World Demand for Gaskets & Seals to Exceed $70 Billion in 2019
By MRO Staff
December 24, 2015
By MRO Staff
Cleveland, OH – World demand for gaskets and seals is forecast to rise a healthy 5.3 percent per annum to $70.8 billion in 2019. Growth will be supported by ongoing increases in fixed investment expenditures and expanding durable goods output. Ongoing development of better performing, more durable products will bolster sales to some degree, although this will be partially offset by longer replacement cycles occasioned by more durable gaskets and seals. These and other trends are presented in World Gaskets & Seals, a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
India is forecast to post the fastest gains of any major national market through 2019, supported by ongoing expansion of the country’s manufacturing sector, with particularly strong growth expected in motor vehicle production. Analyst Brendan Eyre notes, however, “China will post by far the largest advances in value terms, with annual gasket and seal sales in the country projected to rise by $6.4 billion from 2014 to 2019.” Market advances in the country will be stimulated by robust economic growth, ongoing increases in business investment spending, strong gains in manufacturing output, and healthy levels of motor vehicle production and sales. A number of smaller national markets – including Indonesia, Thailand, Turkey and Malaysia – are expected to register healthy sales advances as well.
Gasket and seal demand in the U.S. and Western Europe is forecast to increase at more moderate rates, slowing from the recovery-driven increases recorded during the 2009-2014 period. Growth in the U.S. in particular will be held back to some degree by the less than one percent yearly growth in motor vehicle production expected through 2019.
|WORLD GASKET & SEAL DEMAND|
|% Annual Growth|
|Gasket & Seal Demand||37020||54650||70800||8.1||5.3|
|Central & South America||1790||2105||2705||3.3||5.1|
For more information, visit www.freedoniagroup.com.