The Asia Pacific hydraulic seals market is expected to grow from US$ 1,576.70 million in 2019 to US$ 2,273.66 million by 2027; it is expected to grow at a CAGR of 4.7% during 2020–2027.
Hydraulic seals are highly preferred by various end-use industries and are broadly used in hydraulic transmission systems owing to the numerous advantages offered by hydraulic sealing systems in providing efficient leakage protection control. Hydraulic seals are critical in machinery equipment. Process industries have unfavorable conditions that generally deteriorate the material of the equipment. These conditions have forced vendors to manufacture hydraulic seals with high-quality materials that can withstand heavy-duty operations. Hydraulic seals are highly recognized for their excellent sealing ability in oil and pressure systems. The seal prohibits dirt from entering any part of the internal mechanical system and thereby prevents contamination. The majority of the hydraulic seals work efficiently and effectively in harsh and extreme working conditions. Hydraulic seals can be designed to work in low and high-pressure system operations. Utilization of these seals prevents any leakage, thus reduces chances of downtime or repair. Manufacturers such as SKF, Trelleborg Group, and Parker Hannifin Corp are focusing on providing customized seals for several applications such as lightweight applications and subsea oil and gas explorations. Typical hydraulic seals are wear-resistant, and hence it is ideal for mining and extraction of minerals. Also, hydraulic seals are entirely safe to use even in the chemical and pharmaceutical industries. Adoption of hydraulic seals helps organizations reduce their operational costs; therefore, equipment manufacturers are highly utilizing hydraulic seals. All these factors are propelling the growth of the Asia Pacific hydraulic seals market and providing lucrative opportunities for the market players.
Based on product the Asia Pacific hydraulic seals market is segmented into wiper seals, piston seals, rod seals, buffer seals, and others. In 2019, the rod seals segment accounted for the largest share of the market, whereas the piston seals segment is expected to register the highest CAGR during the forecast period. Rod Seals are the sealing devices used to impede fluid leakage from the cylinder and maintain the movement between piston head and cylinder head. These types of seals are primarily used in fluid power plants and in hydraulic cylinders to seal the system pressure. In most fluid power systems, the proper sealing effect or proper functioning of the rod seals is one parameter for decision-making efficiency and effectiveness. Hence, rod seals are one of the most important components of the sealing system, given that any failure to perform them can have a significant effect on the performance of the entire equipment. In addition to all factors applicable to piston seals, nonperformance rod seals can contribute to a loss of fluid that may also affect the environment. These types of seals are used on piston rods, which are attached to the cylinders. Rod seals can be used within hydraulic or pneumatic cylinders. Many kinds of rod seals such as hydraulic rod seals, pneumatic rod seals, U seal backups, and custom designed rod seals are available in the market.
By country, the Asia Pacific hydraulic seals market is segmented into Australia, China, Japan, India, South Korea and rest of Asia Pacific. These countries are witnessing an upsurge in industrialization and urbanization activities, offering lucrative opportunities for the key market players in the market. The hydraulic seals industry in APAC has experienced the massive growth over the years due to the manufacturing base in emerging economies such as India and China and the fastest growing end-use industries. The hydraulic solution is gaining momentum in recent years as they are easy to control and are lightweight, compact, and reliable equipment compared to the traditional approach. Hydraulic seals have a critical impact on system performance in many applications. Factors such as speeds, temperatures, pressures, lubricants, and other application operating conditions can greatly impact seal life. Utilization of the right seal helps improve machine performance, optimize operations, and lower a machine’s total ownership cost. Attributed to the flourishing economic conditions of APAC, there has been a spur in the region's industrial activities. The exponential growth in the industrial sectors such as aerospace, automotive, marine, and agricultural has influenced the demand for hydraulic seals systems. Currently, the oil & gas industry is expanding in APAC. According to the IOGP’s Asia Pacific Production Report 2019, the demand for oil and gas is at the peak in Asia Pacific countries. Similarly, the equipment to be used in the sector are also in high demand. The equipment require excellent seals to prevent oil from leaking, and hydraulic seals are critical in preventing leakage of gas in a cylinder.
A.W. Chesterton Company, Freudenberg Sealing Technologies, James Walker, Kastas Sealing Technologies, Parker Hannifin Corp, SealTeam Australia, SKF, and Trelleborg Group are among the major players operating in the Asia Pacific hydraulic seals market.
The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. As of February 2021, USA, India, Brazil, China, Japan, and Australia are among the worst-affected countries in terms of confirmed cases and reported deaths. The pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of chemicals and materials industry and disruption in supply chains due to lockdown of countries are hindering the supplies of the various products offered by this industry. The governments of countries in Asia Pacific are taking possible steps to reduce the effects of pandemic. They have asked the chemicals & materials manufacturers to delay their production, which is restraining the growth of the Asia Pacific supply of hydraulic seals.
The overall Asia Pacific hydraulic seals market size has been derived in accordance to both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific hydraulic seals market.