Gasket & Seal Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
NAICS OD5682Revenue
$7.0bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
30,999
Businesses
406
Wages
$X.Xbn
Gasket & Seal Manufacturing in the US industry analysis
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.
Trends and Insights
- Sharp contraction in manufacturing due to COVID-19 dampens revenue growth. Operators endured significantly lowered demand for seals and gaskets due to lower manufacturing output from downstream manufacturers.
- Using metallic gaskets creates strong revenue stream for operators. Using metallic gaskets for heavy-duty applications ensures customers with significant projects will require these gaskets to ensure their goods run properly.
- High saturation of manufacturers boosts establishment growth. Regions that house significant manufacturing and industrial customers have a higher appeal among operators due to their robust demand for seals and gaskets within their product stream.
- Implementing market-friendly pricing enhances internal competition. Operators that set competitive pricing to offset their competition and attract a larger array of manufacturers will gain a competitive edge.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 3.9 % over the past five years, to reach an estimated $7.0bn in 2023.
Trends and Insights
Economic volatility during COVID-19 hampers manufacturing output
- Gasket and seal manufacturers are highly dependent on consistent manufacturing output to ensure their products reach a variety of industrial customers.
- Additional trends and insights available with purchase
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Economic recovery will accelerate manufacturing output from downstream manufacturers
- With stable economic conditions following COVID-19 and recovering global supply chains, seal and gasket manufacturers are poised to enjoy a new wave of manufacturing output and demand from downstream markets.
Biggest companies in the Gasket & Seal Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 | Profit ($short_0)
2023 | Profit Margin (%)
2023 |
|---|
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.
Products & Services Segmentation
Gasket & Seal Manufacturing in the US
Products & Services
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.
Trends and Insights
Robust manufacturer demand enhances metallic gasket sales
- This product segment generates revenue from the sales of metallic gaskets, which are fabricated from various metals such as aluminum, copper, steel or brass.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Metal Stamping & Forging in the US
- Valve Manufacturing in the US
- Pump & Compressor Manufacturing in the US
- Forklift & Conveyor Manufacturing in the US
- Power Tools & Other General Purpose Machinery Manufacturing in the US
International industries
- Global Car & Automobile Manufacturing
- Motor Vehicle Manufacturing in Australia
- Motor Vehicle and Parts Manufacturing in New Zealand
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Manufacturing metallic gasketsManufacturing nonmetallic gasketsManufacturing molded packing and sealsManufacturing axial sealsManufacturing rotary sealsManufacturing compressions packingManufacturing rubber seals and gasketsCompanies
Purchase this report to view all major companies in this industry.
Related Terms
GASKETSEALPACKINGROTARY SEALAXIAL SEALO-RINGSIndustry Code
NAICS 33999 - Gasket & Seal Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Using metallic gaskets creates strong revenue stream for operators. Using metallic gaskets for heavy-duty applications ensures customers with significant projects will requir...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
High saturation of manufacturers boosts establishment growth. Regions that house significant manufacturing and industrial customers have a higher appeal among operators due t...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
Implementing market-friendly pricing enhances internal competition. Operators that set competitive pricing to offset their competition and attract a larger array of manufactu...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
No major companies operate within the industry. The high fragmentation of manufacturers’ facilities, coupled with a diversified customer base, creates difficulty to consolida...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
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...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
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...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
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:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Gasket & Seal Manufacturing in the US industry in United States in 2024?
The market size of the Gasket & Seal Manufacturing in the US industry in United States is $7.0bn in 2024.
How many businesses are there in the Gasket & Seal Manufacturing in the US industry in 2023?
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.
Has the Gasket & Seal Manufacturing in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Gasket & Seal Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Gasket & Seal Manufacturing in the US industry in United States is expected to grow.
What does the Gasket & Seal Manufacturing in the US in United States include?
Manufacturing metallic gaskets and Manufacturing nonmetallic gaskets are part of the Gasket & Seal Manufacturing in the US industry.
How competitive is the Gasket & Seal Manufacturing in the US industry in United States?
The level of competition is high and increasing in the Gasket & Seal Manufacturing in the US industry in United States.
