Research Nester assesses the growth and market size of the global carbon seal rings market which is anticipated to be on account of the rising manufacturing of automobiles and higher demand for sustainable materials
Research Nester’s recent market research analysis on “Carbon Seal Rings Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global carbon seal rings market in terms of market segmentation by product type, end user, and by region.
Rising Production of Electric Vehicles to Promote Global Market Share of Carbon Seal Rings
The global carbon seal rings market is estimated to grow majorly on account of the growing focus and investment in electric vehicles. The worldwide sales of electric vehicles will exceed 14.5 million units by the end of 2023. With the adoption of the EV tax credit subsidy in the United States, EV sales are expected to skyrocket this year. The carbon seal rings are utilized in the battery components, transmission seals, compressors of AC, and others. Shaft seals and piston seals are the most commonly used seals in the entire automotive industry. Furthermore, electric vehicle sales are also driven by a growing focus on sustainability, which separately boosts the demand for carbon seal rings, as they are sustainable alternatives to other seals in the market.
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Besides this, the higher production of carbon graphite and carbon composites is also expected to augment the market growth, since these are the majorly used raw materials of carbon seal rings.
Some of the major growth factors and challenges that are associated with the growth of the global carbon seal rings market are:
Growth Drivers:
• Growing Production of Automobiles and their Integral Components
• Rising Concern of Business toward the Environment
Challenges:
In the options for mechanical and industrial seals, there are various alternatives to carbon seal rings, such as ceramics, traditional metallic, polymer, and polytetrafluoroethylene seals. These seals provide the exact same application in different industries and it is one of the major factors anticipated to hamper the global market size of carbon seal rings. Furthermore, carbon is prone to erosion and wear, especially when it comes in contact with chemical fluids and gases, which is further expected to hamper the carbon seal rings market growth.
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On the basis of end users, the global carbon seal rings market is segmented into chemical & petrochemical, oil & gas, marine & shipbuilding, aerospace & defense, automotive, and general manufacturing. The oil & gas segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The growth is majorly dependent on the rising investment in the exploration of both onshore and offshore sites of oil wells. Furthermore, based on product type, the o-rings segment is expected to dominate the market growth, which is majorly due to the rising use of o-rings in several industries including aerospace and automobiles.
By region, the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the expanding base of the manufacturing sector in Asian countries. Because of the region's vast labor supply and inexpensive salaries, Asia's manufacturing industry has grown significantly. Governments have attempted to foster a favorable manufacturing environment by enacting policies that stimulate and attract investment. On the other hand, the rising production of automobiles and growing investment in developing the electric vehicle infrastructure is also expected to drive market growth in the region.
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This report also provides the existing competitive scenario of some of the key players of the global carbon seal rings market which includes company profiling of Trelleborg AB, EagleBurgmann, James Walker & Co., Freudenberg Group, TREM Engineering SC, Durlon, Sealmatic, Arai Seisajusho Co., Ltd., Ergoseal, Inc., and Stein Seal.
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