The food processing seals market size is projected to grow from USD 2.7 billion in 2018 to USD 3.2 billion by 2023, at a compound annual growth rate (CAGR) of 3.3%, during the forecast period. The major driving factors in the food processing seals market are the presence of stringent regulations regarding the use of food grade seals and increasing demand for processed food products.
The major 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). These players have adopted various growth strategies, such as expansions, acquisitions, new product launches, and agreements, to expand their presence further and increase their shares in the food processing seals market. Expansions and new product launches have been the most adopted strategies by major players from 2015 to 2018, which helped them to expand their regional presence and strengthen their product offerings.
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Freudenberg Group is one of the leading manufacturers of food processing seals, globally. The company focuses on the strategies of expansions and new product launches to maintain its leading position in the market. For example, in February 2018, the company developed a new rotary seal called ‘Gerromatic’, which is to be used in the food processing equipment. Furthermore, the company expanded its production capacities in Oberwil, Switzerland. This helped it to increase the production capabilities of O-rings.
AESSEAL Plc is another major player in the food processing seals market. The company has been focusing on the expansion strategy to strengthen its global presence. For instance, in April 2015, the company strengthened its presence in Asia Pacific by opening a new purpose built Asian headquarters in Selangor on the outskirts of Kuala Lumpur, Malaysia. This expansion helped it to strengthen its operations in the Asia Pacific region.
Smiths Group Plc is another leading manufacturer of seals, globally. The company offers seals through its subsidiary, John Crane, which is headquartered in Chicago, Illinois. John Crane is a leading manufacturer of mechanical seals. It manufactures a wide range of food processing seals, which meets stringent health & safety standards. John Crane has opened its service center in Bavaria, Germany, which will provide the company the capabilities to support customers in the food processing seals market.
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