Gasket & Seal Manufacturing in the US - Industry Market Research Report
Gasket & Seal Manufacturing
Over the five years to 2018, industry revenue has declined due to several macroeconomic factors, including weakened demand from emerging markets, volatile commodity prices and a strengthening US dollar. The culmination of these economic events resulted in particularly difficult operation conditions for the industry's downstream markets, including the oil and gas industries and manufacturing sector. This decline followed a period of rapid growth; the industry's revenue volatility is attributable to its sensitivity to commodity prices and global industrial output. In particular, industry revenue is especially sensitive to crude oil prices. Over the five years to 2023, IBISWorld expects the Gasket and Seal Manufacturing industry to expand as commodity prices stabilize and industrial output increases. As a result, industry revenue is expected to increase during the outlook period, largely due to steady growth in industrial production.
This industry primarily manufactures gaskets, packing and sealing devices of all materials, including molded, metallic and nonmetallic materials. Gaskets are mechanical components used to create seals at the point of connection between two pieces of equipment, while packing and seals are usually ring-shaped components that prohibit or limit the leakage of fluid from a device in a pneumatic or hydraulic system.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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