Gasket Market - U.S. Gasket, Packing, and Sealing Device Market Shows Balanced Trade with a Substantial Annual Growth

Other Fabricated Metal Products May 31, 2016
Author: Irina Andreeva
Market Analyst

gasket market

The U.S. is the leading global importer on the gasket market, with a 12% share of total imports. It was followed by Germany (9%), China (7%), and Mexico (6%). In 2015, U.S. gasket, packing, and sealing device imports totaled 9,503 million USD, which was 287 million USD (+3%) higher than the previous year's value.

U.S. gasket, packing, and sealing device imports showed mixed dynamics from 2007 to 2015. A slight decline in 2009 switched to steady growth over the next six years. There was an annual increase of +5.0% throughout the analysed period. In 2010, U.S. gasket, packing, and sealing device imports surpassed the pre-recession level of 2008 and continued stable growth.

Despite fierce competition, the U.S. continues to be one of the most attractive destinations for overseas suppliers.

In 2015, China (2.9 billion USD), Mexico (1.6 billion USD), and Canada (931 million USD) were the main suppliers of gaskets, packing, and sealing devices to the U.S., together accounting for 57.9% of U.S. imports. China and Mexico strengthened their positions in the U.S. import structure from 2007 to 2015, while Canada saw its share reduced.

Mexico (+8.8% per year) and China (+7.0% per year) had the highest growth rates of imports between 2007 and 2015. Japan and Germany followed, expanding imports with average annual rates of +3.6% and +5.1%, respectively. Among this group of leaders, only Canada displayed negative dynamics, with imports dropping by -2.8% over the last seven years.

The foreign trade balance of the U.S. gasket, packing, and sealing device market approached zero. However, net U.S. imports of gaskets, packing, and sealing devices have shown a downward trend since 2013. In 2015, this industry's trade deficit decreased to 26.5 million USD, standing at approximately 0.3% of gross imports. The annual growth rates of imports and exports were approximately equal over the period under review.

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Source: U.S. Gasket, Packing, And Sealing Device Market. Analysis And Forecast to 2020