Chemical Segment to Dominate Europe High Performance Seals Market during 2021-2028

According to a new market research study on “Europe High Performance Seals Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, End-Use Industry and Country,” is expected to reach US$ 1,919.89 million by 2028 from US$ 1,506.61 million in 2021. The market is estimated to grow at a CAGR of 3.5% from 2021 to 2028. The report provides trends prevailing in the Europe high performance seals market along with the drivers and restraints pertaining to the market growth. Increase in demand for high-performance seals from automotive industry and advantages offered by high performance seals are major factors driving the growth of the Europe high performance seals market. However, availability of substitutes and high cost associated with high-performance seals hinder the growth of Europe high performance seals market.

In Europe, Russia reported a huge number of COVID-19 cases, which led to the discontinuation of high performance seals manufacturing activities. The downfall of other chemicals and materials manufacturing sectors had negatively impacted the demand for high performance seals during the early months of 2020. However, the economies are planning to revive their operations. This has led to the reopening of the high performance seals manufacturing projects. A similar trend was witnessed in many Europe countries, such as France, the UK, Spain, Italy, and Germany. With the economic activities regaining their pace, the high performance seals market in the region is expected to recover from the loss of 2020.

The market for Europe high performance seals market is segmented into product type, end-use industry and country. Based on product type, the market is segmented into hydraulic and fluid seals, rotary shaft seals, spring seals, oilfield seals, pump seals, and others. The hydraulic seals segment is further sub-segmented into rod seals, piston seals, wiper seals, buffer seals and others. The hydraulic and fluid seals segment is expected to be the fastest growing segment over the forecast period. Based on end-use industry, the Europe high performance seals market is divided into oil and gas, chemical, power generation, aerospace and defense, pharmaceutical, automotive, food and beverage, and others. In 2020, the chemical segment held the largest share in Europe high performance seals market.  Based on country, the Europe high performance seals market is divided into Germany, France, Italy, UK, Russia and rest of Europe. In 2020, Germany held the largest share in Europe high performance seals market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe high performance seals market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for high performance seals.

AFT Fluorotec, ElringKlinger Kunststofftechnik GmbH, James Walker; PXL SEALS; Precision Polymer Engineering Limited and Trelleborg Sealing Solutions are some of the leading companies in the Europe high performance seals market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

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