The pharmaceutical processing seals market is estimated to be USD 1.8 Billion in 2018 and is projected to reach USD 2.4 Billion by 2023, at a CAGR of 6.0%

NEW YORK, March 11, 2019 /PRNewswire/ --

The growth in the manufacturing equipment application is expected to drive the pharmaceutical processing seals market.

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The pharmaceutical processing seals market is estimated to be USD 1.8 Billion in 2018 and is projected to reach USD 2.4 Billion by 2023, at a CAGR of 6.0%. Manufacturing equipment is the major application of pharmaceutical processing seals. Capacity expansion and constant innovation in the pharmaceutical industry are expected to drive the demand for pharmaceutical processing seals. North America is the major consumer of pharmaceutical manufacturing equipment; the presence of strong healthcare sector in the region is driving the pharmaceutical industry and thus, boosting the market for pharmaceutical processing seals. The high demand for new and improved equipment with greater stability and performance used in pharmaceutical manufacturing is likely to generate a positive impact on the growth of the pharmaceutical processing seals market. This overall growth in the demand for pharmaceutical manufacturing equipment is expected to drive the pharmaceutical processing seals market.

O-rings accounted for the largest market share in pharmaceutical processing seals market.
O-rings accounted for the largest market share in the pharmaceutical processing seals market.O-rings are used in pharmaceutical equipment used during the manufacturing of pharmaceutical drugs.

The increasing demand for pharmaceutical processing seals is driven by the growth of the pharmaceutical manufacturing sector.The factors contributing to the growth of pharmaceutical sector, globally are increasing incidences of chronic diseases and lifestyle diseases, growing elderly population, and improved healthcare system.

O-rings are used in applications such as cryogenic, bioprocessing, and others. The type of equipment, which highly consumes O-rings are agitators and hydraulic cylinders, the huge consumption of which, is expected to drive the pharmaceutical processing seals market, globally.

Silicone is the fastest-growing material for pharmaceutical processing seals.

Silicone is estimated to be the fastest-growing material for pharmaceutical processing seals between 2018 and 2023.Silicone is preferred in the pharmaceutical industry due to its properties such as flexibility and stability in extreme pressure and temperature conditions, chemical inertness, and minimal bacterial growth.

Silicone is the apt material for pharmaceutical processing seals used in pharmaceutical equipment when purity and cleanliness is highly concerned.It is used in pharmaceutical industry for manufacturing O-rings, diaphragms, elastomer seals, and gaskets.

The growth in the consumption of these seals in pharmaceutical equipment is expected to drive the market for silicone-based pharmaceutical processing seals, globally.

North America is the largest market for pharmaceutical processing seals.

North America was the largest market for pharmaceutical processing seals in 2017, owing to the presence of strong and developed pharmaceutical industry in the region.North America consists of some of the major pharmaceutical markets of the world, such as the US and Mexico.

The huge production of pharmaceutical drugs in the region has boosted the pharmaceutical equipment market which has increased the demand for pharmaceutical processing seals.Factors contributing to the increased pharmaceutical production in the region are huge demand for generic and biosimilar drugs, huge healthcare expenditure, increasing elderly population, and growing incidence of lifestyle diseases.

The huge production and consumption of pharmaceuticals in the region is expected to drive the pharmaceutical processing seals market.

Extensive primary interviews were conducted in the process of determining and verifying sizes of the type, material, and application segments of the pharmaceutical processing seals market gathered through secondary research.
The break-up of primary interviews has been given below.
• By Company Type: Tier 1 – 45%, Tier 2 – 33%, and Tier 3 – 22%
• By Designation: C Level Executives – 40%, Director Level – 40%, Others – 20%
• By Region: North America – 30%, Europe – 50%, APAC – 10%, South America – 10%

The key companies profiled in this report for 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).

Research Coverage
The pharmaceutical processing seals market has been segmented based on type, material, application, and region.This report covers the pharmaceutical processing seals market and forecasts its market size till 2023.

It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the pharmaceutical processing seals market.The report also provides insights into the driving and restraining factors in the pharmaceutical processing seals market along with opportunities and challenges across the market.

The report also includes profiles of top manufacturers in the pharmaceutical processing seals market.

Reasons to Buy the Report

The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the pharmaceutical processing market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the pharmaceutical processing seals market and provide information on key market drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the pharmaceutical processing seals market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies such as new product launch, merger & acquisition, joint venture, and expansion.

Read the full report: https://www.reportlinker.com/p05751893

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