Recycling and reusing the solvent is an essential requirement of any industry because it saves money required for purchasing new solvents. Thus, solvent recovery systems are essential and important from productivity prospective for any industry.
A solvent recovery system includes the process of extracting valuable and useful materials from waste or by-product solvents which are generated during the manufacturing process. The chemicals which are being recovered and recycled by the solvent recovery systems are repurposed by the industries by eliminating waste and removing hazardous substances from the leftover substances. With the development of industries, the associated solvent recovery systems also need to be renovated.
Thus, the solvent recovery system is expected to have better growth opportunities during the forecast period.
A solvent recovery system reduces raw material and solvent costs as well as transportation and disposal costs of the chemicals. Also, a solvent recovery system lowers the EPA reporting requirement and risk owing to the less disposal of industrial solvents.
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Solvent Recovery Systems Market: Drivers and Challenges
Developing pharmaceutical, electronics, agrochemical, and chemical industries are driving the solvent recovery systems market. Also, the need for waste management and recycling is expected to increase the use of the solvent recovery systems by these industries.
Moreover, the global concept of using the by-products of the solvent to produce new products is another driving factor for the solvent recovery systems. Also, the advantages of the solvent recovery systems over the conventional techniques give a significant growth opportunity to the market.
The introduction of the environmental laws by the governments of various countries are expected to give a substantial boost to the solvent recovery systems market. Also, the increasing awareness towards management and recycling of by-products is also expected to drive the growth of the solvent recovery systems market.
Some organizations are always trying to minimize legal exposure which can be achieved with the help of the solvent recovery systems. These factors are expected to lead to the potential growth of the solvent recovery systems during the forecast period. However, lack of recycling techniques in industries and lack of government awareness towards solvent recovery rules are some expected challenges for the market during the forecast period.
Solvent Recovery Systems Market: Key Players
Some key players in the solvent recovery systems market are EPIC Modular Process Systems, DALAL ENGINEERING, CMI Group, Veolia, Finepac Structures Pvt. Ltd, SRS Engineering Corporation, Chemoxy International Ltd, BOUL INDUSTRIEL, Maratek Environmental Inc., CBG Biotech, Clean Planet Chemical, TRADEBE, and CycleSolv. These players are expected to highly influence the solvent recovery systems market during forecast period.
Solvent Recovery Systems Market: Regional Overview
North America is expected to lead the solvent recovery system market owing to the presence of a large number of chemical, food, and other industries. Latin America is expected to have significant growth in solvent recovery systems owing to the rising use of solvent recycling techniques in the region.
Technological advancements and the use of advanced systems for solvent reuse in the industries lead to the potential growth of solvent recovery systems in Europe. The changing government rules about by-product recovery in the industries and innovations in the Asia Pacific is expected to give considerate growth opportunities to the solvent recovery systems market in the region.
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The increasing number and extensions of some industries in the Middle East and Africa are expected to give a moderate growth to the solvent recovery system market in the region.
Solvent Recovery Systems Market: Segmentation
Solvent recovery systems market can be segmented as follows:
Segmentation of the solvent recovery systems market on the basis of type of solvent that can be recovered:
- Non-azeotropic Solutions
- Aqueous non-azeotropic solutions
- Heterogeneous Azeotropic solutions
- Aqueous Homogeneous Azeotropic solutions
Segmentation of the solvent recovery systems market on the basis of solvent recovery technologies:
- Fractionation
- Azeotropic Distillation
- Extractive Distillation
Segmentation of the solvent recovery systems market on the basis of component:
- System
- Accessories
Segmentation of the solvent recovery systems market on the basis of End Use:
- Pharmaceutical
- Electronics
- Agrochemicals
- Chemical
- Cosmetics
- Others
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