The hydraulic seals market in Europe is expected to grow from US$ 754.43 million in 2019 to US$ 1,125.29 million by 2027; it is estimated to grow at a CAGR of 5.2% from 2020 to 2027.
Advantages offered by hydraulic seals would boost its demand in the market during the forecast period. Hydraulic seals are highly preferred by various end-use industries as well as they are broadly used in hydraulic transmission systems due 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 the 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. Hydraulic seal prohibits dirt from entering any part of the internal mechanical system and thereby prevents contamination. They are highly known for high sealing performance, especially in oil and pressure systems. The majority of the hydraulic seals work efficiently and effectively in harsh and extreme working conditions. Moreover, typical hydraulic seals are wear-resistant; 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. The adoption of hydraulic seals helps organizations reduce their operational costs. Therefore, equipment manufacturers are highly utilizing hydraulic seals. This factor is propelling the market growth and is offering lucrative opportunities for the market players. Rising adoption of hydraulic cylinders across various end-use industries is among the other factors expected to drive the demand for hydraulic seals across Europe during the forecast period.
Based on end-use type, the chemical segment led the Europe hydraulic seals market in 2019. The chemical industry includes a wide variety of processes, products, and plants. This high diversity calls for individually customized sealing solutions. For insensitive chemical processes such as reactors, generators, and stirrers, it is crucial that nothing harmful can leak from the system. There is a strong emphasis on outstanding resistance in the area of chemical process technology. This demanding discipline is dominated by advanced manufacturing technology and a wide variety of chemicals. From liquid dosing systems to reactors, from valves to tanks, hydraulic seals are used for formidable resistance to contaminants, high temperatures, or extreme pressures. Hydraulic seals are also made of PTFE (polytetrafluoroethylene), which has excellent chemical resistance. It is the best elastomer material, making it a high-performance material of choice in sealing technology. The strong bond between PTFE carbon and fluorine atoms is the key to its excellent resistance to chemicals. Its temperature range is exceptional -200°C to +260°C. This ensures that it is ideal for the processing of liquid gas and resistant to bases, acids, alcohols, ketones, benzines, and oils. Its version, ePTFE, performs much better and can be used at temperatures between -268°C and +315°C.
In Europe, currently Russia is the hardest-hit country due to the COVID-19 outbreak. It is witnessing an economic hit due to a lack of revenue from various industries, as the country recorded the highest number of COVID-19 positives cases followed by France. The global demand for aircraft is declined amid the COVID-19 pandemic, which is substantially lowering the order volumes among airframe manufacturers and reducing airframe production, resulting in less demand for hydraulic seals. Further, decreased production rates have adversely affected the businesses of various component manufacturers. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This scenario is restraining the growth of the hydraulic seals market in Europe.
The overall Europe hydraulic seals market size has been derived using both primary and secondary sources. 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. The process also serves the purpose of obtaining an overview and forecast for the Europe hydraulic seals market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The 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 Europe hydraulic seals market. A few of the key players operating in the market are A.W. Chesterton Company, Freudenberg Sealing Technologies, James Walker, Kastas Sealing Technologies A.S., SealTeam Australia, SKF, Trelleborg AB, and Parker Hannifin Corporation.