Mechanical Pump Seals Market Is Estimated To Witness High Growth
Market Dynamics:
Rising end user industries is one of the key drivers expected to boost the mechanical pump seals market growth over the forecast period. Continued expansion of chemical, petrochemicals, oil and gas, water and wastewater treatment, food and beverage industries will positively influence mechanical pump seals demand during the forecast period. According to the Coherent Market Insights analysis, the chemical industry is expected to grow at a CAGR of 5.5% from 2023 to 2030. Growth in these industries will in turn increase demand for industrial pumps equipped with mechanical pump seals, thereby driving market growth of mechanical pump seals during the forecast period.
Key Takeaways
The Global Mechanical Pump Seals Market Size is expected to witness high growth over the forecast period. The market was valued at US$ 3537.54 Mn in 2023 and is projected to reach US$ 6051.45 Mn by 2030, registering a CAGR of 4.3%.
Regional analysis: Asia Pacific dominates the market currently owing to large pump manufacturing industry and growth in process industries in China, India and Southeast Asian countries. Rapid infrastructural development and rising number of water treatment facilities is fueling demand. North America is another major regional market driven by mature industrial sector and focus on wastewater management in the United States.
Key players: Key players operating in the Mechanical Pump Seals market include John Crane, Eagleburgmann, AESSEAL, Meccanotecnica Umbra, Flowserve, Ekato, Sulzer, Flex-A-Seal, Chesterton, Garlock Sealing Technologies. John Crane is the global market leader with wide product portfolio and extensive distribution network. AESSEAL focuses on customized engineered seals for critical applications in sectors such as oil and gas.
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