The global machined seals market size is expected to grow by USD 203.24 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 2%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Machined Seals Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Machined Seals Market Analysis Report by End-user (automotive industry, heavy industry, machine tools industry, and others) and Geography (APAC, North America, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by the increasing demand for machined seals from the manufacturing industry. In addition, the stringent environmental regulations are anticipated to boost the growth of the Machined Seals Market.
Machined seals are highly adopted in industrial premises to ensure leakage protection in critical industrial equipment. Most industrial equipment such as valves, hoists, chain drives, and pneumatic tools have to continuously perform under harsh industrial environments. Thus, the adverse industrial conditions in process industries directly impact the performance of molded seals and lead to early wear of the material. Therefore, to resolve this issue, vendors are designing machined seals with high-quality materials so that they can handle heavy-duty operations in harsh environmental conditions. Fluoroprene is a fluorinated thermoplastic elastomer that fills the gap between the polytetrafluoroethylene (PTFE) and fluorocarbon rubber. Machined seals made of such materials offer superior fluid resistance and lower permeability to the fuels. As a result, the demand for machined seals is increasing in manufacturing