Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Best Places to Work
    • Rubber Division IEC
    • War in Ukraine
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • ITEC
    • Silicone
    • Online Exclusive
    • Latex
    • Technical Notebooks
    • Executive Action
    • Government/Legal
    • Opinion
    • Blogs
    • Sustainability
    • Products
    • Wacky World of Rubber
  • Airless Tires
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • Ask the Expert
    • Healthcare Elastomers Conference
    • Rubber In Automotive Conference
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
December 14, 2022 11:08 AM

Study: Oil and gas seal market to rebound

Rubber News Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    oil pump sunset-main_i.jpg

    VALLEY COTTAGE, N.Y.—One market research firm on the west bank of the Hudson River, just north of New York City, reports that the oil and gas seals market is exiting a period of deceleration, and all indications are that it will recover in 2022.

    The market will recover at about a 3.3-percent CAGR, on average, from 2022 through 2031, driven by exploration activities and infrastructure development across the globe, according to Future Market Insights.

    The pandemic-driven downturn had caused about a -6.5-percent decline in 2021 over 2020, the industry watchdog reported last week.

    "This downturn is majorly ascribed to the recessionary impact of the COVID-19 pandemic on the oil and gas industry across the world," FMI stated in a Dec. 9 summary of a recently released report. "Fortunately, recovery is on the cards beginning 2022, with a projected annual increase of approximately 3 percent."

    Technological disruptions that are expected to improve efficiency are coming, FMI said, as blockchain technology should enhance data collection security and automation and robotic augmentation should improve drilling projects and reduce downtime.

    Mechanical seals, about 17 percent of the overall global oil and gas seal market, saw about $176.1 million in sales in 2021, according to FMI.

    A TAKE ON OIL & GAS
    Renewables will overtake fossil fuels, but not for some time

    Refining and distillation units are expected to drive much of the sales growth in the coming years for mechanical seals.

    Raw material choices for seal manufacturing continue to be the advanced polyetheretherketone and polytetrafluoroethylene.

    In fact, PEEK plastics represented about 55 percent of the material used in 2021 in oil and gas seal manufacturing, FMI said.

    While the U.S., U.K. and Gulf Cooperation Council countries are expected to see the most lucrative oil and gas markets moving forward, Germany and France are expected to be "relatively muted" in the oil and gas seal space, according to FMI, at about 2-percent CAGR through 2031.

    "Manufacturers are focused on developing new seals using cost-efficient manufacturing techniques and advanced raw materials such as elastomers and plastic/polymers like polytetrafluoroethylene, polyetheretherketone and others with high pressure and temperature resistance standards," said one FMI analyst.

    The oil and gas landscape remains competitive and is becoming more consolidated, FMI said, as "the leading players" account for about three-quarters of the overall market share.

    Smaller firms are expected to increase their own competitiveness though 2031, FMI noted.

    The big players in the oil and gas sealing space include Parker Hannifin Corp., EnPro Industries, Flowserve Corp., Datwyler Holding Inc., Freudenberg Group, Trelleborg A.B. and several others.

    MORE SEALS & GASKETS NEWS
    The industry's heartbeat: Freudenberg, Parker-Hannifin top inaugural molded goods ranking
    Dow launches new LSR series for automotive
    Molded Dimensions grows, goes global with Sprinkman's leadership
    Datwyler expanding O-ring technology, expertise
    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Michelin-backed Enviro JV to build 'world's first large-scale' tire recycling group
    2
    Goodyear, NASCAR tires evolve with technology, R&D mindsets
    3
    Mechanical Rubber expands its East Coast presence
    4
    Trinseo's Bristol plant resumes partial operations
    5
    Liquid Gold makers partner to advance rubber-mixing uses
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Best Places to Work
      • Rubber Division IEC
      • War in Ukraine
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • ITEC
      • Silicone
      • Online Exclusive
      • Latex
      • Technical Notebooks
      • Executive Action
      • Government/Legal
      • Opinion
      • Blogs
        • Products
        • Wacky World of Rubber
      • Sustainability
    • Airless Tires
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • Healthcare Elastomers Conference
        • Rubber In Automotive Conference
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION