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Paper Drying Systems Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights
Paper Drying Systems Market Research
According to The Business Research Company's, The paper drying systems market size has grown strongly in recent years. It will grow from $5.39 billion in 2023 to $5.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growth in paper and pulp industry, stringent environmental regulations..
The paper drying systems market size is expected to see steady growth in the next few years. It will grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to sustainable manufacturing practices, increased focus on energy efficiency, global expansion of packaging industry.. Major trends in the forecast period include development of non-contact drying techniques, utilization of microwave drying, enhanced monitoring and diagnostics with iiot, application of computational fluid dynamics (cfd), strategic focus on environmental compliance, technological upgrades in paper manufacturing..
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Market Drivers and Trends:
The increasing demand for paper drying systems in the food and beverage industry is expected to propel the growth of the paper drying systems market going forward. The food and beverage industry refers to all businesses that handle the processing, packaging, and distribution of uncooked food. Paper drying systems are used for various drying methods to preserve and enhance the quality of food and beverage products. For instance, in 2023, according to the Food & Drink Federation, a UK-based organization representing and advising UK food and drink manufacturers, Scotland registered 1,185 companies that manufacture food and beverages. Further, exports of food and beverages rose by 31% in 2022 to $10.18 billion (£8.1 billion). Additionally, in the same year, food and beverage turnover accounted for $12.5 billion (£10.3 billion), or 33% of total Scottish manufacturing. Therefore, increasing demand for paper drying systems in the food and beverage industry is driving the growth of the paper drying systems market.
Major companies operating in the paper drying systems market are focusing on developing innovative approach, digital twin' approach to sustain their position in the market. The digital twin approach is a concept that involves creating a digital representation of a physical product, system, or process. This process is a virtual representation of the drying system created using a 'digital twin' approach. For instance, in October 2022, Smurfit Kappa Group plc, an Ireland-based paper-based packaging manufacturing company, introduced a new drying process at its UK paper mill. It results in a 6% decrease in steam energy consumption and a 5% reduction in total CO2 emissions. This is expected to replace the current energy-intensive paper drying process, considered the most energy-intensive aspect of manufacturing paper. Additionally, the advanced process aims to reduce costs and achieve a net-zero target.
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Major Key Players of the Market:
Major companies operating in the paper drying systems market report are Andritz AG , GEA Process Engineering Inc., Valmet, Alfa Laval AB, Voith GmbH, Dürr Systems Inc., Kadant Inc., ABK Groupe, A.Celli Paper S.p.A. , Industrial Kiln & Dryer Group, FEECO International Inc., Shandong Tianli Energy Co. Ltd., Carrier Vibrating Equipment Inc., Komline-Sanderson Corporation, HEDRICH Group, Allimand SA, Vulcan Drying Systems, R-V Industries Inc., CPM Wolverine Proctor LLC, Marsden Inc. , Forbes Marshall Ltd. , Ircon Drying Systems AB , Basque Paper Consortium. A.I.E, BHS Corrugated Maschinen- und Anlagenbau GmbH, Stela Laxhuber GmbH
Paper Drying Systems Market 2024 Key Insights:
• The paper drying systems market is expected to grow to $6.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Rising Demand For Paper Drying Systems Catalyzes Growth In The Food And Beverage Industry
• Innovative Advancements In Paper Drying Systems By Harnessing The Power Of Digital Twins For Sustainability And Efficiency
• North America was the largest region in the Paper Drying Systems market in 2023
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