Polymer seals are becoming increasingly popular across a variety of industries from medical to oil and gas. Materials such as PTFE are leading the polymer seal market, with demand being especially high. As per Fact.MR analysis, the global sales of polymer seals are set to experience a healthy CAGR of close to 6% throughout the forecast period of 2021 to 2031.
In this week’s blog post we will discuss the key takeaways from Fact.MR’s market study.
Oil and Gas Get the Lion’s Share
According to the report, oil & gas end-use is expected to capture highest share and is set to create a US$ 5.5 billion opportunity over the forecast period. This makes sense, as the oil and gas industry has witnessed substantial growth over the past few decades. And due to increasing investments in oil and gas across the globe, it is expected to only grow.
This also effects the seal market, as demands for greater boundary pushing technologies increases with the industry’s growing need to discover new ways to obtain oil. Despite COVID-19 causing a massive downturn in both the oil and gas and the seal market, the FMI expects FMI expects global oil & gas seals market to grow at 3.3% CAGR through 2031.
Europe Leading the Way
Europe, as it turns out, manufactures over 25% of all cars in the world. This makes sense, as some of the world’s top car brands are based in Europe: Mercedes, Audi, Porsche, BMW and Volkswagen to name a few. All of these manufacturers will need polymer seals at some point during the manufacturing process. This high demand results in Europe being one of the largest consumers of polymer seals.
What about the Aviation Sector?
With increase in tourism in Asian countries as well as low air fare, the aircraft industry has experienced incredible growth around the globe. This growth has created the need for more aircrafts, which in turn create the need for more polymer seals.
In Canada and the United States, with leading aircraft manufacturers and OEMs, the market is particularly strong. Because aircraft manufacturing requires high quality seals, and because there are no safe substitutes, the market is set to grow over a rapid pace over the next few years.
COVID-19 and the Seal Market
Like most of the world, the seal market has been disrupted by the COVID-19 pandemic. Because of disruptions in the supply chain, the polymer seal industry has faced setbacks.
One industry that has seen an increase in the use of polymer seals is the healthcare industry. There has been a boom in seals manufactured for medical devices such as ventilators, to the point where many manufacturers were struggling to keep up with the demand.
In Conclusion
COVID-19 has been tough for everyone, and the polymer seal market is no exception. However, dispite facing an uphill battle, the industry has grown and will continue to grow at record rates. Whether it’s seals for oil and gas or aviation, polymer seals are becoming a hot commodity and is set to be one of the fastest growing industries in the next decade.
Need polymer seals? Contact us today!