Carbon Seal Rings Market size is expected to surpass USD 6 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of carbon seal rings was USD 3 Billion. The growth of the market can be attributed to the rising adoption of advanced manufacturing processes. Two processes of advanced manufacturing, including 3D printing and computer-aided design (CAD), are been utilized for the production of more advanced and personalized models of carbon seal rings. As manufacturers begin to seek to boost production in manufacturing 3D printing is becoming growing in popularity in the aerospace, automotive, medical device, and other industries that rely on complex pieces to build final products. In the world, around 87% of businesses expect their utilization of 3D printing to more than double, and nearly 40% predict it to rise fivefold or more.
In addition to these, factors that are believed to fuel the market growth of carbon seal rings include the increasing production of carbon graphite. The total worldwide graphite manufacturing in 2022 is expected to be around 1 million metric tonnes. This figure shows an increase of around 15% over the previous year. With the growing production of graphite, the availability of high-quality carbon in the market improves the manufacturing of carbon seal rings. Moreover, the abundant supply of carbon graphite has resulted in the production of carbon seal rings much cheaper. This makes the final product more cost-effective and increases its adoption across various industries.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~6% |
|
Base Year Market Size (2023) |
~ USD 3 Billion |
|
Forecast Year Market Size (2036) |
~ USD 6 Billion |
|
Regional Scope |
|
End User (Chemical & Petrochemical, Oil & Gas, Marine & Shipbuilding, Aerospace & Defense, Automotive, General Manufacturing)
The oil & gas segment in the carbon seal rings market is estimated to gain the largest revenue share of about 30% in the year 2036. The growth of the segment can be attributed to the increasing demand for oil and gas in the world. World oil demand is at an all-time high, fueled by surging Chinese petrochemical activity, increased summer air travel, and higher use of oil in the power sector. Global oil demand is expected to rise by 2.2 million barrels per day to 102.2 million barrels per day in 2023, with China accounting for more than 70% of the increase. The higher production of oil and gas will also increase the demand for equipment and machinery in the sector. Carbon seal rings are an important part of the oil and gas sector and are mainly employed in the equipment that is used in exploration, refining, production, and the process of distribution.
Product Type (O-Rings, T-Seals & S-Seals, V-Ring Packaging, Dry Gas Seals, Lip Seals, Metal Bellow Seals)
Carbon seal rings market from the O-rings segment is expected to garner a significant share of around 30% in the year 2036. Seals are an essential component of several structures because they help to limit or eliminate leaks. They can take numerous shapes, with O-rings being a popular type utilized in a variety of industries. O-rings are normally round and come in a variety of thicknesses and materials to satisfy a variety of application needs. Moreover, the sealing technology supplier has seen significant growth in recent years for its O-ring products.
Our in-depth analysis of the global carbon seal rings market includes the following segments:
|
Product Type |
|
|
End User |
|
North American Market Forecast
The carbon seal rings market in North America is projected to hold 33% of the revenue share by 2036. The growth of the market can be attributed majorly to the rising investment in the recovery of natural gas including liquified petroleum gas (LNG) and compressed natural gas (CNG) tank. In 2022, 1 major onshore natural gas project began in the United States in Alaska LNG liquefaction and the other commences in the Cameron LNG liquefaction plant, both these plants began their commercial operation in the third quarter of 2020. The several properties of carbon seal rings, such as tolerance to high temperature, better durability, and anti-corrosive properties make them best suitable for a range of applications in the industry. Furthermore, the region is also focusing heavily on the research and development of new materials which is further expected to augment the market growth in North America.
European Market Statistics
The Europe carbon seal rings market is estimated to account for 28% of the revenue share by 2036. The growth of the market can be attributed majorly to the increasing investment in the future of offshore oil wells, this will increase the demand for more equipment that employs carbon seal rings to prevent leaking and provide heat resistance during operations. Over the last ten years, the European Union and the private sector have committed more than USD 3.5 billion to maritime energy research and pilot projects.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?