Mechanical pump seals are an important component of pumps used across various process industries such as oil and gas, water and wastewater treatment, mining, petrochemicals, and power generation. They are used to prevent the leakage of pumped liquids at the clearance between the pump shaft and casing and provide optimal sealing performance. Rising demand for highly efficient sealing equipment in process industries and growing need for water and wastewater treatment globally are expected to drive the growth of the mechanical pump seals market.
The global mechanical pump seals market is estimated to be valued at US$ 3537.54 Mn in 2023 and is expected to exhibit a CAGR of 4.3%over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Research indicates that the market is expected to witness robust growth due to increasing construction of wastewater treatment plants across developing nations to meet the rising freshwater demand. Growing industrialization is generating massive amounts of wastewater that requires proper treatment before disposal. This is boosting the usage of mechanical seals in wastewater pumps, which is a key growth factor for the market. Moreover, rising environmental concerns have compelled manufacturing industries and municipal bodies to replace aging pumps and invest in high-performance mechanical seals to ensure efficient wastewater treatment and management. Stringent government regulations pertaining to industrial wastewater discharge are also positively impacting the demand for mechanical seals.
Segment Analysis
The global mechanical pump seals market can be segmented by type, material, end-use industry, and region. By type, the double mechanical pump seals segment is expected to dominate the market during the forecast period. This is owing to its ability to prevent leakage and minimize environmental pollution caused by pumped fluids.
Key Takeaways
The Global Mechanical Pump Seals Market Demand is expected to witness high growth during the forecast period. The global mechanical pump seals market is estimated to be valued at US$ 3537.54 Mn in 2023 and is expected to exhibit a CAGR of 4.3%over the forecast period 2023 to 2030.
The Asia Pacific region is projected to be the fastest growing market for mechanical pump seals during the forecast period. This growth can be attributed to ongoing industrialization and increasing manufacturing activities in emerging economies such as China and India. Rapid industrialization, favorable government policies to attract foreign investments, and a growing manufacturing base are some of the key factors driving the demand for mechanical pump seals in the Asia Pacific region. China accounted for the largest share of the Asia Pacific market in 2023 due to strong presence of manufacturing industries in the country.
Key players
Key players operating in the mechanical pump seals market are Boehringer Ingelheim, Zoetis, MSD Animal Health, Elanco Animal Health, Virbac, Bayer Animal Health, Vetoquinol, Huvepharma, IDT Biologika, Merial , Heska Corporation, Dechra Pharmaceuticals, Phibro Animal Health, Neogen Corporation. Boehringer Ingelheim accounted for the largest revenue share in 2023 owing to its wide product portfolio and strong distribution network across regions.
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