Future Market Insights (FMI), in its latest research study, examines the growth trail of contact and convective dryers market for the assessment timeframe of 2019-2029. According to the research study, sales of contact and convective dryers reached ~ 2,649 units in 2018, with an estimated Y-o-Y increase of 2.8% to be witnessed in 2019.
Increasing focus on industrial drying as an imperative for sustenance of product quality is emerging as a bedrock for growth of contact and convective dryers market, finds the FMI study. Industrial drying remains one among the most-demanding unit operations, and this demand continues to firm up as end user industries navigate toward achieving ‘operational efficiency’.
Industrial drying has been spectating proactive efforts in boosting research & development (R&D) over the last three decades to adapt to the evolving requirements coming from various product types. Growing investments in research and development activities is marking new beginnings for the market in terms of new product developments and innovations coming to the fore.
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According to the report, the role of contact and convective dryers in form of intermittent drying equipment is likely to be prominent in 2019 and beyond, as they address the fundamental drying requirements before the products go upstream for complex drying processes. However, limited installation rate coupled with low replacement ratio are two of the key factors expected to pose significant challenges for manufacturers of contact and convective dryers.
Fast-Paced Growth of Processing Verticals Unlocking Gains in Developing Economies
The FMI study opines that sky-rocketing growth of processing industries in fast-growing economies, such as South Asia and East Asia, are signaling the emergence of new opportunities for the market players to leverage. High adoption of contact and convective dryers to effectively meet the drying requirements, especially for powders, remains one of the key factors pushing their demand in industrial processing streams. Leading market players are redesigning their expansion strategies with a stronger orientation toward these regions, so that they firmly establish themselves in this ‘already-opportunistic’ markets and reap large profits.
According to the study, sales of contact dryers will continue to outpace the sales of convective dryers, with global sales estimated to reach ~ 1,768 units in 2019. While higher energy efficiency continues to be the biggest selling point of contact dryers, reduced environmental footprint and low costs are two more factors underpinning their visibility. In addition, contact dryers possess unmatched ability in terms of accumulation and retention of heat, which further warrants its viability amidst the end-user marketplace.
As suggested by FMI’s analysis, the contact and convective dryers market showcases higher degree of consolidation at the bottom, with mid-level and emerging players commanding for a major chunk of the global market share. The market participants will continue to invest in service and supply contracts with end-users as a key cornerstone of their sales strategy. Market players are capitalizing on the trend of ‘digitalization’ to support customers in terms of optimized designs and operating costs.
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Customized contact and convective dryers will remain a prime focus for manufacturers to revive their business models, unveils the FMI research study. As product customization is one of the best tools businesses can use to comprehend the end user needs, manufacturers are focusing on product personalization to diversify their offerings and reach new markets with minimum tweaks to their business models. Manufacturers active in the contact and convective dryers market will continue placing their bets on strategic mergers and acquisitions, with new possibilities as a result of combined-expertise and shared resources pool.
This study delineates the growth prospects of contact and convective dryers market and exhibits a value CAGR of 3.4% during the forecast period of 2019-2029. For more ground-breaking insights into the contact and convective dryers market.