The Global 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) - Global Forecast to 2027”, is expected to be valued at US$ 3,895.2 Million by 2027, exhibiting a CAGR of 3.5 % during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Drying is a streamlined process that involves the removal of moisture or solvent from solid or liquid by direct or indirect contact of the heating medium. Industrial dryers are operated in branch or in a continual manner. Industrial Dryer finds its application in industries such as chemical, pharmaceutical, food, mining & minerals, and construction. Different types of dryers are used including rotary dryers, spray dryers, fluidized bed dryers, vacuum dryers, flash dryers, and other dryers such as paddle dryers. The global industrial dryer market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
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.
High growth of emerging economies is expected to boost the global industrial dryer market growth over the forecast period
Emerging economies such as India and China are growing rapidly with high growth of various industries such as chemicals, food, pharmaceutical, and mining & minerals. Industrial dryers find major applications in the aforementioned industries. The efficiency of the drying process has a massive impact on the quality of the product and its efficiency as well. Furthermore, the availability of a large number of dryers and their suitability for all kinds of materials have resulted in a dramatic rise in demand from end-use industries. Technological advancements in the dome aids are expected to boost the demand for industrial dryers. Hence, these factors are expected to support growth of global industrial dryer market in the near future.
High growth of food industry can offer significant growth opportunities for market players in the near future
Food industry, especially in emerging economies such as India and China, has expanded rapidly in the recent past. According to the India Brand Equity Foundation, the Indian food industry was valued at US$ 39.71 billion in 2017 and reached US$ 65.4 billion in 2019. According to the same source, food and grocery accounted for 31% in India’s consumption of basket. Industrial dryers used in the packaging and storage of processed food. Major players can capitalize on these opportunities and gain a significant advantage in the market.
High operational cost is expected to restrain growth of the global industrial dryer market over the forecast period. Drying is an energy-intensive process involved in the manufacturing of a product. In the industrial sector, it is estimated that drying process alone consumes around 10% to 20% energy relative to other unit operations involved in the industry. Moreover, maximum industrial dryers are working on indirect operation that requires 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. Furthermore, after completion of drying process, used hot air is vent off to ambient air, which adversely affects the environment. Thus, these factors are expected to restraint growth of global industrial dryer market in the near future.
A trend that is recently observed in the global industrial dryer market is that some leading players promoting the superheated steam drying process, which is associated 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. As a result of this, dryer manufacturers are using steam as a possible alternative drying medium instead of air. Superheated steam dryers operate in closed-loop operation, which leads to a 70%-80% recovery of energy.
Major market players are involved in merger and acquisition activities, in order to enhance the market presence. For instance, in December 2016, Carrier Vibrating Equipment, Inc. acquired Heyl & Patterson Inc.’s thermal processing division that manufactures rotary dryers, calciners, and coolers for industrial application.
Key players operating in the global industrial dryer market are Metso Corporation, Anivi Ingenieria 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.