Dallas, Texas, United states, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Global Residue Processing Market was valued at US$ 2,045.35 Mn in 2020, estimated to reach US$ 4,065.90 Mn in 2027, with a CAGR of 9.49% from 2021-2027
The market for Residue Processing is being driven by an increase in chemical contamination in food processing industries. Residue processing is often done to ensure that the quality of the products meets both national and global market access and safety criteria. Pesticides, food allergies, poisons, heavy metals, and other contaminants are checked using various procedures. Among the major factors driving the Residue Process market are an increase in disposable income and an increase in demand from emerging economies.
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Market Segmentation Analysis
Based on Residue Type such as Atmospheric Residue, Vacuum Residue, Crude Oil, Heavy Residue, Metal Extracts, Others. Heavy Residue segment has largest market share during the forecast period.
Based on End Use Industry such as Energy, Pulp and Paper, Food Industry, Pharmaceuticals, Chemicals, Others. Energy segment has largest market share during the forecast period.
Key Players
The key players profiled in Residue Processing market analysis include Axens, Pörner Group, Haldor Topsoe, UOP, Johnson Matthey, Süd-Chemie, Albemarle Corporation, Grace Davison, BASF, ExxonMobil Chemical
COVID-19 Impact on the Residue Processing Market
The COVID-19 pandemic will have a significant influence on the food and beverage industry. Food security, food safety, and food sustainability are all regarded as vitally impacted facets of food systems during a pandemic. Consumer preferences in terms of food have altered considerably, with a greater need for safety and quality.
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Residue Processing Market Segmentation
By Residue Type
- Atmospheric Residue
- Vacuum Residue
- Crude Oil
- Heavy Residue
- Metal Extracts
- Others
By End Use Industry
- Energy
- Pulp and Paper
- Food Industry
- Pharmaceuticals
- Chemicals
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. Asia-Pacific is expected to have the largest revenue share. The rise in allergic reactions among consumers is a major factor driving the growth of the Asia Pacific residue processing market over the forecast period. Furthermore, advances in processing technology and worldwide commerce of food materials are fueling the expansion of the residue processing industry.
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