Global demand for gasket and seal products is expected to rise 3.3%, reaching $10.3 billion by 2023, according to a new study from The Freedonia Group.
This mature market is not generally dominated by fast growing product segments. End users of gaskets and seals are looking for basic components that can function effectively for longer lifespans, naturally limiting the potential for long-term sales growth. However, there are a few categories expected to see stronger advances than others in the coming years, including:
- Molded seals and packings: The Freedonia study estimates that molded seals and packings will post the most robust advances of any gasket and seal product through 2023, with demand expected to rise more than 4% annually. The favorable outlook for these products is partially dependent on gains in the machinery and processing equipment sectors, where molded seals and packings serve as critical components in hydraulic and other fluid power systems.
- Metallic gaskets: Metal is better, at least when it comes to gaskets. Metallic gaskets are set to outstrip their nonmetallic counterparts in demand terms by just over 1%, mainly owing to their improved performance capabilities across a wide range of applications, like process manufacturing, power plants, and motor vehicles and other transportation equipment.
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The Freedonia Group's Gaskets & Seals study examines the US gaskets and seals industry by product and market, with historical data and demand forecasts presented in value and volume terms. Other featured information includes pricing trends, technology and material trends, and market share by leading industry participants.
More information about this study can be found here: https://www.freedoniagroup.com/industry-study/gaskets-seals-3767.htm