Global Rotary Seals Market Growth – APAC Exhibits Strong Growth Potential | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
rotary seals market is expected to grow at a CAGR of more than 6%
from 2017-2021, according to a new market research report by Technavio.

Global rotary seals market segmentation by end-user and geography

Technavio’s report on the global rotary seals market analyses the
business dimensions and presents a comprehensive breakdown in terms of
market segmentation by end-user, including oil and gas, chemicals, and
power. In 2016, the global rotary seals market was dominated by the oil
and gas sector, which occupied a market share of more than 31%. The oil
and gas sector is expected to continue dominating the market during the
forecast period.

Based on geography, the global rotary
seals market has been segmented into APAC, EMEA, and the Americas.
In 2016, the global rotary seals market was dominated by APAC that
occupied a market share of around 49%. The economic growth and
urbanization in APAC have assisted millions to move out of poverty. The
region comprises about 60% of the total global population. The growing
urban population has increased the demand for sustainable energy, fresh
water, as well as agricultural and processed food products. This is
expected to have a positive impact on the regional market.

“Process industries such as oil and gas are witnessing significant
growth. This is expected to have a positive impact on the rotary seals
market in the APAC region. In APAC, China is the large importer of crude
oil. It is also one of the five largest oil producers across the globe.
The country has potentially vast unconventional gas reserves.
Significant investments by local and international vendors in technology
will power the market in the future,” says Gaurav Mohindru, a lead
analyst at Technavio for tools
and components research.

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Global rotary seals market: competitive vendor landscape

There is intense competition among major vendors in the global rotary
seals market. Apart from top vendors, several regional and local vendors
have started manufacturing customized seals that are available at a
lower price than their international counterparts. Though the market
seems unsaturated with the presence of several new vendors, it is quite
difficult for them to compete with international vendors in terms of
quality, features, functionalities, and services. With the introduction
of products with new features and technologies, the competition is
expected to intensify.

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Other topics covered in the report:

Market drivers:

• Maintenance of zero-emission control
• Growing demand for high-quality mechanical seals

Market challenges:

• Frequent failures with mechanical seals
• Growing demand for electromechanical equipment

Market trends:

• Use of superior quality raw materials
• Advances in assemblies, testing systems, monitoring systems, and
  technology of mechanical seals

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rotary seals market report free of cost

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