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Centrifugal Industrial Dryer Market will grow at a CAGR of 3.9% to reach a market valuation of US$ 264.8 Mn by the end of 2025
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Global Centrifugal Industrial Dryer Market: Dynamics
Centrifugal industrial dryers are widely used in applications such as metal finishing, food processing, plastic recycling, pharmaceutical and chemical. The following factors are primarily responsible for growth in revenue of the global market:
Healthy growth in the industrial sector to boost market demand: Centrifugal dryers are utilized in various end-use industries for drying of lightweight and small-sized components and products. Over the past few years, there has been a positive growth in the industry, which is an impact of re-shifting of manufacturing at the global level. This is expected to create hope for market participants for a positive upsurge in the demand for centrifugal dryers.
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Growing environmental concerns increasing the need for plastic recycling: Dryers play a vital role in the plastic recycling process as the solid remains can be easily recycled post removal of moisture/oil. Centrifugal dryer is a preferred choice in the recycling industry due to its capability to provide uniform drying for lightweight plastic solids. The growth of the plastic recycling industry in the world is projected to significantly boost revenue growth of centrifugal dryers.
Robust growth of the automotive component industry generating demand for finished metal components: The favorable macro-economic environment and healthy growth in the domestic and export market for automotive components is expected to create immense growth opportunities for the centrifugal dryer market across some regions of the world such as Asia Pacific.
Global Centrifugal Industrial Dryer Market: Forecast
Market insights suggests that the overall width of the global centrifugal industrial dryer market will expand within the forecast period. Several positive changes are expected to fuel the growth of the market. In the operating principle segment, the direct type will play a pivotal role in building global market revenue. This segment is expected to be the most attractive market segment. According to the report, the direct type centrifugal industrial dryer segment will account for a value share of more than 85% in the global centrifugal industrial dryer market. The segment will surge at a CAGR of 3.9% within the forecast period.
In the application segment, the metal finishing segment is the largest consumer of centrifugal industrial dryer and is expected to mint a significant revenue within the forecast period. The segment is projected to gain 250 basis points between 2017 and 2025 and reach a market value share of 60.1% by the end of the forecast period in 2025.
Amongst the major regional markets, Asia Pacific will show promising results during the forecast period. The region is estimated to represent a market share of 36.3% in 2017 and the market will expand at a CAGR of 4.8% within the stipulated time period. The sales revenue of the North America centrifugal industrial dryer market will pump up to US$ 73.7 Mn by the end of 2025 with a CAGR of 3.3%. The markets in the Middle East & Africa region will remain fertile and vibrant during the forecast period.
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