Pharmaceutical Processing Seals Market is Expec...

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The global pharmaceutical processing seals market is projected to grow from USD 2.1 billion in 2021 to USD 3.3 billion by 2026, at a CAGR of 10.0% during the forecast period. The favorable rules and regulations for pharmaceutical manufacturing in the developing regions such as APAC, the Middle East & Africa, and South America are expected to drive the pharmaceutical processing seals market. The consumption of pharmaceutical drugs is rapidly increasing at the global level especially, in the rapidly growing economies in APAC. In order to cater to the increasing demand for pharmaceutical drugs, there is an increase in the investments made in the pharmaceutical manufacturing equipment industry for capacity expansions and R&D activities. Expansion of the healthcare sector due to increasing population and improved awareness about quality healthcare are expected to drive the pharmaceutical industry and thus, boost the demand for pharmaceutical processing seals, globally. There are various types of pharmaceutical processing seals available in the market, namely, O-rings, gaskets, lip seals, and D seals. These seals are available in different grades, shapes, and sizes. The O-rings segment dominated the pharmaceutical processing seals market owing to its high demand in pharmaceutical manufacturing equipment. O-rings are used in pharmaceutical industry for applications such as cryogenic, bioprocessing, cleaning, and sterilization. These seals are used in pharmaceutical industry in agitators and hydraulic cylinders. The reason for the growth of the O-rings segment is its cost-effectiveness and wide range of applications. The pharmaceutical processing seals market in APAC is projected to register the highest CAGR between 2020 and 2026. The region is emerging as the fastest-growing market for pharmaceutical processing seals due to the growth of the healthcare sector in the region. In addition, the huge capital investment in capacity expansions, R&D, and new product developments across the pharmaceutical industry is boosting the demand for pharmaceutical manufacturing equipment, which will subsequently drive the pharmaceutical processing seals market in the region. The growth of the pharmaceutical industry is attributed to the shifting focus of pharmaceutical manufacturers toward the region owing to favorable regulatory conditions, developing healthcare industry, increasing population, and incidences of chronic diseases. Owing to the increased demand from the APAC market, Saint-Gobain S.A., Morgan Advanced Materials PLC and Garlock have expanded their sealing solution business in the region. These expansions are expected to help the company cater to the growing pharmaceutical processing seals market in the region. The companies are constantly exploring opportunities for expansion in the APAC region due to favorable trade initiatives proposed by the governments of the countries in the region for the expansion of pharmaceutical industry. These initiatives will open new opportunities for pharmaceutical processing seals manufacturers in the region.

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