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.
Rockville, United States – January 7, 2020 /MarketersMedia/ —
Spray drying equipment is gaining popularity in different verticals owing to its capacity for bulk production in end-use plants. Different end-use industries including food processing, pharmaceutical industries and chemicals are making huge investments to scale their operations in spray drying equipment market. Investments are also being made to enhance manufacturing for commercial purposes for future. Latest Fact.MR report predicts that global spray drying equipment market will exceed US$ 820 value by the end of the year 2017. The annual growth is expected to be at 4% growth rate in the coming future.
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Chemical and Processed Food Industry Boosts Market
Customizations drive the global spray drying equipment market in Asian countries. Asia Pacific is witnessing rapid growth in spray drying equipment market and is responsible for the two-fifth of the total new installations. Growth in demand for different components like chemicals and processed food in Asia Pacific bolsters the global market. Greenfield establishments along with brownfield establishments attract investments in spray drying equipment market. Both type of establishments in different verticals like food, pharmaceuticals and chemical are gaining traction in both developing as well as developed economies. New projects are projected to surge the market growth and the market is expected to expand by 1.3 times the current capacity. Spray dryers have high replacement rate and this is a vital factor in end-use industries. The replacement rate is anticipated to be approximately 5% in the coming years.
Drug manufacturing sector also contributes significantly in the global spray drying market. Effective pharmaceutical formulations have positively influenced drug manufacturing in terms of bio-availability and throughput. Spray drying equipment is increasingly used in different mainstream products of the pharmaceutical industry.
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Value-adding Technologies Highly Preferred
Drug manufactures practice mass production of drugs. Major manufacturing companies in the pharmaceutical industry are leveraging such opportunities of mass production to gain greater market penetration. Two major factors that include increased demand for customized spray drying equipment and accelerated research and developments on bio-molecules surge the spray drying equipment’s installation. Pharmaceutical industry is expected to exhibit tremendous growth worldwide and will grow at 6% CAGR during the forecast period.
The competitive landscape of global spray drying equipment market is consolidated in nature. Major stake holders in the global market own three-fifth of the spray drying equipment market. Some of the prominent stake holders profiled in global spray drying equipment market are GEA Group AG and SPX Flow Technology. Major players are embracing technologies that have the potential to add value to their business. Advanced technologies in different areas including evaporation, atomization and air distribution are employed by companies to strengthen their supply chain and gain prominent position in market. Stake holders are actively collaborating to enhance their production in order to suffice the growing demand for spray drying equipment, especially in pharmaceutical industry and food industry. Collaborations and agreements aid the stake holders to strengthen their foot hold in regions of Asia Pacific, North America and Europe.
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This news is published on Reuters.