New York, NY -- (SBWire) -- 10/31/2018 --Lip Seals Market: Introduction

Lip seals are also called oil seals, or hydraulic cylinder seals, or shaft seals. Lip seals are used in the oil and gas industry to prevent the contamination or depressurization of rotating shafts. Lip seals are specially designed in a wide variety of sizes, shapes, and compositions to suit the equipment in which they need be installed.

The global lip seals market is matured, and the advancements in creating lip seals in different composite material are driving the market. The global lip seals market is fragmented, as there are regional players present. The primary function of lip seals is to protect the internal components in the sealing system, bearing, and other rotating components, as these components are prone to wear and tear from external contamination. The use of lip seals in conjunction with back-up rings in deep-hole tool equipment enhances the strength and extrusion resistance during upstream operations.

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Advancements in new composite lip seals and customized lip seals meet the challenges of aggressive chemicals, and extreme temperature and pressure in the oil and gas industry. Under low pressure conditions in oil and gas operations, these lip seals are used to increase the sealing force, which allows them to be used in low and high pressure applications. In addition to that, as oil and gas operators go deep in onshore and offshore operations, the market for lip seals is expected to experience a growth momentum during the forecast period.

Lip Seals Market: Market Dynamics

The key driving factor for the growth of the global lip seals market is growing upstream operations in the oil and gas industry. Since the oil and gas industry is recovering from the crude oil crisis, it is estimated that, offshore operations will drive the lip seals market during the forecast period. The continual demand of lip seals from oil and gas operations has resulted in new techniques and equipment for deep well drilling.

Selecting a correct lip seal depending upon the hardware that is being used in the hydraulic application is a critical factor, and failure in selection criteria will lead to operational dysfunctions. In addition to that, material selection of the lip seal based on the shaft becomes a challenging criterion, as failure in material selection increases energy issues and reduces operational effectiveness.

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Lip Seals Market: Regional Outlook

North America is the leading marketplace for the global lip seals market, and it is due to the adoption of customized lip seals by oil and gas operators in the region. In addition to this, the growing demand for oil and gas resources from developing economies such as China, India, Brazil, and Nigeria for consumption has enhanced oil and gas operations, which is driving the lip seals market.

Middle Eastern countries are expected to play a crucial role in the growth of the global lip seals market during the forecast period. Research and development in creating new and innovative lip seals will drive the global market. Advancement are taking place in lip seals to ensure a comprehensive sealing solution for uni-directional stress installations in either reciprocating dynamic or static applications. Such developments will drive the global lip seals market.

The research report presents a comprehensive assessment of the market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, configuration, material, shaft, and end use.

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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.