Within the assessment period, the APAC industrial dryer market is likely to outperform in the global industrial dryer market
Drying is an integral part of the process industry. Drying is used in the manufacturing of products. There are several industrial dryers available in the global market and they are vividly used in multiple industries. Flash dryer and Vacuum dryer are at a slow growing stage in the product lifecycle owing to limited use in the industry. On the other hand, Rotary dryers which find application in construction materials, minerals, chemical industries etc. have reached a maturity stage whereas Fluidized bed dryer and Spray dryer are at a growing stage of the product lifecycle. The average replacement rate of industrial dryers per year is expected to be around 7% to 9%. The global industrial dryer market was estimated to be valued at more than US$ 2,500 Mn by 2016 end and is expected to touch nearly US$ 3,415 Mn by the end of 2024, expanding at a CAGR of 3.5% over the forecast period. The global industrial dryers market is projected to represent incremental opportunity of more than US$ 830 Mn between 2016 and 2024.
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By 2024, an increment in revenue of North America and APAC together is expected to be nearly 1.2X the decrement in revenue of Europe and Latin America put together
Increased demand for industrial dryers from the food and chemicals industry in North America is expected to propel the demand for industrial dryers in future. The market for industrial dryers in this region was likely to be valued in excess of US$ 700 Mn by the end of 2016 and is expected to increase at a CAGR of 3.9% within the assessment period. This regional market is expected to stay below US$ 1,050 Mn until the end of the forecast period. The APAC industrial dryer market is anticipated give a steady competition to the North America industrial dryer market during the forecast period. The market in APAC is projected to gain 100 BPS by 2024 due to increasing demand of industrial dryers in the food, chemical, and fertilizers industries. APAC is expected to witness significant growth throughout the forecast period.
Increasing production of bulk chemicals in China is expected to change the face of the APAC industrial dryer market
China will lead the APAC industrial dryer market. In terms of volume, the country is anticipated to witness a staggering growth within the forecast period. The demand for industrial dryers will soar in China as these tools will be massively procured by the food processing plants spread across China in the coming few years. China will bolster the growth of the APAC industrial dryer market and APAC is expected to represent an incremental dollar opportunity of more than US$ 300 Mn between 2016 and 2024. The region is expected to account for more than 30% share of the global industrial dryer market. APAC is expected to increase its market value share and go beyond US$ 1,100 Mn by the end of 2024. The APAC industrial dryer market is anticipated to incline towards high value – high growth during the forecast period. In terms of volume, the industrial dryer market in APAC is estimated to reach 1148 units by the end of 2024, exhibiting a CAGR of 3.1% in terms of volume over the forecast period. Mushrooming chemical manufacturing plants in this region is anticipated to upsurge the demand for industrial dryers during the forecast period. Moreover, increasing adoption of industrial dryers in food processing plants and fertilizer industries in APAC is further expected to drive the growth of the industrial dryer market in this region.
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Macro analysis of the APAC industrial dryer market
The incremental opportunity recorded in the industrial dryer market of China is expected to be 5.0X the incremental opportunity of Japan by 2024 end
India is expected to witness significant growth in terms of value as compared to ASEAN during the forecast period
ASEAN is projected to represent total incremental opportunity of more than US$ 5 Mn between 2016 and 2024
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