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: request-543 Expansion of Wastewater Industry Copyright © Research Nester