CAGR: 9.2%Current Market Size: USD 1.9 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2021-2028Base Year: 2020
The global pharmaceutical processing seals market is expected to grow from USD 1.9 Billion in 2020 to USD 3.8 Billion by 2028, at a CAGR of 9.2% during the Projection period 2021-2028. This growth of the pharmaceutical processing seals market is significantly driven by demand for innovative and new pharmaceutical manufacturing equipment along with the continuous research and development activities in this sector.
Pharmaceutical industry comprises of processes and applications, all of which have individual requirements. For instance, manufacture of finished pharmaceuticals requires chemical resistance of sealing materials to various solvents and educts. Pharmaceutical processing seals are being used in the methodology applied to blend, refine, and cultivate the pharmaceuticals’ ingredients and by-products. It functions as a beneficial sealant and reduced risk of cross-contamination. In addition to this, it keeps equipment lubricated and therefore, improves performance efficiency.
The sealing solutions are essential entity for a variety of industrial applications, mainly across the pharmaceuticals and medical industries.
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Market Dynamics
Drivers
Factors such as rapidly growing population, rise in disposable income of the population, and the growing middle class in emerging nations has led to the rising demand for over-the-counter drugs. While on the other hand, chronic diseases have become the most prevalent and costly health conditions in the U.S.; with around 45%, or 133 million of all Americans suffers from at least one chronic disease. The aforementioned factors boosts demand for pharmaceutical products, fueling growth of the pharmaceutical processing Seals market.
The global healthcare sector is one of the highest growth industries due to a rapidly aging population, the rising proportion of lifestyle diseases, and an increasing middle class. For instance, according to the Bureau of Labor Statistics, over 14.3 million people are employed in the healthcare industry. The growth of the healthcare sector boosts the consumption of pharmaceutical drugs. Hence, this factor is fueling the growth of the pharmaceutical processing seals market.
Restraints
A number of governments across the globe are imposing regulations on pharmaceutical companies to protect their populations from harmful drug effects. In addition, there is rising demand for hygiene and cleanliness; however, the standard for seals for pharmaceutical processing is fairly high. Hence, strict legal guidelines and requirements for purity are being implemented. This factor may hamper the growth of the global pharmaceutical processing seals market.
Opportunities
A growing number of pharmaceutical companies are investing in the development of new drugs. This has paved the way for advancements in both the pharmaceutical products as well as packaging sectors. This is expected to create lucrative growth opportunities for pharmaceutical processing seals with emerging of new technologies in these fields. In addition to this, the incorporation of Industry 4.0 in the pharmaceutical industry is projected to be opportunistic for the market players in the pharmaceutical processing seals market during the Projection period.
Challenges
Owing to the unprecedented crisis of COVID-19, a number of countries have employed nationwide lockdowns. This has caused significant economic downturns across the globe. For instance, according to the latest UNCTAD data, in the first quarter of 2020 because of the COVID-19 pandemic there was a 3% drop in values of global trade. Also, disruption of the supply chain, suspension of manufacturing operation, and declining demand for industrial goods had posed several challenges to the market players.
Segmentation Analysis
The global pharmaceutical processing seals market has been segmented based on Type, Material, application, and region.
By Type
By Material
By Application
By Regional Analysis
The regions analyzed for the pharmaceutical processing seals market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North American region dominated the pharmaceutical processing seals market and held the 40.30% share of the market revenue in 2020.
Key Industry Players Analysis
Key market players are focusing on collaborations to improve their position in the market
The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global Pharmaceutical Processing Seals industry.
For instance, Sil-Pro was acquired by Trelleborg in February 2019. After the acquisition was done, Trelleborg Sealing Solutions expanded its offering of services and product in the healthcare and medical industry.
In July 2019, Perlast® Helios G7HA seal was introduced by Precision Polymer Engineering (PPE) which is a manufacturer of high-performance sealing technology. It is a high purity perfluoroelastomer (FFKM) that offers plasma resistance and long-term mechanical performance in high-temperature semiconductor applications.
In January 2018, Parker Hannifin, the diversified manufacturer of control and motion technologies and systems, has announced the creation of a new division, Parker Bioscience Filtration Division. This division is projected to deliver food & beverage, international bioprocessing, and healthcare solutions.
Latest Development
Report Metrics
Report Attribute |
Details |
Projection period |
2021-2028 |
Base year considered |
2020 |
CAGR (%) |
9.2% |
Market Size |
1.9 Billion in 2020 |
Projection unit |
Value (USD) |
Segments covered |
Type, Material, Application, and Region |
Report Scope |
Revenue Projection , competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Trelleborg AB, Freudenberg Group, Flowserve Corporation, James Walker, Parker Hannifin Corporation, Saint-Gobain S.A., Garlock, John Crane, IDEX Corporation, and Morgan Advanced Materials Plc among others. |
By Type |
|
By Material |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Pharmaceutical Processing Seals Market by Type:
Global Pharmaceutical Processing Seals Market by Material:
Global Pharmaceutical Processing Seals Market by Application:
Global Pharmaceutical Processing Seals Market by Region:
Global pharmaceutical processing seals market is expected to reach USD 3.8 Billion by 2028, at a CAGR of 9.2% from 2021 to 2028.
The global Pharmaceutical Processing Seals market has been segmented based on type, material, application, and region
leading market players active in the global pharmaceutical processing seals market are Trelleborg AB, Freudenberg Group, Flowserve Corporation, James Walker, Parker Hannifin Corporation, Saint-Gobain S.A., Garlock, John Crane, IDEX Corporation, and Morgan Advanced Materials Plc among others.
Rising demand for over-the-counter drugs along with the prevalence of chronic diseases primarily drives the growth of the Pharmaceutical Processing Seals market.
The unprecedented crisis of COVID-19, a number of countries have employed nationwide lockdowns caused a significant economic downturn across the globe. For instance, according to the latest UNCTAD data, the COVID-19 pandemic led to a 3% drop in global trade values in the first quarter of 2020. However, demand for pharmaceutical industry goods has risen, supporting the growth of the pharmaceutical processing seals market.
Based on the sales revenue, product offering, and regional presence, the companies are selected.
Demand for innovative and new pharmaceutical manufacturing equipment along with the continuous research and development activities in this sector.
The regions analyzed for the Pharmaceutical Processing Seals market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Political- A number of governments across the globe are imposing regulations on pharmaceutical companies to protect their populations from harmful drug effects. In addition, there is rising demand for hygiene and cleanliness; however, the standard for seals for pharmaceutical processing is fairly high. Hence, strict legal guidelines and requirements for purity are being implemented. This factor may hamper the growth of the global pharmaceutical processing seals market.
Economic- Owing to the unprecedented crisis of COVID-19, a number of countries have employed nationwide lockdowns. This has caused significant economic downturns across the globe. For instance, according to the latest UNCTAD data, in the first quarter of 2020 because of the COVID-19 pandemic there was a 3% drop in values of global trade. Also, disruption of the supply chain, suspension of manufacturing operation, and declining demand for industrial goods had posed several challenges to the market players.
Social- Significant rise in consumption along with the demand for innovative pharmaceutical products due to the strong healthcare sector primarily boosts the growth of the North American pharmaceutical processing seals market. In addition to this, the region is home to mass productions houses coupled with the advanced supply chain, fueling the market size. The Asia-Pacific region is likely to register significant growth during the Projection period due to the growing pharmaceutical processing seals industry primarily in India, Korea, China, and the southeast Asian countries. Further, rapid industrialization and urbanization coupled with an increased investment towards efficient and smart technology as well as increased per capita income are expected to boost the growth of the market in the upcoming future.
Technological- A growing number of pharmaceutical companies are investing in the development of new drugs. This has paved the way for advancements in both the pharmaceutical products as well as packaging sectors. This is expected to create lucrative growth opportunities for pharmaceutical processing seals with emerging of new technologies in these fields. In addition to this, the incorporation of Industry 4.0 in the pharmaceutical industry is projected to be opportunistic for the market players in the pharmaceutical processing seals market during the Projection period.
Environmental- Metals are preferred for pharmaceutical processing seals owing to their ability to withstand extreme temperatures, chemicals reactions, and pressure; non-reactive from process fluids; resistance to toxic chemicals; and prevention from leakage and contamination. However excessive usage of metals cause pollution and can damage the surroundings. For this the government is taking steps for improvement.
Legal- Flowserve Corporation, a provider of flow control products and services for the global infrastructure markets, signed the agreements to provide the main pumps for Taweelah and Rabigh-3, the two large seawater reverse osmosis (SWRO) desalination plants. Trelleborg Healthcare & Medical launched its Rapid Development Center in Delano, Minn. This facility is projected to provide Trelleborg’s global healthcare and medical customers a single partner for design, development, rapid prototyping, and serial production, ensuring scalability and cost control of customers’ solutions.
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