The “Pharmaceutical Processing Seals Global Market Report 2022, By Type, Material, Application” report has been added to ResearchAndMarkets.com’s offering.
The global pharmaceutical processing seals market is expected to grow from $1.80 billion in 2021 to $2.03 billion in 2022 at a compound annual growth rate (CAGR) of 12.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.79 billion in 2026 at a CAGR of 8.3%.
The main types of pharmaceutical processing seals are O-rings, gaskets, lip seals, D seals, and others. O-ring seals are used to prevent leaks from pumps, valves, cylinders, and connectors used in pharmaceutical processing. The different materials include metals, PTFE, silicone, nitrile rubber, EPDM, others and are used in various applications such as manufacturing equipment, agitators, mixers, reactors, gear boxes, and others.
North America was the largest region in the pharmaceutical processing seals market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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The rise in chronic diseases is significantly contributing to the growth of the pharmaceutical processing seals market. Chronic diseases are defined as conditions that last more than a year and require ongoing medical care; they are global, national health issues that involve mortality and morbidity. These include heart disease, cancer, and diabetes.
The rise in chronic diseases is driving up demand for pharmaceuticals, which in turn is driving up demand for pharmaceutical processing seals. For instance, according to the International Diabetes Federation, in 2021, 537 million adults are suffering from diabetes worldwide, which is a huge increase as compared to 463 million adults living with diabetes in 2019.
Technological advancements are shaping the pharmaceutical processing seals market. Major companies operating in the pharmaceutical processing seals sector are focused on developing new technological solutions to meet consumer demand and strengthen their position.
For instance, in November 2021, Crawford Packaging, a UK-based packaging machines company launched Evolution S, the top seal packaging technology machinery with advanced tray sealing solution manufactured by Packaging Automation Ltd. Evolution S – Packing Automation has developed the world’s most efficient tray sealing technology, raising the bar for precision and fast sealing rates while decreasing the packaging area’s necessary footprint in a single lane configuration.
Source: PR Newswire
