Market Introduction
The North America 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. The manufacturers in the region are striving to provide innovative products to their customers, thereby gaining a huge share in the market. For instance, ValveTech is involved in offering high performance static seals that help meet the challenges associated with exceptional leakage at limited cost. Such seals find applications in several cryogenic and other application bases. The presence of a major manufacturer hub, along with the growing demand for high performance seals from multiple industries, is most likely to have a positive impact on the growth of the market in North America. Automotive manufacturers demand new and innovative high-performance material to be used in automotive components. The automotive industry is witnessing monumental transformation across the region owing to rapid urbanization, rise in disposable income, and shift in consumer lifestyle. Further, the positive impact of improvements in manufacturing capabilities in developing economies, and incorporation of advanced technology are among the factors bolstering the demand for passenger and commercial vehicles. The high-performance seals are extensively used in various automotive applications such as air conditioning systems, vehicle batteries, braking systems, electronic control units, fuel systems, and ride control systems. Therefore, the rising sales of vehicles drive the demand for high-performance seals material used in automotive components.
In North America, the US 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 North America countries, such as Mexico and Canada,. 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 North America is expected to grow from US$ 2,177.48 million in 2021 to US$ 2,854.71 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028. Power generation, which generates electricity with the help of fossil fuel or renewable sources, suffers a threat from man-made and environmental contaminants. If these contaminants enter the system, they can damage or distort the functioning of an equipment to maximum capability. Hence, high-performance seals sustain in high-pressure and temperature conditions along with thermal cycling and resistance toward vibration. Hence, their use increases the life span of an equipment. By deploying the high-performance pump seals in the structures, the performance of the equipment was enhanced, which minimized the need for maintenance and problems arising from unplanned pump shutdowns were also eliminated. In coal-fired power plants, the use of seals is growing across several processes and is influenced by factors such as extreme conditions, vibration from pump shaft misalignment, and quality of the pumped fluids. Similarly, in the wind energy sector, the installation of wind turbines has increased across the region. These turbines are often stationed at remote places, from mountaintops to offshore locations. Therefore, the sector generates the need for high operation and maintenance associated with turbines. The use of high-performance seals helps protect against the external environment and safeguards main bearings and gearbox components. Along with this, such seals eliminate the contamination and prevents lubricants escaping into the environment. With the rise in demand for advanced solutions, the need for light, compact, versatile, and high-performance seals has risen.
Key Market Segments
Based on product type, the hydraulic and fluid seals segment accounted for the largest share of the North America high performance seals market in 2020. Based on end-use industry, the chemical segment accounted for the largest share of the North America 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 North America 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 American High Performance Seals; ElringKlinger Kunststofftechnik GmbH; High Performance Seals; James Walker; Mykin Inc.; Performance Seals, Inc.; PXL SEALS; Precision Polymer Engineering Limited and Trelleborg Sealing Solutions.
Reasons to buy report
North America High Performance Seals Market Segmentation
North America High Performance Seals Market -By Product Type
North America High Performance Seals Market -By End-Use Industry
North America High Performance Seals Market – By Country
North America High Performance Seals Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,177.48 Million |
| Market Size by 2028 | US$ 2,854.71 Million |
| CAGR (2021 - 2028) | 3.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America High Performance Seals Market is valued at US$ 2,177.48 Million in 2021, it is projected to reach US$ 2,854.71 Million by 2028.
As per our report North America High Performance Seals Market, the market size is valued at US$ 2,177.48 Million in 2021, projecting it to reach US$ 2,854.71 Million by 2028. This translates to a CAGR of approximately 3.9% during the forecast period.
The North America 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 North America High Performance Seals Market report:
The North America High Performance Seals Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America High Performance Seals Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America High Performance Seals Market value chain can benefit from the information contained in a comprehensive market report.
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