INDUSTRIAL DRYER MARKET ANALYSIS (2019-2027)

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2. INDUSTRIAL DRYER MARKET ANALYSIS • Industrial Dryer Market, by Product Type (Fluidized Bed Dryer (Batch, Continuous), Rotary Dryer, Spray Dryer, Flash Dryer, Vacuum Dryer and Other), by Operating Principle (Direct Drying and Indirect Drying), by End-use Industry (Food, Fertilizer, Chemical, Construction Material, Paper & Pulp, Pharmaceutical and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. Market Overview  Industrial dryers are used to effectively process large quantities of bulk materials that require reduced moisture levels. Industrial dryers are available in different sizes depending upon the amount of material needing to be dried. Generally, dryers function on two principles namely direct drying and indirect drying whereas various types of dryers are available in the market including a flash dryer, rotary dryer, spray dryer, and fluidized dryer. Industrial dryers find applications in various sectors including pharmaceutical, food, chemical, mining & minerals, constructions, etc. Other types of dryers are also available such as paddle dryers that are used where maximum heat transfer is required. The global Industrial Dryer Market was accounted for US$ 2,929.7 Mn in terms of value and 2,648 units in terms of volume in 2019 and is expected to grow at CAGR of 3.5% for the period 2020-2027.

4. Market Dynamics- Driver Rising demand from pharmaceutical and food sectors is expected to drive growth of the global industrial dryer market during the forecast period The quality of the product in the pharmaceutical industry is a major concern. This is also important due to strict government regulations over product quality and its specification in food and pharmaceutical industry. Generally, products in the industries are heat sensitive that require suitable devices for drying process. The technologically advanced industrial dryers such as vacuum dryers and fluidized bed dryers are suitable equipment for drying operation in food and pharmaceutical industry. Moreover, these dryers are suitable for other unit operations such as purification and separation involved in the industry. Thus, high growth of the pharmaceutical and food sectors is expected to drive growth of the global industrial dryer market in the near future. According to Coherent Market Insights’ analysis, there are over 450 projects in the pharmaceutical industry and over 300 projects in the food industry that are expected to be completed in the near future.

5. Increasing application of dryers in various sectors is expected to propel the global industrial dryers market growth over the forecast period Industrial dryers have witnessed a massive demand from various industry including healthcare, chemical, mining & minerals, constructions, etc. Different types of industrial dryers are used such as vacuum dryer in biological products and food sector, fluidized bed dryer in fertilizer, pesticides, and ceramics, sprayer in antibiotics, vitamins, and catalyst support, and rotary dryers in fertilizers, waste sludge, limestone, plastics, and chemicals. Hence, the wide use of dryers is expected to propel the global industrial dryer market growth over the forecast period. Statistics: Asia Pacific region is expected to dominate the global Industrial Dryer Market in 2019, accounting for 31.7 % share in terms of value, followed by North America, Europe, Middle East and Africa and Latin America.

6. Figure 1: Global Industrial Dryer Market Share (%) in Terms of Value, By Region, 2019

7. Market Dynamics- Restraints High operational costs are expected to hamper growth of the global industrial dryer market during the forecast period The process of drying is energy-intensive regarding manufacturing a product. In industrial sector, it is estimated that drying process alone consumes around 10% to 20% energy relative to other unit operations involved in the industry. Furthermore, majority of industrial dryers are focused on operations that require hot air for drying, which is formed by the burning of fossil fuel. Burning of fossil fuel imparts additional operational costs in the drying process. Hence, these factors are expected to hamper the market growth in the near future . Strict environmental regulations are expected to hinder the global industrial dryer market growth over the forecast period There are various strict government regulations enforced across the globe including REACH, EPA, etc. Industrial dryers such as belt dryers and tray dryers are adopted by small industries since they are low cost although they are less efficient well. Hence, these factors are expected to hinder the global industrial dryer market growth over the forecast period.

8. Market Opportunities High growth of food processing industry can present major business opportunities Food processing industry has expanded significantly in the recent past. Dryers can be used to prevent food spoilage by removing water from both preparation and processing of food products. Dryers can provide clean and dry air that can help extend product life and can assist in packaging, transporting and storing food products. Key companies in the market can capitalize on lucrative opportunities and gain significant advantages in the market. High growth of the pharmaceutical industry can pose significant growth opportunities The pharmaceutical industry deploys different types of industrial dryers including freeze-dryers, vacuum dryers, continuous-tray dryers, mixer dryers, etc. The pharmaceutical industry has expanded significantly in the recent past and as a result of this, there is a high demand for dryers. Key companies in the market can capitalize on lucrative opportunities and gain significant advantages in the market. The global industrial dryer market was valued at US$ 2,929.7 Mn in 2019 and is forecast to reach a value of US$ 3,895.7 Mn by 2027 at a CAGR of 3.5% between 2020 and 2027.

9. Figure 2: Global Industrial Dryer Market Value (US$ Mn), 2016 - 2027

10. Market Trends Rising adoption of superheated steam dryers is a major adoption Superheated steam dryers have witnessed significant massive adoption with industries demanding standards for intended drying applications. Higher operating costs associated with conventional drying processes resulted in growing emphasis on either improving drying process economics or on the development of alternative lower-cost processes. For instance, the GEA group offers Superheated Steam Dryer & Processor for drying of oilseeds, beans, and proteins. Also, BMA AG offers a fluidized-bed steam dryer for drying of biomass, which can recover 90% of energy. Market consolidation activities worldwide Major companies in the market are focused on merger and acquisition activities, in order to enhance the market presence. For instance, in June 2016, ANDRITZ AG acquired Euroslot KDSS, including its two subsidiaries in China and India, which are involved in manufacturing of separation and filtration equipment. Moreover, in November 2016, HEINKEL Drying and Separation Group announced expansion of two of its workshops in Foshan, China, in order to increase its presence in the APAC market.

11. Segment information: In global Industrial Dryer Market, by Operating Principle, Indirect Drying sub-segment dominated the global market in 2019, accounting for 77.7% share in terms of value, followed by Direct Drying. Competitive Section Key players operating in the global industrial dryer market are Metso Corporation, AniviIngenieria SA, ThyssenKrupp AG, YAMATO SANKO MFG. CO. LTD., ANDRITZ AG, Wuxi Modern Spray Drying Equipment Co., Ltd, Buhler AG, Ventilex Inc., GEA Group, Comspain XXI S.A., Carrier Vibrating Equipment, Inc., FEECO International, Inc., HEINKEL Drying and Separation Group, Mitchell Dryers Ltd., Spooner Industries Ltd, Changzhou Fanqun Drying Equipment Co. Ltd., and Changzhou Yibu Drying Equipment Co., Ltd. Key Developments Major companies in the market are involved in partnerships and collaborations, in order to enhance the market. For instance, in May 2016, the company entered into a long term service partnership agreement with TATA Chemicals Limited to restructure pyro-processing systems. The agreement includes repairing, rebuilding and modifying 7 calciners and 12 rotary dryers at the Green River, U.S. production facility. Key players in the market are focused on mergers and acquisitions, in order to gain a competitive edge in the market. In June 2015, ANDRITZ AG acquired Euroslot KDSS, including its two subsidiaries in China and India which are involved in the manufacturing of separation and filtration equipment

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