Automotive Mechanical Seals Market | Page 2

The global mechanical seals market is segmented into end-use-industry such as
oil and gas, chemical industry, water and wastewater industry, power industry,
pharmaceutical, mining and minerals, food and beverage and others, out of
which, with 30.1% share, the oil and gas industry segment dominated the overall
mechanical seals market in 2016 and is projected to capture a noteworthy CAGR
by 2024. Apart from this, water and wastewater industry segment is believed to
register a phenomenal CAGR by the end of 2024. Likely, growing adoption of
advanced mechanical seals to prevent leakage is envisioned to bolster the growth
of global mechanical seals market.
Global mechanical seals market is anticipated to post a notable CAGR of 9.2%
during the forecast period i.e. 2017-2024. Moreover, the mechanical seals
products market is projected to account for exponential sales by the end of 2024.
Additionally, robust expansion of oil and gas industry along with introduction of
innovative mechanical seals for numerous platforms such as rotatory is believed
to propel the growth of mechanical seals market.
The cartridge seals segment by product type is projected to grow at a robust
CAGR over the forecast period. In terms of geography, with 42.8% share in 2016,
Asia-Pacific region accounted for the biggest market of global mechanical seals.
Moreover, China, India and japan are the dominating countries in this region
owing to rapid industrialization. Moreover, growing population has augmented
the demand for more energy which is expected to foster the growth of oil and gas
industry. This factor is believed to flourish the growth of mechanical seals market
over the forecast period.
Robust Industrialization
Strengthening economic growth of developed and developing nations such as
U.S., China, India and others have fuel the growth of various industries such as
pharmaceuticals, chemical, oil and gas which is projected to directly impact the
growth of mechanical seals market. Moreover, motorization of the population in
the developing countries is one of the major factors augmenting the demand for
oil. This factor is projected to bolster the market of mechanical seals.
Request For Free Sample Pages: https://www.researchnester.com/sample-
request-543
Expansion of Wastewater Industry
Copyright © Research Nester
www.researchnester.com