Pharmaceutical Processing Seals Market to Surpass a Valuation of US$ 3.3 Billion by 2026- Exclusive Report by MarketsandMarkets™
The pharmaceutical processing seals market is projected to grow from USD 2.1 Billion in 2021 to reach USD 3.3 Billion by 2026, at a CAGR of 10.0%. The favorable rules and regulations for pharmaceutical manufacturing in developing regions such as APAC, the Middle East & Africa, and South America are expected to drive the pharmaceutical processing seal’s market. The consumption of pharmaceutical drugs is rapidly increasing at the global level especially, in the rapidly growing economies in APAC. In order to cater to the increasing demand for pharmaceutical drugs, there is an increase in the investments made in the pharmaceutical manufacturing equipment industry for capacity expansions and R&D activities. Expansion of the healthcare sector due to increasing population and improved awareness about quality healthcare are expected to drive the pharmaceutical industry and thus, boost the demand for pharmaceutical processing seals, globally.
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There are various types of pharmaceutical processing seals available in the market, namely, O-rings, gaskets, lip seals, and D seals. These seals are available in different grades, shapes, and sizes. The O-rings segment dominated the pharmaceutical processing seals market owing to its high demand in pharmaceutical manufacturing equipment. O-rings are used in pharmaceutical industry for applications such as cryogenic, bioprocessing, cleaning, and sterilization. These seals are used in pharmaceutical industry in agitators and hydraulic cylinders. The reason for the growth of the O-rings segment is its cost-effectiveness and wide range of applications.
On the basis of material, the pharmaceutical processing seals market is segmented into metals, PTFE, silicone, nitrile rubber, EPDM, and others. Metal is the largest type of material used in pharmaceutical processing seals. Metals are used in pharmaceutical sealing applications due to their properties such as excellent resistance to corrosion and stability in extreme pressure & temperature conditions. It is used for making O-rings, gaskets, diaphragms, and lip seals for pharmaceutical equipment. Metal-based pharmaceutical processing seals are used in agitators, mixers, reactors, gear boxes and heat exchangers.
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On the basis of application, the pharmaceutical processing seals market is segmented into manufacturing equipment and others. Manufacturing equipment is the largest and is projected to be the fastest-growing application for pharmaceutical processing seals. The global production of pharmaceutical drugs is expected to increase owing to factors such as increasing elderly population, incidences of chronic diseases and lifestyle diseases, and increasing healthcare expenditure, which are further expected to boost the demand for pharmaceutical manufacturing equipment, globally. Some of the manufacturing equipment types, which consume seals are agitators, blowers, boilers, centrifuges, chillers, dryers and granulators, heat exchangers, high pressure homogenizers, mixers, and sifters. The increasing global consumption of pharmaceutical manufacturing equipment is expected to boost the pharmaceutical processing seals market.
The pharmaceutical processing seals market in APAC is projected to register the highest CAGR between 2021 and 2026. The region is emerging as the fastest-growing market for pharmaceutical processing seals due to the growth of the healthcare sector in the region. In addition, the huge capital investment in capacity expansions, R&D, and new product developments across the pharmaceutical industry is boosting the demand for pharmaceutical manufacturing equipment, which will subsequently drive the pharmaceutical processing seals market in the region. The growth of the pharmaceutical industry is attributed to the shifting focus of pharmaceutical manufacturers toward the region owing to favorable regulatory conditions, developing healthcare industry, increasing population, and incidences of chronic diseases. Owing to the increased demand from the APAC market, Saint-Gobain S.A., Morgan Advanced Materials PLC and Garlock have expanded their sealing solution business in the region. These expansions are expected to help the company cater to the growing pharmaceutical processing seals market in the region.
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The companies are constantly exploring opportunities for expansion in the APAC region due to favorable trade initiatives proposed by the governments of the countries in the region for the expansion of pharmaceutical industry. These initiatives will open new opportunities for pharmaceutical processing seals manufacturers in the region.
The demand for pharmaceutical processing seals is mainly catered to by global players manufacturing these equipments for various end-use applications. The key players in the pharmaceutical processing seals market include Trelleborg AB (Sweden), Freudenberg Group (Germany), Flowserve Corporation (US), James Walker (UK), Parker Hannifin Corporation (US), Saint-Gobain S.A. (France), Garlock (US), John Crane (US), IDEX Corporation (US), and Morgan Advanced Materials Plc (UK). The pharmaceutical processing seals market report analyzes the key growth strategies adopted by the leading market players, between 2018 and 2020, which include expansion, joint venture, new product development, and merger & acquisition.
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