Published Date: 20-Aug-2020
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According to a new report Global Food Processing Seals Market, published by KBV research, The Global Food Processing Seals Market size is expected to reach $3.8 billion by 2026, rising at a market growth of 5.5% CAGR during the forecast period.
The Elastomer Materials segment accounted for the largest market share and is expected to grow further to the fastest growth. Factors like chemical compatibility coupled with a high rate of replacement compared to other materials, such as metals, face materials, and others, are expected to promote segmental production. The metal material type segment is projected to lead the market in terms of growth rate throughout the forecast period. The use in various seal components drives the demand in different applications.
The bakery & confectionery segment accounted for the largest market share in terms of revenue, followed by the meat, poultry & seafood segment in 2019. This is attributable to the massive global production and demand for bakery products and chocolates. In addition, rapid urbanization and increasing patterns of food consumption in regions such as APAC and South America are expected to drive the demand in the industrial segment during the forecast period.
Europe is expected to be the largest market for food processing seals in 2020 and to maintain the position throughout the forecast period as a result of increasing food processing and production. Furthermore, the existence of strict regulations on the use of seals in various food & beverage applications is increasing demand for food processing seals in the region. China has been a major player in the Asia-Pacific regional market due to the increasingly growing population and the rising demand for processed food products. The North American area is expected to have a large increase in demand for bakery, meat and poultry products, and alcoholic and non-alcoholic beverages.
Structural Insights: https://www.kbvresearch.com/food-processing-seals-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Smiths Group PLC, Parker-Hannifin Corporation, Trelleborg AB, IDEX Corporation (Phantom Controls, Inc.), Flowserve Corporation, Freudenberg Group, James Walker Ltd., EnPro Industries, Inc., A.W. Chesterton Company, Inc., and AESSEAL PLC (AES Engineering Ltd.).
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