Polymer Seals Market

Polymer Seals Market Outlook (2022-2032)

The global polymer seals market size is set to reach US$ 11.3 billion in 2022 and is projected to grow at a CAGR of 5.6% to reach US$ 19.5 billion by the end of 2032.

Report Attributes	Details
Polymer Seals market Size (2021A)	US$ 10.9 Billion
Estimated Market Value (2022E)	US$ 11.3 Billion
Forecasted Market Value (2032F)	US$ 19.5 Billion
Global Market Growth Rate (2022-2032)	5.6% CAGR
North America Market Share (2022)	~25.5%
China Market Share (2022)	~11.6%
Key Companies Profiled	Saint Gobain SKF AB Eriks NV Trelleborg Bal Seal Meggit Parker Hannifin Advanced Seals & Gaskets Ltd. DLI Seals Ltd. Greene-Tweed Herzog Dichtungen AG SHS-Dichtungen-GmbH Specialised Polymer Engineering Ltd. TRP Polymer Solutions Ltd. Chesterton Carco Novotema

Historic Impact (2017-21) Vs Future Trends (2022-32)

Polymer seals are used to prevent the movement of fluids through the joints and openings in materials. Polymer seals can be weak or strong, permanent or temporary, flexible or hard. Polymer seals are specifically designed for use in a wide range of rotating, hydraulic and pneumatic equipment worldwide.

Polymer seals are used in a variety of industries, including automotive, aerospace, etc. Within the aerospace industry, polymer seals are used to withstand a variety of real-world applications and are also critical to the operational reliability of the system.

• Short Term Projections: Defense budget has been geared up by the military planning law which has allocated US$ 1.83 trillion globally which is set to grow at US$ 200.0 billion till 2022 and US$ 350.0 billion till 2025. The US spends US$ 731.8 billion on defense budget followed by China, India, and Russia. Extensive utilization of polymer seals across defense applications ranging from artillery to fighter jet production to bolster the demand for polymer seals.
• Medium-Term Growth Aspect: The growth in the shipbuilding industry particularly in China, Japan, and South Korea drives the market demand for polymer seals for marine uses. Also, the expansion in cargo trade globally with the rising number of trade blocks enhances the market growth of polymer seal market. Prominent shipbuilding firms like, China Shipbuilding Industry Corporation, Mitsubishi Heavy Industries, Mitsubishi Heavy Industries, and others are witnessing the same.
• Long-Term Panorama: Change in the labor market and shift of manufacturing to developing economies to provide a different outlook to the market by the end of FY2032.

According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 5.6% CAGR between 2022 and 2032.

Market share analysis of polymer seals based on material type and region is provided in a nutshell in the above image. Under the material type segment, PTFE dominates with a 34.5% market share in 2022.

“Escalating demand from aviation sector, both commercial and defense”

Low airfares and rapidly escalating tourism in Asia-Pacific and other regions are driving the aircraft industry's rapid growth across the globe.

In North America, countries like US and Canada have leading aircraft manufacturers and OEMs which leads to favorable market conditions in those regions. Aircraft require aircraft seals, which is expected to accelerate the market of aircraft seals within the forecast years.

The market is projected to expand at a rapid pace globally within the forecast period due to increased air travel with the increase in disposable income of consumers in so many countries throughout the globe. Seals are one of the major components of airplanes.

Therefore, it is anticipated that demand for aircraft seals will increase in the future as the fleet of commercial aircraft expands. Along with these other factors, the market for aircraft seals is also being driven by rising defense spending, rising demand for new fighter jets in developing economies such as China and India, as well as rising demand for new commercial and defense aircraft.

“Changing government policy related to the chemical industry to impact market growth’’

Owing to the ever-growing requirements of polymer seals in the oil and gas industry, aircraft industry, marine industry, and more, as the high-risk nature of the environment where the workers work, multiple regional governments have implemented stringent rules and regulations to address the safety concerns of the workers as well as the environment.

The sealant & adhesive industry produces many harmful gases, affecting humans, animals, and plants, and by extension the entire ecosystem. Thus, the government of many countries has imposed laws for manufacturing polymer seals and their use. Some countries have even banned certain products from being manufactured, so it’s difficult for a company to grow in that particular market.

Some countries have imposed more and more taxes and tariffs on imports, export, and production. All these factors lead to diminished growth of the polymer seal market.

‘’Availability of alternative products to slow the market growth’’

The availability of alternate products like butyl tape, which is sometimes used as an alternative by some consumers, is affecting the polymer seal market. Furthermore, numerous smaller consumers prepare their homemade butyl tape as a sealant; though it is not as effective as polymer seals, it still serves small consumers well. Wood glues are also used as an alternative to sealants in many work areas. Apart from this, superglue is also impacting the market growth of polymer seals to some extent.

Country-wise Insights

Why the US is showing steady growth in the market?

With the increase in government and private expenditure on infrastructure and commercial space development, the construction industry is projecting high growth opportunities across the country.

• For instance, according to the data from the United States Census Bureau, the total value of construction stood at USD 1.5 trillion in December 2020 and raised to USD 1.6 trillion in December 2021.

Polymer seals are employed as an adhesive for bonding a variety of materials as well as a sealant for expansion joints. The technology is used in almost all of the materials used in the construction sector. The surging construction industry across the US will pave the way for market growth.

Why China is having a prominent share of the market?

The growing disposable income of people in China and the presence of major automotive manufacturers across the country are due to the ease in availability of raw materials and workforce. Hence, the automotive industry is witnessing constructive demand.

• By both annual sales and manufacturing output, China continues to be the world's largest market for automobiles. By 2025, domestic production is anticipated to reach 35.0 billion automobiles.
• According to information from the Ministry of Industry and Information Technology, more than 25 billion vehicles, including 19.99 billion passenger cars, were sold in 2020, a 6.5% decrease from 2019. Sales of commercial vehicles increased by 20% from 2019 to 5.23 billion units.

With the proliferating automotive industry, the demand for polymer seals increases. As polymer seals are known for their all-around application and use in various forms, trucks and car makers are demanding customized seals for their manufacturing and production where only high-performance material works.

Considering the global automotive industry, the market for sealants and adhesives are the two fast and foremost growing items. Among them, the demand for polymer seals is increasing because of the increasing demand for fuel efficiency and engine performance in automobiles.

Category-wise Insights

Why is the aviation sector dominating the market for polymer seals?

The growing aviation industry is set to create lucrative growth opportunities for the market. For instance, according to the International Air Transport Association (IATA), India is anticipated to surpass the United States and China as the third-leading air passenger market in the world within the next ten years, by 2030.

Additionally, the sector's increasing demand has increased the number of aircraft operating there. By 2027, 1,100 planes are anticipated to be in operation worldwide. The proliferating aviation industry offers the market new growth channels as the requirement for creating a firm and dynamic sealing of various systems and aerostructures, aircraft polymer seals are an essential component in many systems. Thus, driving the segment's as well as the market's growth.

Will the application in the oil and gas sector continue the growth pattern?

Various seal manufacturers are focusing significantly on product development, design, and efficiency. Recent discoveries of oil fields in emerging countries like Malaysia, Norway, Russia, Brazil, and Mexico are expected to increase the demand for sealing solutions within the forecast period.

With the growing sustainability awareness in the world, oil and gas sealing solution companies are embracing innovative manufacturing technologies and practices. Production is expected to rise by adopting precision manufacturing technology and increasing raw material availability.

Competition Landscape:

Key players in this global market include Saint Gobain, SKF AB, Eriks NV, Trelleborg, and Bal Seal. Some prime players operating in the market focus on their regional expansion through merger and acquisition activities.

Players operating in polymer seals are focused on launching newer customized offerings for their buyers. Further, they are indulging in improving their overall portfolio by either launching new polymer seals or partnering with end-consumers to implement their product as per the client’s requirements.

This approach in the market is poised to provide an exponential boost for the organization. Further, key players are spending on targeted expansions to improve their overall customer base and meet the demand arising from customers.

Fact.MR has provided detailed information about the price points of key manufacturers of polymer seals positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Polymer Seals Market

• By Material :

  • Polyurethane (PU)
  • Acrylonitrile-butadiene-rubber (NBR)
  • Fluoro-rubber (FKM)
  • Polytetrafluoroethylene (PTFE)
  • Other Material Types

• By Product :

  • Hydraulic and Pneumatic Seals
  • Rotary Seals
  • Spring Energized Seals

• By End Use :

  • Transportation Equipment
    • Automotive and Components
    • Aircraft and Components
    • Railroad Equipment
    • Marine Transportation and Components
  • Industrial Machinery and Equipment
  • Electronic Apparatus and Appliances
  • Healthcare
    • Medical devices and Component Manufacturing
    • Surgical tool manufacturing
  • Oil and Gas Extraction
  • Construction Infrastructure and Utilities
  • MRO, Other Manufacturing, and Assembly Cleaning Fluids
  • Perfumes & Fragrances
  • Others

• By Sales Channel :

  • OEMs
  • After Market

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA