Market outlook of the global mechanical seals market
Mechanical seals are widely used in the oil and gas, chemical, water and wastewater, and power industries as they prevent leakage of industrial contaminants as well as corrosion and fatigue that can reduce the efficiency and cycle life of the equipment. They also play a crucial role in the production and transportation process in the oil and gas industry, making it a significant end-user of this market. The global mechanical seals market is expected to grow at a CAGR of over 9% during the forecast period.
The discovery of shale gas production also plays a significant role in boosting the demand for mechanical seals, as it has triggered oil production and exploration activities, especially in the US. Similarly, even modern hydrocarbon processing plants require highly reliable seals to limit the leakage of fluids. Therefore, these developments will bode well for the market growth during the forecast period.