Pharmaceutical processing seals market forecast at $3.3 billion by 2026
Pune, India – The pharmaceutical processing seals market size is estimated at USD 2.1 billion in 2021 and is projected to reach USD 3.3 billion by 2026, at a CAGR of 10.0%. The global pharmaceutical processing seals market is witnessing growth on account of trends prevailing in the global pharmaceutical industry such as increasing demand for new and innovative pharmaceutical manufacturing equipment and continuous R&D for new product development due to technological advancements. The increase in pharmaceutical manufacturing in APAC region, mainly in India, China, Korea and the South East Asian countries has boosted the pharmaceutical manufacturing equipment market, thereby, driving the market for pharmaceutical processing seals in the region. In addition, the growing healthcare sector in the region is expected to increase the demand for pharmaceutical equipment and drive the pharmaceutical processing seals market.
O-rings dominate the pharmaceutical processing seals market, by type. O-rings are widely used in pharmaceutical equipment owing to its low cost. O-rings are used in different types of dynamic and static applications in the pharmaceutical sealing industry. Static applications such as fluid or gas sealing applications majorly consume O-rings. The increasing demand for different types of pharmaceutical equipment such as agitators, hydraulic cylinders, HPLCs, batch reactors, and centrifuges in the developing regions such as APAC, South America, and the Middle East & Africa are expected to drive the demand for pharmaceutical processing seals.
Increasing environmental issues, unhealthy lifestyles, and consumption of junk food have increased the risk of chronic diseases. Malnutrition, unhealthy diet, smoking, alcohol consumption, drug abuse, stress, and others are examples of an unhealthy lifestyle, which gives rise to diseases such as metabolic disorders, joint problems, cardiovascular diseases, hypertension, and obesity. An unhealthy lifestyle is one of the major reasons for the increasing incidences of chronic health conditions.
According to WHO (World Health Organization), some leading chronic diseases are cardiovascular diseases, cancer, respiratory problems, and diabetes. The number of deaths attributable to chronic diseases was 3.78 million in 1990 (40.4% of all deaths), and it is expected to be 7.63 million in 2020 (66.7% of all deaths). 80% of chronic disease deaths occur in low and middle-income countries or emerging economies. These factors are leading to the growth in pharmaceutical manufacturing, boosting the demand for pharmaceutical processing seals.
Key Market Players include Trelleborg AB (Sweden), Freudenberg Group (Germany), Flowserve Corporation (US), James Walker (UK), Parker Hannifin Corporation (US), Saint-Gobain S.A. (France), Garlock (US), John Crane (US), IDEX Corporation (US), and Morgan Advanced Materials PLC (UK) are the key players operating in the pharmaceutical processing seals market.
These companies have adopted various organic as well as inorganic growth strategies between 2018 and 2020 to strengthen their position in the market. New product development, merger & acquisition, and expansion were among the key growth strategies adopted by these leading players to enhance their product offering and regional presence and meet the growing demand for pharmaceutical processing seals in the emerging economies.