Gasket & Seal Manufacturing in the US - Industry Market Research Report

Gasket & Seal Manufacturing in the US - Industry Market Research Report

Gasket & Seal Manufacturing in the US

Through the end of 2023, gasket and seal manufacturers endured notable hardship, primarily due to the economic contraction brought on by COVID-19. Shutdowns across manufacturing sectors weakened demand for operators' products, in addition to the steep drop in demand for crude oil and natural gas hampering demand from extraction industries. Gasket and seal manufacturers are also highly globalized, so pandemic-related disruptions to supply chains hampered revenue as well. Growth in recent years as downstream industries recover, including an estimated boost of 2.3% in 2023 alone, has not been enough to offset these declines. These trends are expected to cause revenue to fall at a CAGR of 3.9% to an estimated $7.0 billion through the end of 2023.

Operators 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.