The growing healthcare sector and increasing consumption of pharmaceutical drugs are driving the demand for Pharmaceutical Processing Seals Market.
Market Size – USD 1.76 Billion in 2018, Market Growth – CAGR of 5.8%, Market Trends – Advancement in technology and investment in R&D.
The global pharmaceutical processing seals market is forecast to reach USD 2.78 Billion by 2026, according to a new report by Reports and Data. The standard for pharmaceutical processing seals is quite high, owing to the demand for cleanliness and hygiene. Strict legal guidelines and purity requirements always need to be implemented.
Seals come in direct contact with a different variety of media at fluctuating pressures and temperatures; thus, they must be completely free of hazards and side effects. Not only should they unfailingly prevent process changes or product contamination, but they must also not impair any active agents through interactions or the transfer of sealing components.
The high demand for new and improved equipment with higher stability and performance used in pharmaceutical manufacturing is anticipated to generate a positive impact on the growth of the market.
North America held a market share of 31.5% in the year 2018. Huge consumption and high demand for innovative and new pharmaceutical drugs owing to the established healthcare companies are boosting the market growth in the region. Rising consumption of pharmaceutical manufacturing equipment in turn is expected to propel the market for pharmaceutical processing seals in the region.
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The report initially offers market introduction, market overview, product scope, market opportunities, growth prospects, risks, limitations, and key drivers. The report also covers a comprehensive analysis of the competitive landscape with extensive profiling of the key competitors. It covers recent technological advancements, product developments, product launches, mergers and acquisitions, collaborations, joint ventures, and partnerships.
Key Companies in the market include:
Saint-Gobain, Flowserve Corporation, Garlock, Idex Corporation, Techno Ad Ltd., Trelleborg, Parker Hannifin Corporation, Morgan Advanced Materials, Marco Rubber & Plastic Products Inc., and Technetics Group, among others.
Further key findings from the report suggest
- O-Rings held a market share of 34.2% in the year 2018. It offers the designer an efficient and economical sealing element for a wide range of dynamic applications. The production methods of these rings are inexpensive, and the ease of application makes it the most commonly used processing seal.
- Manufacturing equipment is forecasted to grow with a CAGR of 5.9% during the forecast period. These equipment are used in the pharmaceutical industry for the production of pharmaceutical compounds. Growth of the healthcare industry due to the rising population and growing incidences of chronic diseases and rising expenditure in healthcare are increasing the demand for manufacturing equipment.
- Metals are generally used for pharmaceutical processing due to their ability to withstand extreme temperature and pressure, chemical reactions, non-reactiveness from process fluids. They are also resistant to toxic chemicals and prevent contamination and leakage. Metals held the largest market share of 25.6% in the year 2018.
- Asia Pacific is forecasted to grow with a CAGR of 6.0% during the forecast period. The growing healthcare sector, coupled with high demand for over the counter drugs, are driving the market in the region. Favorable rules and regulations by the governments in the Asia Pacific region have also encouraged market growth.
Market segment analysis:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Lip Seals
- D Seals
Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Nitrile Rubber
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Manufacturing Equipment
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
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Regional analysis further covers a country-wise analysis to offer insights into key trends and demands in each major country that might affect the growth of the market in the region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Key Features of the Global Pharmaceutical Processing Seals Market Report:
- Comprehensive analysis of the key players operating in the market along with their SWOT analysis, their business profiles, business overview, market share, global position, and market value
- Identification and analysis of significant trends and factors driving revenue growth of the market
- Analysis of the competitive landscape along with strategic mergers, expansions, agreements, partnerships, joint ventures, acquisitions, and product launches
- Assessment of each market segment along with their growth trends and market revenue contribution
- Study of the key regions to pinpoint growth potential and study opportunities, threats, limitations, and risks
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