Green Concerns Driving Seals Market Growth
As shale gas exploration and the launch of high-value projects in power and water industries lead to new pump and equipment installations, environmental and health concerns for such projects are spurring growth in the US seals market, according to research by Frost & Sullivan.
The seals market earned revenue of more than $2.13 billion in 2012 and should reach $2.93 billion in 2019, according to Analysis of the North American Seals Market.
Seals are mandatory in highly regulated industries, such as refining and chemical processing, where the release of hazardous materials are harmful to people or the environment. Seals are also popular in food and pharmaceutical industries where it is critical to prevent external agents from entering the manufacturing process, according to the research.
Improving reliability and performance in industries is fueling the uptake of mechanical seals. Despite their high initial prices, benefits such as decreased maintenance costs and reducing product leakage sustain sale volumes, the research says.
However, new sales opportunities are limited due to the maturity of the North American market. Shifting of industries such as chemicals, pulp and paper, and pharmaceuticals to low-cost manufacturing regions adds to the challenge. The promising seal-less pump technology with its low cost and maintenance also affects market growth in the long term, according to the report. Research and development, especially in mechanical seals, is crucial to widen the product’s application scope and gain a competitive edge, it says.
According to research released by Frost & Sullivan in July, environmental and health concerns are also driving growth in the US water treatment equipment market.
That market is projected to grow 5.9 percent a year to reach $13 billion in 2017, gains largely driven by concerns over the health risks and environmental impacts of biological contaminants, chemicals and disinfection byproducts in supply water and wastewater, Frost & Sullivan forecasts.
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