The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Oil & Gas Seals Market.
It was estimated prior to this unanticipated outbreak that the Oil & Gas Seals Market will reach US$ 1,801.5 million in 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Oil & Gas Seals Market Segment Analysis:
Based on the application type, the market is segmented as drilling, completion, production, and distribution & refinery. Production is expected to remain the largest segment of the oil & gas seals market during the forecast period, propelled by usage of seals in various application areas such as, blow-out preventers (BOPs), connector seals, downhole and intervention tools, flow control equipment (ball valves and associated devices), FPSO swivels, gas lifts, and offshore topside hydraulics. All other application types are also estimated to generate sizeable growth opportunities in the coming five years.
Based on the product type, the market is segmented as O-rings, U-cup seals, back-up rings, spring energized seals, and others. O-ring is expected to remain the largest segment of the market during the forecast period. O-rings are the most popular seal type and are preferred in many applications. These seals are simple to install and require less installation space.
In terms of regions, North America is projected to remain the largest market during the forecast period, whereas Asia-Pacific is expected to remain the fastest-growing market during the same period. The USA is likely to remain the largest market in North America as well as the global marketplace, whereas China is set to remain the fastest-growing market worldwide in years to come.
The supply chain of this market comprises raw material suppliers, oil & gas seals manufacturers, distributors, component manufacturers, and end users. The key oil & gas seals manufacturers are EnPro Industries, Inc., Fredenburg Group, Flowserve Corporation, John Crane, Inc., M.Barnwell Services Limited, Green Tweed & Co., CDI Energy Products, Parker Hannifin Corporation, Precision Polymer Engineering, Saint-Gobain S.A., and Trelleborg AB. Development of extrusion-resistant and high-pressure and high-temperature-resistant seals, building excellent distribution networks especially in untapped markets, and formation of strategic alliances are the key strategies adopted by the key players to gain a competitive edge in the market.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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