the growth is anticipated to be witnessed in countries such as China, India, and the U.S. In addition to this, the technological developments in the core construction and infrastructure industry are further projected to advance the hydraulic seals trend further.
The APAC hydraulic seals market is growing at a tremendous rate over the years, and it is likely to continue to grow at a same rate during the forecast period. Australia, China, India, Japan, South Korea, and rest of APAC the key contributors to the hydraulic seals market in this region. The increasing industrialization and urbanization lead to the dominancy of the region in the hydraulic seals market. Attributed to the APAC region's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the industrial sector, including aerospace, automotive, marine, agricultural, and others, has influenced hydraulic seals systems' demand. Currently, the oil and gas industry is expanding in the APAC region. According to the IOGP’s Asia Pacific Production Report 2019, oil and gas demand is at the peak in Asia Pacific countries. Similarly, the equipment to be used in the sector is also in high demand. The equipment should have excellent seals that will prevent oil from leaking. Hydraulic seals are critical in preventing leakage of gas in a cylinder. The linear motion of oil through a hydraulic cylinder also depends on these seals to generate the required pressure.
Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the chemicals & materials industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. India witnessed the highest number of day cases in Asia Pacific. The government of various countries in the Asia Pacific has taken necessary steps to reduce its effects by announcing lockdowns, and thus, impacting the growth of the hydraulic seals market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the coronavirus (COVID-19) outbreak would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Till now, India has the highest number of COVID -19 confirmed cases.
The Asia Pacific hydraulic seals market is concentrated with several well-established players. A few of the key players in this market include A.W. Chesterton Company, Freudenberg Sealing Technologies, James Walker, Kastas Sealing Technologies, Parker Hannifin Corp, SealTeam Australia, SKF, and Trelleborg Group.
The report includes the segmentation of Asia Pacific hydraulic seals market as follows:By Product Type
- Wiper Seals
- Piston Seals
- Rod Seals
- Buffer Seals
- South Korea
- Rest of APAC
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