Carbon Seal Rings Market Share

North American Market Forecast

North America industry is predicted to dominate majority revenue share of 33% by 2037. 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 2037. 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.