Polymer seals market forecast with a CAGR of 5.1 percent through 2032
Pune, India – The global polymer seals market achieved an estimated valuation of US$ 11.3 billion. Looking ahead, Future Market Insights (FMI) envisions a steadfast Compound Annual Growth Rate (CAGR) of 5.1% from 2022 to 2032, propelling an upward trajectory in market expansion. The versatile utility of polymer seals spans across various industries, encompassing oil & gas, aviation, aerospace, and automobile sectors on a global scale.
In the dynamic landscape of these industries, polymer seals stand out by offering a gamut of advantages. Notably, their resistance to high temperatures and corrosion emerges as a pivotal attribute, aligning seamlessly with the critical requirements of these sectors. The anticipated surge in demand for polymer seals between 2022 and 2032 is intrinsically linked to these advantageous properties, further magnifying their significance.
Future Market Insights (FMI) projects a pronounced acceleration across all industries that employ polymer seals, heralding a promising trajectory for the years ahead. This collective momentum is anticipated to reverberate through the polymer seals market, ushering in a period of robust expansion and underscored by the enduring appeal of their unique attributes.
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Increasing defense budgets of governments are also expected in the coming years, which should generate further demand for polymer seals. For instance, the governments of India and China have been observed to increase their spending on defense in recent years, particularly for upgrading their respective air forces by investing in latest military-grade air crafts and fighter jets. Owing to the tense geopolitical climate in the region, the spending is set to rise in the near future and result in accelerating polymer seal sales.
FMI also predicts the emergence of certain market restraints from 2022 to 2032. These restraints are likely to stem from the fact that sealant production causes significant pollution. Small scale consumers are also poised to choose polymer seal substitutes due to the high expenses associated with polymer seals.
By material type, the polyurethane (PU) segment is anticipated to witness considerable demand growth at 4.9% CAGR from 2022 to 2032.
By product type, the sales of hydraulic and pneumatic seals are projected to expand at a CAGR of 5.6%.
By region, Europe is anticipated to witness substantial growth in the polymer seals market due to lucrative markets in Germany, Italy, and the United Kingdom.
India and China markets are anticipated to emerge as prominent polymer seals markets in Asia and register 6.9% and 6.0% CAGR, respectively.
By end use, transportation equipment was estimated to hold a prominent volume share of 30.4% in 2022.Key players in the Polymer Seals include Saint-Gobain, ERIKS Group, SKF AB, Precision Polymer Engineering/IDEX, Trelleborg AB, Bal Seal Engineering, Parker Hannifin Corporation, Advanced Seals & Gaskets Ltd., Greene Tweed, TRP Polymer Solutions Ltd., Specialised Polymer Engineering Ltd., SHS Dichtungen GmbH, A.W. Chesterton Company, Carco Precision Rubber Products Spa, Novotema Spa