Market Introduction
The Europe high performance seals market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. According to the European Commission, the EU is among the biggest producers of motor vehicles across the world, and the sector represents the largest private investor in R&D. To enhance the competitiveness of the European automotive industry, the European Commission supports Europe technological harmonization and provides funding for R&D. The European automotive industry is considered the most technically advanced and innovative industry across the world. Owing to economic crises and political pressures, the reduction of fuel consumption and carbon dioxide emission has become a major agenda for automobile manufacturers. Reducing the weight of automobiles through better design and construction is considered the most favorable solution. As per the European Automobile Manufacturers Association, 18.5 million cars, trucks, vans, and buses are manufactured per year across the region. Automobile manufacturers operate approximately 226 vehicle assembly and production plants in the European Union. Also, The European high performance seals market is dominated by the presence of several manufacturers of high performance seals, such as AFT Fluorotec and Definox. The companies in the region are continuously looking forward to expanding and increasing their presence in the market by implementing various growth strategies.
In Europe, Russia 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 Europe countries, such as France, the UK, Spain, Italy, and Germany. With the economic activities regaining their pace, the high performance seals market in the region is expected to recover from the loss of 2020.
Market Overview and Dynamics
The high performance seals market in Europe is expected to grow from US$ 1,506.61 million in 2021 to US$ 1,919.89 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028. High-performance seal materials have gained prominence as they are used against high-pressure gases and liquid chemicals to withstand mechanical deformation. With the expanding demand for effective sealing solutions, manufacturers are investing in the development of advanced products by emphasizing on research activities. For instance, the development of high-performance seals helps to utilize the combinations of a perfluoroelastomer (FFKM) to sustain temperature and chemical resistance and other improved sealing performance is one of the remarkable achievements in the high-performance seals market. To meet the needs of end-use industries, several manufacturers have come up with innovative and advanced product offerings. For instance, in November 2020, Freudenberg Sealing Technologies developed a series of high-performance seals for butterfly valves in collaboration with Definox. The France-based company, Definox, which is involved in the production of valves and stainless-steel equipment for the process industry, generated a need for advanced sealing solution to develop a new series of high-performance butterfly valves. Hence, Definox and Freudenberg Sealing Technologies integrated their expertise and materials to develop the 70 EPDM 291 O-rings to ensure that process plants could comply with hygiene requirements, industry-specific approvals, and resistance to CIP/SIP media. Such seals are extensively deployed in high-end applications of various sectors such as food & beverage, cosmetics, pharmaceutical, and animal feed. Thus, significant investments in new product innovations is expected to generate the demand for high-performance seals in diverse application base during the forecast period.
Key Market Segments
Based on product type, the hydraulic and fluid seals segment accounted for the largest share of the Europe high performance seals market in 2020. Based on end-use industry, the chemical segment accounted for the largest share of the Europe high performance seals market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Europe high performance seals market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include AFT Fluorotec; ElringKlinger Kunststofftechnik GmbH; James Walker; PXL SEALS; Precision Polymer Engineering Limited and Trelleborg Sealing Solutions.
Reasons to buy report
Europe High Performance Seals Market Segmentation
Europe High Performance Seals Market -By Product Type
Europe High Performance Seals Market -By End-Use Industry
Europe High Performance Seals Market – By Country
Europe High Performance Seals Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,506.61 Million |
| Market Size by 2028 | US$ 1,919.89 Million |
| CAGR (2021 - 2028) | 3.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe High Performance Seals Market is valued at US$ 1,506.61 Million in 2021, it is projected to reach US$ 1,919.89 Million by 2028.
As per our report Europe High Performance Seals Market, the market size is valued at US$ 1,506.61 Million in 2021, projecting it to reach US$ 1,919.89 Million by 2028. This translates to a CAGR of approximately 3.5% during the forecast period.
The Europe High Performance Seals Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe High Performance Seals Market report:
The Europe High Performance Seals Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe High Performance Seals Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe High Performance Seals Market value chain can benefit from the information contained in a comprehensive market report.
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