CLEVELAND, July 24, 2019 /PRNewswire/ -- According to a new Gaskets & Seals study from The Freedonia Group, US demand for these basic industrial components will be dominated by the transportation industry through 2023, with sales in the marine and rail equipment, and aerospace industries projected to outpace sales for all other end use markets.
More information about this study can be found here: https://www.freedoniagroup.com/industry-study/gaskets-seals-3767.htm
Marine & Rail Equipment: When it comes to marine and rail equipment, the Freedonia study predicts that sales of gaskets and seals is will rise 5.6% annually through 2023, making it the top market by demand growth. Several factors are factored into this estimate, including:
- An expected recovery in marine and rail equipment production
- Continued performance improvement in new sealing products for marine and rail equipment
- Ongoing replacement of caulks and sealants with O-rings in certain maritime applications
- Wide use of heavy-duty gaskets and seals (including metal and elastomer-bonded-to-metal types) in sealing propeller shafts from the exterior of a ship hull, a crucial marine application
Aerospace Market: Freedonia's Gaskets & Seals study asserts that demand in the aerospace market – which encompasses military and commercial aircraft, as well as space vehicles – is expected to increase nearly 5% per year through 2023. In particular, increases in aerospace equipment production (and a corresponding need for compatible high-quality sealing products) should spur demand.
Furthermore, a large aftermarket for the aerospace gaskets and seals should ensure further product segment growth, as gaskets and seals are typically replaced prior to the end of their lifespans in order to prevent failure during critical applications.
Motor Vehicles Market: The motor vehicles market will remain the leading gasket and seal market by end use through 2023. However, Freedonia's Gaskets & Seals study predicts below average gains in this subcategory, taking into account declines in automobile production and a leveling off in truck and van manufacturing.
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The Freedonia Group's Gaskets & Seals study examines the US 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.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group