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US demand to rise 3.8% annually through 2018
The US market for gaskets and seals is expected to expand 3.8 percent annually through 2018 to $10.6 billion, growing roughly in line with industry demand between 2008 and 2013. Gasket and seal manufacturers will benefit from growing motor vehicle output, machinery shipments, and capital spending. Increasing demand for more expensive sealing products made from advanced materials will also support gasket and seal dollar growth. However, greater utilization of better performing, longer lasting products will have a mixed effect as initial value advances will be somewhat offset by decreased aftermarket sales.
Compression packings, molded seals & packings among best opportunities
Compression packings and molded seals and packings will register the most rapid sales advances among sealing categories, while demand for expanded graphite gaskets will grow the fastest among gasketing products. Sales of compression packings and molded seals and packings will be primarily fueled by a favorable outlook for machinery shipments. The improved durability of compression packings and molded seals and packings will further support dollar gains. Rising motor vehicle output and machinery production will spur demand for expanded graphite gaskets, which will continue to replace more traditional gasketing materials in a number of motor vehicle and machinery applications due to their superior chemical and temperature resistance.
Electrical, electronic products to lead market gains
Electrical and electronic products are forecast to post the most rapid gains of any major gasket and seal market through 2018. Higher output of measuring and controlling instruments, as well as an upturn in computer and electronic equipment shipments after an extended period of decline, will bolster product demand. However, due to their much larger size, the motor vehicle and machinery markets will provide greater sales opportunities for gasket and seal suppliers. Increases in motor vehicle production, as well as in the number of motor vehicles in use, will stimulate associated gasket and seal demand. Greater use of better performing, higher-priced gaskets and seals will further boost sales in value terms. Manufacturers of gaskets and seals used in the machinery industry will benefit from continued growth in capital spending and a strong aftermarket created by harsh operating environments. Original equipment manufacturing (OEM) applications accounted for 64 percent of all gasket and seal demand in 2013, although this percentage varies from industry to industry. For example, in both the aerospace and machinery markets, aftermarket sales were larger than OEM. In contrast, aftermarket demand made up just 29 percent of all electric and electronic product gasket and seal demand in 2013, reflecting the shorter lifespans of many end-use products in this market.
Developing countries to capture more foreign trade
Foreign trade is an increasingly important factor in the US gasket and seal industry, largely due to the globalization of many important OEM markets. The majority of US trade in these products is conducted with other developed nations, although developing countries are expected to account for an increasingly large share of both exports from and imports to the US.
This upcoming industry study, Gaskets & Seals, presents historical demand data for 2003, 2008 and 2013, plus forecasts for 2018 and 2023 by product and market. The study also considers market environment factors, evaluates company market share and profiles 34 industry players such as Cooper-Standard, EnPro Industries and Parker-Hannifin.
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