CHICAGO, Feb. 22, 2019
CHICAGO, Feb. 22, 2019 /PRNewswire/ -- According to the new research report "Food Processing Seals Market by Material Type (Metals, Face Materials, Elastomers), Application (Bakery & Confectionery, Meat, Poultry & Seafood, Dairy Products, Non-Alcoholic Beverage, Alcoholic Beverage), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Food Processing Seals Market size is projected to reach USD 3.2 billion by 2023, at a CAGR of 3.3%, from an estimated USD 2.7 billion in 2018. The growing demand for processed and packed food is projected to drive the demand for food processing seals in all regions. In addition, the necessity to save raw materials from deteriorating by processing them is another factor driving the food processing seals market. The rapid-growth of the middle-class population in emerging countries, such as China and India; and changing lifestyle and food consumption pattern fuel the growth of the food processing seals market.
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The elastomer material type segment of the market is projected to register the highest CAGR, in terms of value, during the forecast period.
Based on material type, the elastomer material type segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. This is because of its unique properties, such as chemical compatibility, excellent aging characteristics, temperature range and highest replacement rate when compared to other materials. In addition, the rate of replacement of elastomers is higher when compared to other materials. This drives the growth of elastomers in the food processing seals market.
The alcoholic beverage application segment of the food processing seals market is projected to register the highest CAGR, in terms of value, during the forecast period.
Based on application, the alcoholic beverage application segment is projected to register the highest CAGR, in terms of value, between 2018 and 2023. The growing demand for alcohol in China, India, South Korea, among other countries. and the presence of major alcoholic beverage manufacturers, such as Asahi Group Holdings, Ltd. (Japan), Kirin Holdings Company (Japan), Suntory Holdings (Japan), Thai Beverage (Thailand), Wuliangye Yibin (China), Jiangsu Yanghe Brewery (China) Kweichow Moutai (China), Anheuser-Busch InBev (Belgium), Heineken Holding N.V. (Netherlands), Diageo Plc (UK), Pernod Ricard (France), and Carlsberg Group (Denmark), globally drive the demand for food processing seals in the alcoholic beverage application.
Asia Pacific is projected to register the highest CAGR, in terms of value, in the food processing seals market during the forecast period.
The food processing seals market has been studied for North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR, in terms of value, during the forecast period. The growth of the food processing seals market in the region is attributed to the increased production of processed food and bakery & confectionery products.
The key players in the Food Processing Seals Market include Freudenberg Group (Germany), AESSEAL Plc (UK), Smiths Group Plc (UK), Flowserve Corporation (US), A.W. Chesterton Company (US), SKF (US), Parker Hannifin (US), Trelleborg AB (Sweden), IDEX Corporation (US), EnPro Industries, Inc. (US), James Walker (UK), and Meccanotecnica Umbra S.p.A. (Italy).
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