3 Reasons Pharmaceutical Processing Seals Will Grow Through 2023
Recently, the latest global forecast for the pharmaceutical processing seals market through 2023 was recently issued by Research and Markets, a market research store. According to the report, this sector was $1.8 billion (USD) in 2018 and will reach $2.4 billion by 2023, at a CAGR of 6.0 percent.
According to a recent post from Empowering Pumps, manufacturing equipment is the major application for pharmaceutical processing seals, and North America is a leading global consumer of this type of equipment, such as pumps.
“Growth within manufacturing equipment applications is expected to drive the pharmaceutical processing seals market moving forward,” the article stated.
What does this news mean for the fluid sealing industry?
O-rings are frequently used during the manufacture of pharmaceutical drugs. In fact, they accounted for the largest market share in this sector of the market.
Why the pharmaceutical processing seals market will flourish
The growth of this sector drives the increasing demand. Contributing factors for this growth include:
- Increasing incidences of chronic diseases and lifestyle diseases
- A growing elderly population
- An improved healthcare system
O-rings are used in applications such as cryogenic, bioprocessing, oil and gas, and hydraulics. The type of equipment that highly consumes O-rings are agitators and hydraulic cylinders. This huge consumption should drive this market globally.
For more information, please read the full release on the market forecast.