NEW YORK, March 29, 2016 /PRNewswire/ -- Study coverage
This report presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by market, application and product for six world regions and 15 major countries. Total demand is given for an additional 10 countries. The study also considers key market environment factors, evaluates company market share, and profiles 32 global industry players.
Worldwide demand to rise 5.3% yearly through 2019
The world market for gaskets and seals is forecast to expand 5.3 percent per annum to $70.8 billion in 2019. Demand in many parts of the world will return to a more moderate pace of growth after recovering from 2009 recessionary lows through 2014. Healthy increases in motor vehicle production, machinery output, and electrical and electronic equipment production will bolster demand for gaskets and seals. In addition, growing fixed investment levels will lead to purchases of gasket and seal-containing vehicles and equipment. Furthermore, expanding demand for more expensive sealing products made from advanced materials will boost market value. However, greater utilization of better performing, longer lasting gaskets and seals will have a mixed effect on demand as initial value gains will be somewhat offset by decreased aftermarket sales opportunities.
Africa/Mideast, Asia/Pacific regions to grow fastest
The Africa/Mideast and Asia/Pacific regions will record the strongest growth in percentage terms through 2019. The Asia/Pacific region will be led by some of the fastest growing national markets in the world, such as India, Thailand, China, Indonesia, and Malaysia, all of which are expected to post motor vehicle production increases well above the global average through 2019. China surpassed the US to become the world's largest gasket and seal market in 2009, and by 2019 China is expected to represent over one-fourth of the world market. Gains in the Africa/Mideast region, on the other hand, will be bolstered by relatively small, fast growing markets in countries that are attempting to diversify away from resource extraction toward higher value manufactured goods.
More mature markets to also post demand increases
The more mature manufacturing economies of North America and Western Europe are also forecast to post gasket and seal demand increases through 2019, although growth will not be as strong as that expected in less developed regions. Gains in North America will be bolstered by strong growth in Mexico, where suppliers will benefit from healthy output growth in motor vehicle manufacturing. However, the US will continue to account for the majority of North American demand for the foreseeable future. Gasket and seal shipment growth will outpace demand in Western Europe through 2019. This region is home to several of the world's leading producers, and many of the countries in the region maintain sizable trade surpluses.
Electrical/electronic market to grow fastest
Every major market for gaskets and seals is expected to register healthy gains through 2019. Motor vehicle applications will continue to account for the largest share of product demand, bolstered by 3.9 percent yearly increases forecast in global automotive production. Increased fixed investment spending will stimulate growing machinery output, which will in turn lead to advances in associated sealing product sales. Electrical and electronic equipment production is forecast to rise 5.2 percent per year through 2019, which will benefit sealing product demand in this market. However, sales in this market will be held back to some degree by intense price competition as the gaskets and seals utilized here are largely low value, commodity products.
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