Spray Drying Equipment Market
Spray Drying Equipment Market Size, Trend Analysis & Competition Tracking By Product (Rotary Atomizer, Nozzle Atomizer, Fluidized, Centrifugal, Closed Loop), By Operating Principle (Direct Drying, Indirect Drying) – Global Market Insight 2019 - 2027
Asia Pacific to Retain Dominance in Spray Drying Equipment Market, as Regional Pharmaceutical Industries Register Strong Growth
A recently published report by Fact.MR on spray drying equipment market foretells that sales of spray drying equipment would continue to soar in the long term. In terms of value, the global spray drying equipment market is estimated to surpass the valuation of US$ 820 Mn by 2027 with a year-on-year growth of ~4% in the foreseeable future.
Spray drying equipment has gained traction across different verticals on the back of their ability to enhance bulk production capacities of end-use plants in a scalable manner.
End-use industries such as food processing, chemicals, and pharmaceutical industries are investing millions of dollars in spray drying equipment to move from small scale to large scale operations. In addition, future investments on amplifying commercial manufacturing capabilities, efficiency, and quality of final product is estimated to play a significant role in strong growth of global spray drying equipment market.
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The scope of customization in spray drying equipment is becoming a key driving factor across the globe especially in Asian countries. As a result, Asia Pacific accounts for around 2/5th of new installations in the global spray drying equipment industry. Furthermore, increasing demand for processed food and bulk chemicals across Asia Pacific has further bolstered the lead position of this region in the spray drying equipment market.
Investments in Brownfield and Greenfield Establishments will Provide Strong Growth Trajectory for Spray Drying Equipment Market
The global spray drying equipment industry has witnessed significant investments in brownfield and Greenfield establishments across different verticals over the historical period. Both developed as well as developing economies are gaining immense traction in the niche industry of spray drying equipment on the back over 900 brownfield and Greenfield establishments of food, chemicals and pharmaceuticals
New projects across different verticals will upsurge the worldwide sales of spray drying equipment by 1.3x over the long-term forecast period (2019-2027). In addition, the replacement rate of spray dryers also plays a pivotol role among end-use industries which is expected to remain around 5% over the forecast period.
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High Throughput in Drug Manufacturing to Catapult Spray Drying Equipment Sales
The development of highly efficient pharmaceutical formulations with increased bioavailability and high throughput in drug manufacturing is expected to open doors for key spray drying equipment manufacturers. Despite being used in food and chemical industries, spray drying technology is gaining traction within mainstream product categories in the pharmaceutical industry.
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Drug manufacturing companies are hugely emphasizing on mass drug production to leverage opportunities in the pharmaceutical industry. Moreover, transforming end-users preference towards customized spray drying equipment coupled with growing research activities on large biomolecules will amplify the installation of spray drying equipment.
As a result, spray drying equipment market in the pharmaceutical industry is anticipated to witness prolific growth across the globe and the pharmaceutical segment is expected to grow at a CAGR of 6% during the forecast period.
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Key Market Actors Compete Aggressively on Collaborative Value Additions
The global market for spray drying equipment industry is highly consolidated in nature with prominent manufacturers accounting for over 3/5th of market share. Some of the prominent players are GEA Group AG, SPX Flow Technology and Dedert Corporation among others.
The key stakeholders are focusing on value-added technologies related to evaporation, air distribution and atomization to amplify the company’s position across the supply chain. This is primarily attributed to the continuous collaboration among companies towards meeting rising demand for spray dryers across industries mainly in food and pharmaceuticals.
This will pave the way for increased penetration in high growth markets of Asia Pacific as well as strengthen their footholds in regions such as Europe and North America.
Global Spray Drying Equipment Market: In-Depth Assessment on Key Segments
The global spray drying equipment market is segmented on the basis of product, capacity, operating principle, end-use industry, cycle type, flow type, and region.