Global Mass Transfer Equipment Market Expected to Rise Substantially Owing to Increasing Demand for Sustainable Mass Transfer Equipment Solutions [283-Pages] | Report by Research Dive
Global mass transfer equipment market is expected to grow by 2031 due to the rising demand for sustainable mass transfer equipment solutions. Trays gas sub-segment is expected to flourish immensely. The Europe market is likely to grow significantly.
NEW YORK , Feb. 23, 2023 /PRNewswire/ -- Global Mass Transfer Equipment Market Forecast Analysis:
As per the report published by Research Dive, the global mass transfer equipment market is expected to register a revenue of $4,171.1 million by 2031 with at a CAGR of 5.4% during the forecast period 2022-2031.
Segments of the Mass Transfer Equipment Market
The report has divided the mass transfer equipment market into the following segments:
Type: column internals, trays, random packing, structured packing, others
Application: food & beverages, pharmaceuticals, oil & gas, water & waste water treatment, chemical, pulp & paper, others
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment |
Sub-Segment |
CAGR (2022-2031) |
Forecast Revenue (2022-2031) |
Type |
Trays Gas |
- |
$1,264.6 million |
Active area upgrades and improved Downcomer Technology are expected to become the two major factors pushing the sub-segment forward in the 2022-2031 timeframe. |
|||
Application |
Oil & Gas |
- |
$11,028.7 million |
Growing use of mass transfer technology to maintain high purity standards and quality of chemicals in the oil and gas industry is predicted to help the sub-segment grow in the forecast period. |
|||
Region |
Europe |
5.2 % |
- |
The main objective of European chemical sector to attain climate neutrality is predicted to increase the demand for sustainable mass transfer equipment, which is anticipated to create numerous growth opportunities for the market in this region. |
|||
Dynamics of the Mass Transfer Equipment Market
Rise in the demand for sustainable and creative mass transfer equipment for various industrial operations is expected to become the primary growth driver of the mass transfer equipment market in the forecast period. Additionally, latest innovations in product development from several major players of the industry are anticipated to push the market forward. However, according to market analysts, the environmental pollution caused by mass transfer equipment factories might become a restraint in the growth of the global market.
Rapid developments in mass transfer technology are predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, increasing investments by leading players of the industry in mass transfer technology is expected to help the mass transfer equipment market register substantial growth in the coming period.
COVID-19 Impact on the Global Mass Transfer Equipment Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The mass transfer equipment market, too, was negatively affected by the pandemic. The lockdowns ordered by various governments to curb the spread of the virus led to shutdown of many manufacturing industries which brought down the demand for mass transfer equipment. This ultimately affected the growth rate of the market.
Key Players of the Global Mass Transfer Equipment Market
The major players of the market include
- Sulzer Ltd
- DtEC
- Baretti
- Koch-Glitsch.
- MTE Group.
- Tianjin Univtech Co. Ltd.
- Beijing Zehua Chemical Engineering Co. Ltd.
- Munters Group
- HAT International Ltd.
- Finepac Structures Pvt. Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
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For instance, in August 2022, Suzler, a Swiss industrial engineering giant, announced that it was signing a Memorandum of Understanding with BASF, a leading chemical producing company. This partnership is aimed at developing renewable fuels and for that they are looking to integrate Sulzer Chemtech's capabilities and mass transfer equipment with BASF's high-performance catalysts. This collaboration is predicted to help the companies to achieve their aim in a more holistic and seamless manner.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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