Mechanical pump seals are used to prevent leakage between the stationary pump body and the rotating shaft. They find wide applications in sealing fluid and liquid mechanical pump equipment. Mechanical pump seals provide an efficient and economic sealing solution for applications in industries such as oil and gas, water and wastewater, chemicals, energy and power, food and beverages, and others. The increasing need for sustainable water supply networks is augmenting the demand for mechanical pumps and associated seals.
The global Mechanical Pump Seals Market is estimated to be valued at US$ 3537.54 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
It is estimated that over 20% of treated water is lost during distribution before reaching the end users in countries like the United States, United Kingdom, Japan, and Germany. Governments are taking initiatives and spending heavily on modernizing the water supply networks to reduce non-revenue water losses. This offers lucrative opportunities for mechanical pumps and seals manufacturers to meet the rising demand from water and wastewater industry. The mechanical pump seals market is expected to witness robust growth driven by the need for upgrading existing water supply infrastructure globally.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to high capital requirement for setting up manufacturing facilities, pressure from existing competitors and established buyer-supplier relationship of major players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and presence of large multinational buyers of mechanical pump seals.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for manufacturing mechanical pump seals are commodity chemicals and suppliers have limited differentiation.
Threat of new substitutes: The threat is moderate as rotating equipment with new sealing solutions and technologies can emerge as substitutes.
Competitive rivalry: Rivalry is high due to large number of global and regional players operating in the market.
SWOT Analysis
Strengths: Product differentiation, strong distribution network, strong R&D capabilities.
Weaknesses: High dependence on end-use industries, vulnerability to raw material price fluctuations.
Opportunities: Growing process industries in developing nations, advancement in sealing solutions.
Threats: intense competition, risk of substitution.
Key Takeaways
The Global Mechanical Pump Seals Market Size is expected to witness high growth. The global Mechanical Pump Seals Market is estimated to be valued at US$ 3537.54 million in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.
Regional analysis shows Asia Pacific dominates the market currently due to strong presence of manufacturing industries in countries like China and India. The region is expected to witness fastest growth during the forecast period.
Key players operating in the Mechanical Pump Seals market are John Crane, EagleBurgmann, Flowserve Corporation,AESSEAL,Meccanotecnica Umbra,VULCAN,Garlock,Sunnyseal,Oerlikon Balzers,KSB,Colossus,Sulzer,Flex-A-Seal,Chesterton,Valmet,Ekato,Xi’an Yonghua,Fluiten,James Walker,Huayang Seals,Huhnseal AB.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it