Rising Adoption of Hydraulic Cylinders across Various End-Use Industries Escalates Market Growth at 4.9% CAGR during 2020–2027

NEW YORK, UNITED STATES, March 31, 2022 /EINPresswire.com/ -- The “Global Hydraulic Seals Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by segments and Geography”. The scope of study involves understanding the factors responsible for the growth of the hydraulic seals market along with estimates and forecast of the revenue and market share analysis. It also spots the significant market players with their key developments.

The hydraulic seals market was valued at US$ 3,950.09 million in 2019 and is projected to reach US$ 5,770.71 million by 2027; it is expected to grow at a CAGR of 4.9% from 2020 to 2027.

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In 2019, Asia Pacific held the largest share of the global hydraulic seals market. The increasing industrialization and urbanization lead to the dominancy of the region in the hydraulic seals market. Attributed to the APAC region's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the industrial sector, including aerospace, automotive, marine, agricultural, and others, has influenced hydraulic seals systems' demand. Currently, the oil and gas industry is expanding in the APAC region. According to the IOGP’s Global Production Report 2019, oil and gas demand is at the peak in Asia Pacific countries. Similarly, the equipment to be used in the sector is also in high demand. The equipment should have excellent seals that will prevent oil from leaking. Hydraulic seals are critical in preventing leakage of gas in a cylinder. The linear motion of oil through a hydraulic cylinder also depends on these seals to generate the required pressure.

Hydraulic cylinders are highly utilized by various end-user industries such as automotive, agriculture, construction, aerospace, oil & gas, and many others. Hydraulic seals play a pivotal role in hydraulic cylinders. In order to contain the pressurized fluids in a hydraulic cylinder system and keep it in motion, high-performance seals are required. Thus, the hydraulic seals market grows in accordance with the increasing demand for hydraulic cylinders. Uninterrupted demand in industries where hydraulic systems play a crucial role is a significant factor in boosting hydraulic cylinder adoption. Irreplaceability of hydraulic systems in aviation, manufacturing, construction equipment, and infrastructure helps the growth of the hydraulic seals market. The incorporation of machinery with hydraulic cylinders encourages growth in functionality, accuracy, and offers enhancements in controlled performance and ease-of-use. Increasing demand for material handling equipment coupled with rising construction activities for contributing to economic development is amplifying the utilization of hydraulic cylinders. Growing demand for sophisticated agriculture machinery combined with escalating population size is further augmenting the demand for hydraulic cylinders.

Furthermore, the expansion of the oil and gas industry is also stimulating the adoption of hydraulic cylinders. Hydraulic cylinders are the highly preferred actuators for oil and gas applications owing to key characteristics of high power-to-size ratio, durability in harsh environments, and constantly held force and torque and. For instance, the small and compact form of hydraulic cylinders helps to effectively utilize powerful, lightweight, and heavy-duty equipment to conduct narrow hole drilling and efficient pipe handling. Besides, the double-acting function-based hydraulic cylinders are widely used for heavy trucks, forklifts, and earth moving equipment. Thus, the extensive utilization of hydraulic cylinders across various end-user industries coupled with the technological advancements in the hydraulic industry is catalyzing the development of the hydraulic seals market.

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Hydraulic seals are utilized in hydraulic cylinders to seal the openings between several components in the hydraulic cylinder. Seals are either machined or molded and are carefully designed using sophisticated simulation software. Hydraulic seals are made of a variety of materials, such as polyurethane, rubber, or polytetrafluoroethylene (PTFE). Hydraulic seals offer high resistance from fluid, heat, and wear & tear. The major task of hydraulic seals are to retain hydraulic fluids, maintain rod and pistons alignment, to exclude solid or liquid contaminations, and to maintain the hydraulic pressure. Hydraulic seals are used in various end user industries such as aerospace, automotive, agriculture, construction, oil and gas, marine, chemical, and others.

Hydraulic Seals Market: Competitive Analysis

AccroSeal, A.W. Chesterton Company, All Seals Inc., Freudenberg Sealing Technologies, James Walker, Kastas Sealing Technologies, Parker Hannifin Corp, SealTeam Australia, SKF, and Trelleborg Group are among the players operating in the global hydraulic seals market.

Impact of COVID-19 on Hydraulic Seals Market

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries in terms of COVID-19 confirmed cases and reported deaths. According to the latest WHO figures, there are ~81,159,096 confirmed cases and 1,791,246 total deaths across the world. The pandemic is adversely affecting various industries across the world due to lockdowns, travel bans, and business shutdowns. The global manufacturing industry is one of the major industries that are suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is restricting the global supply chains and hindering the manufacturing activities, delivery schedules, and various goods sales. In addition, global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. All these factors are disrupting the manufacturing industry, which is eventually restraining the growth of hydraulic seals market.

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