$7.0bn
$XXX.Xm
30,999
406
$X.Xbn
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' revenue volatility is attributable to its sensitivity to commodity prices and global industrial output. Given the essential role of gaskets and seals in oil and gas infrastructure, revenue is especially sensitive to crude oil and natural gas prices. These prices have hit record highs in recent years, as inflationary pressures have risen from supply chain issues, bolstering demand. The value of non-residential private construction fell in recent years, as rising interest rates and global supply chain problems slowed down the ability to meet global operator demand. Additionally, global industrial output plays a large role in operators' financial performance, as nearly half of revenue is satisfied by exports. Operators' profit margin is expected to reach 9.0% in 2023 as capacity utilization recovers as the economy reopens following the height of the pandemic.Over the next five years, IBISWorld expects gasket and seal manufacturers to resume expansion as commodity prices stabilize and industrial output increases. IBISWorld expects the industrial production index to rebound over the next five years, primarily due to more favorable operating conditions as per capita disposable income grows. However, continued uncertainty surrounding rising interest rates to combat continued inflation and the long-term effects of recently implemented protectionist trade policies represent potential threats to operators' performance. Taking these factors into account, IBISWorld expects revenue to grow at a CAGR of 1.8% to an estimated $7.6 billion over the next five years.
Industry revenue has declined at a CAGR of 3.9 % over the past five years, to reach an estimated $7.0bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
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There are no companies that hold a large enough market share in the Gasket & Seal Manufacturing in the US industry for IBISWorld to include in this product.
Gasket & Seal Manufacturing in the US
Industry revenue is measured across several distinct product and services lines, including Nonmetallic gaskets, Packing and seals, molded and Metallic gaskets. Nonmetallic gaskets is the largest segment of the Gasket & Seal Manufacturing in the US.
Robust manufacturer demand enhances metallic gasket sales
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.
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NAICS 33999 - Gasket & Seal Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Sharp contraction in manufacturing due to COVID-19 dampens revenue growth. Operators endured significantly lowered demand for seals and gaskets due to lower manufacturing out...
Learn about an industry's products and services, markets and trends in international trade.
Using metallic gaskets creates strong revenue stream for operators. Using metallic gaskets for heavy-duty applications ensures customers with significant projects will requir...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
High saturation of manufacturers boosts establishment growth. Regions that house significant manufacturing and industrial customers have a higher appeal among operators due t...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Implementing market-friendly pricing enhances internal competition. Operators that set competitive pricing to offset their competition and attract a larger array of manufactu...
Learn about the performance of the top companies in the industry.
No major companies operate within the industry. The high fragmentation of manufacturers’ facilities, coupled with a diversified customer base, creates difficulty to consolida...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Sharply declining new car sales harms a core revenue stream. As fewer consumers purchase new cars, automotive manufacturers suffer from lower demand, which lowers their prope...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Consistent manufacturing demand maintains steady profit for operators. As manufacturing output grows and industrial production is on the rise, operators will be able to facil...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Gasket & Seal Manufacturing in the US industry in United States is $7.0bn in 2024.
There are 406 businesses in the Gasket & Seal Manufacturing in the US industry in United States, which has declined at a CAGR of 3.6 % between 2018 and 2023.
The market size of the Gasket & Seal Manufacturing in the US industry in United States has been declining at a CAGR of 3.9 % between 2018 and 2023.
Over the next five years, the Gasket & Seal Manufacturing in the US industry in United States is expected to grow.
Manufacturing metallic gaskets and Manufacturing nonmetallic gaskets are part of the Gasket & Seal Manufacturing in the US industry.
The level of competition is high and increasing in the Gasket & Seal Manufacturing in the US industry in United States.