New York, USA, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global mass transfer equipment market is projected to garner $4,171.1 million in revenue and grow at a CAGR of 5.4% during the estimated timeframe from 2022 to 2031.
As per our analysts, with the latest innovations in product development for chemical and petrochemical industrial operations, the mass transfer equipment market is predicted to experience exponential growth over the forecast period. Besides, the increasing use of mass transfer processes such as structured packaging, product purification, and many more, in chemical plants is expected to bolster the growth of the market during the analysis timeframe. Moreover, the rapid developments in mass transfer technology in the world are expected to create wide growth opportunities throughout the estimated period. However, the pollution caused by mass transfer equipment factories may hinder the growth of the market during the analysis timeframe.
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Segments of the Mass Transfer Equipment Market
The report has divided the market into segments based on type, application, and region.
Type: Trays Gas Sub-Segment to be Most Productive
The trays gas sub-segment is expected to generate a revenue of $1,264.6 million during the estimated period. The cutting-edge trays offer a wide range of advantages in mass transfer stages and mass transfer efficiency is expected to foster the growth of the market sub-segment during the forecast timeframe.
Application: Oil & Gas Sub-Segment to be Most Profitable
The oil & gas sub-segment is expected to garner a revenue of $11,028.7 million over the analysis timeframe. This is mainly due to the rising use of mass transfer procedures such as product purification, structured packing, and many more. The increasing use of mass transfer technology in maintaining high standards of purity and quality of chemicals is expected to upsurge the growth of the market sub-segment during the forecast period.
Europe Region to Hold the Largest Share of the Market
The Europe region of the mass transfer equipment market is projected to grow at a CAGR of 5.2% throughout the estimated timeframe. The increasing objective of the European chemical sector is to attain climate neutrality by directing chemical compounds strategy for sustainable development which is expected to drive the regional growth of the market during the forecast period.
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Covid-19 impact on the Mass Transfer Equipment Market
The outbreak of the Covid-19 pandemic has had a negative impact on the mass transfer equipment market. This is mainly because of the nationwide lockdowns imposed by the government of different nations which resulted in the shutdown of many companies. Moreover, the high cost of the mass transfer equipment along with the occupational risks associated with it has declined the growth of the market during the pandemic. In addition, flight limitations and cancellations during the pandemic have lowered the total utilization of aviation turbines which has decreased the market growth throughout the crisis.
Key Players of the Market
The major players of the mass transfer equipment market include
- MTE Group
- DtEC
- Munters Group
- Finepac Structures Pvt. Ltd.
- Baretti
- Beijing Zehua Chemical Engineering Co. Ltd.
- Tianjin Univtech Co. Ltd.
- Koch-Glitsch
- HAT International Ltd.
- Sulzer Ltd
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnership and collaboration, and product development to obtain a leading position in the global industry.
For instance, in November 2022, Sulzer, a Swiss Industrial engineering and manufacturing firm, announced its collaboration with Blue Planet, a high-growth, and fully circular carbon dioxide reduction solution platform. With this collaboration, the companies aimed to design and produce mass transfer equipment for efficient and effective carbon capture, utilization, and storage.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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- How Will the Mass Transfer Equipment Market Recover After the Adverse Impact of COVID-19?
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