The global Industrial Dryer Market is estimated to be valued at US$ 1.37 billion in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial dryers are used for removing moisture from materials such as chemical and metallurgical products, food grains, minerals, pharmaceuticals, paper products and more. They help improve the shelf life and quality of materials being dried. Various types of industrial dryers include rotary dryers, spray dryers, drum dryers, flash dryers, fluidized bed dryers and others. Their demand is growing due to rapid industrialization and urbanization happening globally. Industries across sectors require dried materials as inputs to manufacture various end-use products. This is driving the growth of the industrial dryer market.
Market key trends:
One of the key trends in the Industrial Dryer Market Growth is the growing adoption of energy-efficient drying technologies. With increasing focus on reducing carbon footprint, dryer manufacturers are developing advanced systems that use less energy and operate cost-effectively. For example, companies are utilizing technologies such as direct contact dryer systems and integrating heat recovery systems in dryers. Another major trend is the use of digitalization and IoT in industrial dryers. New dryers are being equipped with smart sensors and controls for remote monitoring and automated operations. This helps optimize performance and maximize productivity. Introducing automated dryer controls is also assisting manufacturers improve production efficiency.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the industrial dryer market requires high initial capital and manufacturing costs. However, new players can enter by targeting specific niche applications or offering innovative drying systems.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have moderate switching costs and a fair number of alternatives provided by fragmented suppliers. However, key industrial sectors require highly customized drying solutions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to high as suppliers of key components like dryers, dryer parts, conveyors, and control systems are few in number. This gives them bargaining leverage over buyers.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitute drying technologies that can handle high-volume industrial processing needs for moisture removal across different industries.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of numerous global and regional suppliers offering customized drying solutions and competing on product quality, throughput rates, and pricing.
Key Takeaways
The global Industrial Dryer Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing need for drying technologies across different end-use industries like food processing, pharma, chemicals, paper & pulp, and others.
The Asia Pacific region is expected to dominate the market and exhibit the highest CAGR during the forecast period. This is attributed to the growing food processing, chemicals, and construction industries in APAC countries like China, India, Japan, and others. The growing manufacturing sector in these countries necessitates industrial drying for various processes.
Key players operating in the industrial dryer market include Carrier Vibrating Equipment Inc., ThyssenKrupp AG, Buhler Holding AG, FEECO International Inc., CAD Works Engineering Ltd., Glatt GmbH, Metso Corporation, ANIVI Ingeniería SA, FLSmidth& Co. A/S, Andritz AG, GEA Group, Aktiengesellschaft, and Comessa. Major players are focusing on product innovation and development to enhance process efficiency and energy savings for customers across industries.
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