New York, USA, July 13, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global mass transfer equipment market is predicted to generate a revenue of $4,777.3 million by 2026 and grow at a healthy CAGR of 7.6% over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising demand for sustainable and innovative mass transfer equipment solutions for critical operations of several industries and the latest innovations in product development are some prime factors projected to drive the growth of the global mass transfer equipment market during the forecast period. In addition, increasing R&D activities by key market players is also anticipated to boost the market growth by 2026.
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Opportunities: Growing advancements of mass transfer technologies in the food packaging sector to preserve food quality and safety, decrease food wastage, and prevent foodborne germs and illnesses is the major factor estimated to create abundant growth opportunities for the global mass transfer equipment market by 2026.
Restraints: High cost of technologies is the prime factor expected to hinder the market growth.
Segments of the Market:
The report has fragmented the market into a few segments based on type, application, and regional analysis.
Type: Trays Sub-segment to be Highly Dominant
The trays sub-segment is predicted to hold a dominant market share during the analysis timeframe due to their beneficial applications in mass transfer stages and efficiency and are majorly used as splitters in petrochemical and aromatic applications. Moreover, active area advancements and advanced downcomer technology are also projected to bolster the sub-segment’s growth by 2026.
Application: Chemical Sub-segment to be Highly Lucrative
The chemical sub-segment of the global mass transfer equipment market is estimated to have a significant market growth due to the extensive usage of mass transfer technology in maintaining the high standards of purity and quality of chemicals. Mass transfer operations like structured packaging, liquid-liquid extraction, and product purification are massively performed in the chemical industries, thus propelling the sub-segment’s growth by 2026.
Region: Market in the Asia-Pacific Region to Witness Better Growth Opportunities
The mass transfer equipment market in the Asia-Pacific region is expected to witness more growth opportunities by 2026 due to heavy R&D investments and innovative engineering solutions by key market players. Moreover, availability of requisite facilities and the growing focus on strengthening the existing product portfolio are some factors predicted to further uplift the market growth in the Asia-Pacific region by 2026.
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Key Market Players
Some key players of the mass transfer equipment market include
- Tianjin Univtech Co., Ltd.
- Finepac Structures Pvt. Ltd.
- Baretti, Koch-Glitsch.
- DtEC
- Munters Group
- Beijing Zehua Chemical Engineering Co., Ltd.
- HAT International Ltd.
- Sulzer Ltd, MTE Group., among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Get More Insights, Get in touch with an expert analyst
For example, in July 2021, Sulzer Chemtech, a Swiss industrial engineering and manufacturing firm, announced its partnership with Shell Catalysts & Technologies, a leading provider of catalysts, technical services, and licensed processed technologies to refiners and chemical plants. This strategic partnership is aimed to develop and distribute high-capacity tray, thus advancing mass transfer and separation technologies.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Mass Transfer Equipment Market:
- Mass Transfer Equipment Market: Towards a Newer Height of Development
- How Will the Mass Transfer Equipment Market Recover After the Adverse Impact of COVID-19?
