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North American Gaskets Market
Frost & Sullivan, March 2009, Pages: 72
This research service deals with North American gaskets market, market drivers, restraints, revenue forecasts of the overall market, geographic analysis, end-user analysis and market share analysis for industrial gaskets and gaskets in automotive and transportation.
This Frost & Sullivan research service titled North American Gaskets Market provides market drivers and industry challenges for the North American industrial and automotive segments. It also offers a snapshot of geographic trends and end-user analysis. In this research, Frost & Sullivan's expert analysts thoroughly examine the following industrial and automotive end-user segments such as automotive, oil and gas, chemical processing, power generation, pharmaceutical, water and wastewater, pulp and paper, mining and steel making, and others.
Gaskets Market Buoyed by Revenues from the Aftermarket
The subprime lending crisis in the automotive industry has sent ripples across the North American gaskets market, as the automotive industry is one of the biggest buyers of gaskets. The sales of almost all major automobile companies have dipped drastically and the market is expected to slow down due to excess capacities and low demand. While waiting for the heavy automotive equipment segment to recoup and offer some respite, gasket companies have to rely on aftermarket revenues due to inadequate new equipment sales. The industrial end-user segment is also emerging as a significant source of retrofits, as plant owners have been investing in capacity expansions, new expansions, and refurbishing aging power generation plants to improve productivity. Industries had invested substantially in brown field projects and maintenance and capacity replacement in 2007, providing relief to gasket manufacturers.
Although the economic slump is likely to defer a few industrial projects that were to be taken up in 2009 and 2010, the already initiated ones will go a long way in shoring up the gaskets market. The postponement of oil and gas expansion projects will also curb the rapid growth of the market until 2010. “Decreasing oil prices are expected to reduce capacities until 2010, but with market stabilization, the refurbishment of existing plants becomes necessary,” says the analyst of this research. “The aftermarket business will see the gaskets markets grow moderately during this period.” Acknowledging the challenge of operating in these difficult economic environments, companies all over the world are striving to lower operational expenditure and improve returns on investment. With many companies also looking to considerably downsize maintenance personnel for equipment repair or breakdown, there is a large market for products that offer better reliability and life cycle cost benefits.
Process industries are under pressure to enhance the performance of gaskets as well as life at extreme temperatures and pressures. So far, only graphite has managed to withstand such temperatures; however, it tends to oxidize and loosen flanged joints, causing fluids to escape. “Flexitallic’s thermiculite is a naturally available material that is impervious to degradation to high temperatures in chemical plants,” notes the analyst. “This material is resistant to chemicals and corrosive environment, making it an ideal replacement for graphite.” However, in the current straitened circumstances, customers demand all these safety and reliability benefits at lower costs. The intense competition makes it critical for gasket manufacturers to price their products competitively without compromising performance. Moreover, as the increasing prices of raw materials and oil and gas raises operational expenditure, gasket manufacturers need to constantly improve their productivity. They can achieve this by reducing their non-value-added activities to decrease the overall cost of the product.
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