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LONDON, Feb. 01, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s spray drying equipment global market report 2024, the spray drying equipment market is experiencing a robust surge, propelling it to new heights of innovation and growth. The spray drying equipment market is poised to grow from $5.85 billion in 2023 to $6.35 billion in 2024, showcasing a substantial Compound Annual Growth Rate (CAGR) of 8.5%. This momentum is expected to continue, with the spray drying equipment market forecasted to reach an impressive $8.88 billion by 2028, driven by a CAGR of 8.8%.
Key Insights:
- Projected Growth: The spray drying equipment market is on track for strong growth, reaching $8.88 billion by 2028. This growth is fueled by the expanding chemical industry globally, driving the demand for spray drying equipment used in catalyst production, pigment creation, wastewater treatment, and solid fuel production from waste materials.
- Growing Chemical Industry: Spray drying equipment plays a vital role in the chemical industry, contributing to applications such as catalyst and pigment production, wastewater treatment, and solid fuel creation. With the global chemical industry projected to touch $300 billion by 2025, the demand for spray drying equipment is expected to surge.
- Innovations in Product Development: Manufacturers are responding to market demands by introducing innovative products, including mini spray dryers. For example, BÜCHI Labortechnik launched the Mini Spray Dryer S-300, a compact and versatile laboratory instrument designed for automatic control of various parameters, catering to the growing demand for spray drying.
Learn More In-Depth On The Spray Drying Equipment Market
https://www.thebusinessresearchcompany.com/report/spray-drying-equipment-global-market-report
Stakeholder Utilization:
- Chemical Industry Professionals: Leverage insights from the spray drying equipment market report to stay informed about evolving trends, innovations, and the growing demand for spray drying equipment in catalyst production, pigment creation, and wastewater treatment.
- Manufacturers: Stay ahead in the competitive landscape by developing innovative products such as mini spray dryers, meeting the demand for compact and versatile laboratory instruments.
- Investors: Identify lucrative opportunities within the spray drying equipment market based on regional insights and growth projections.
Market Segmentation:
The spray drying equipment market covered in this report is segmented –
1) By Product Type: Rotary Atomizers, Nozzle Atomizers, Fluidized, Centrifugal, Other Product Types
2) By Flow Type: Co-current, Counter Current, Mixed
3) By Application: Food, Chemical, Pharmaceutical, Other Applications
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Regional Insights:
- North America: Emerged as the largest region in the spray drying equipment market in 2023, accounting for 31.8% of the total market share.
- Asia Pacific: Expected to be one of the fastest-growing regions, with a projected CAGR of 8.7%, reflecting the expanding spray drying equipment market in the region.
The Spray Drying Equipment Global Market Report 2024 serves as an invaluable resource for stakeholders navigating the dynamic landscape of industrial drying technologies. As the spray drying equipment market continues to evolve, the report equips industry players, investors, and researchers with essential insights to make informed decisions and contribute to the advancement of spray drying technology.
Spray Drying Equipment Global Market Report 2024 by The Business Research Company provides insights on the spray drying equipment market size, spray drying equipment market segments, spray drying equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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