Product Overview

Spray drying facilities are used to remove the moisture content from the product. A basic spray drying process consists of dispersing a liquid/slurry in the form of small droplets and then bringing it into contact with a hot gas. The hot gas causes all the moisture from the droplets to evaporate and we eventually get our product in the form of grains. The most popular spray dryer equipment design consists of a long column/vessel with the top-end slurry dispenser and hot gases circulating from bottom to top fashion. Spray drying is one of the fundamental operations of any chemical process industry and when the product is heat sensitive, it is the preferred drying method. In the food and pharmaceutical industry, it has finds immense applications.

Market Highlights

Spray Drying Equipment Market is expected to project a notable CAGR of 5.9% in 2030.

Spray Drying Equipment Market to surpass USD 7.5 billion by 2030 from USD 4.2 billion in 2018 at a CAGR of 5.9% throughout the forecast period, i.e., 2019-30. The growing pharmaceutical, food, and chemical industries are driving the growth of the global market for spray-drying equipment. Some macroeconomic factors that have a positive impact on the global market for spray drying equipment include rapid urbanization, population growth, lifestyle change, and domestic revenue growth. The high investment in technological advances to develop the equipment is the trend identified in the worldwide spray drying equipment market. In Asia Pacific, the market players in spray drying equipment have a significant opportunity due to the rapidly growing pharmaceutical industry. Global market players in spray drying equipment also have the potential to penetrate the market through the application of the food industry, such as food encapsulation.

Spray Drying Equipment Market: Segments

Fluidized segment to grow with the highest CAGR during 2019-30

Spray Drying Equipment Market is segmented by product type as rotary atomizer spray dryer, nozzle atomizer spray dryer, fluidized spray dryer, closed-loop spray dryer, centrifugal spray dryer. The greater market share of 41.3% in 2018 was accounted for by the nozzle atomizer segment of the Spray Drying Equipment market owing to the substantial adoption of equipment based on nozzle atomizer to produce coarser and free-flowing powders. Besides, nozzle atomizer dryers can also be used to offer a broad range of flow rates in conjunction with multiple nozzle installations. For applications that require optimum flow rates and involve the production of flexible particle sizes, these are therefore the ideal option. On the other hand, it is expected that the increasing need to reduce the moisture content during the processing of pharmaceutical products and to achieve optimum quality and fine granular particles during the processing of food products will trigger the adoption of fluidized dryers during the forecast period. One of the main factors that have led to an increase in demand for rotary atomizers is their capacity to produce uniform and fine particle size for non-viscous fluids.

The multi-stage Segment to grow with the highest CAGR during 2019-30

Spray Drying Equipment Market is segmented by stage into multistage, two-stage, and single stage. The two-stage segment accounted for the largest market share of more than 39.1% in 2018 and is estimated to maintain dominance in the future. Because of lower production costs, this can be attributed to increasing demand for these dryers across different industrial applications without compromising product quality. Due to the benefits offered by this equipment, such as the ability to process varying volumes of feedstock, two-stage dryers are usually used by medium- and large-scale industrial manufacturers. However, due to its advantages, the multi-stage product segment is expected to register the highest CAGR over the forecast period, such as the ability to control the pressure drop instantaneously between the first and final stages of the spray drying process and to produce dust-free agglomerated products with optimum dispersibility.

Spray Drying Equipment Market: Market Dynamics

Drivers

Increase in the consumption of processed and RTE Foods

Ready-to-eat (RTE) foods, as the name suggests, refer to that form of food products derived from animals or plants, or a combination that can be offered after pre-washed, pre-cooked, processed, and frozen to customers. They do not, therefore, require elaborate processing before consumption by end-consumers; thus, saving their time and energy. Besides, changes in consumers' lifestyles over the last decade have led to high demand for processed and ready-to-eat food products due to rapid urbanization. A sharp rise in levels of dual-income, living standards, and the demand for comfort has also led to an increase in consumers' busy lifestyles. The significant increase in demand for maltodextrin has led to an increase in the use of spray dryers among food additive manufacturers, reflecting positively on the market for spray drying equipment.

Investments in Brownfield and Greenfield Establishments

The global spray drying equipment industry has seen significant investments in brownfield and Greenfield establishments across various verticals. In the niche industry of spray drying equipment on the back of over 900 brownfields and Greenfield food, chemical, and pharmaceutical facilities, both developed and developing economies are gaining immense traction. It is also anticipated that increasing product use in the pharmaceutical and nutraceutical industries in the manufacture of antibiotics, penicillin, enzymes, and whey proteins will drive the market over the forecast period. Nevertheless, technological advances are enabling manufacturers to develop products that are energy-efficient and free from emissions of hazardous gases, opening up significant opportunities for the market to grow.

Restrain

High installation and operational cost

The spray drying of the required equipment and its continuous operations is offered at high costs. The main auxiliary equipment is equally costly, regardless of the type of atomizer and the capacity of the dryer. Due to the large volume of hot air that circulates in the chamber without contacting the particles, spray dryers generally have low thermal efficiency. Additionally, for atomizing, spray dryers that use two-fluid nozzles require compressed gas. The high energy and pressure requirements have already added to the overhead costs without taking into account labor and maintenance costs.

Spray Drying Equipment Market: Regions

Spray Drying Equipment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Spray Drying Equipment Market in North America held the largest market share of 30.2% in the year 2018 due to the rapid adoption by key businesses of new and emerging technologies to improve overall efficiency and ensure optimum product quality. Moreover, higher R&D capabilities in the U.S. across different industries, such as pharmaceutical and nutraceutical, led to increased adoption of these devices. During the forecast period, the Asia Pacific region is projected to grow at the highest CAGR. The market in this region is mainly driven by the growing demand among consumers for nutritional products such as infant food and milk powder. In the Asia Pacific region, China is estimated to hold the largest market share for spray drying equipment. The nation is also one of the world's major food and drug encapsulation markets; the market here is projected to grow significantly in the coming years.

Competitive Landscape:

The Spray Drying Equipment market, which is highly competitive, consists of several major players such as GEA Group AG (Germany), SPX Flow (US), Shandong Tianli Drying Technology & Equipment (China), European Spraydry Technologies (UK), hold a substantial market share in the Spray Drying Equipment market. Other players analyzed in this report are Buchi Labortechnik AG (Switzerland), and Labplant (UK), Advanced Drying Systems (India), Freund Vector Corporation (US), Dedert Corporation (US), Carrier Vibrating Equipment Inc. (US), and Yamato Scientific America (US), Tetra Pak International SA (Switzerland), G Larsson Starch Technology AB (Sweden), Hemraj Enterprise (India), and Acmefil Engineering Systems Pvt. Ltd. (India) among others.

The market competition has been stepped up by the availability of many players offering Spray Drying Equipment. In May 2018, Dedert Corporation opened a new food-grade spray test facility in Illinois. This would help the company to increase its customer base in the US market.

Spray Drying Equipment Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Spray Drying Equipment Market: Key Players

Acmefil

Company Overview

Business Strategy

Key Product Offerings

Financial Performance

Key Performance Indicators

Risk Analysis

Recent Development

Regional Presence

SWOT Analysis

Buchi Labortechnik AG

C. E. Rogers

Changzhou Lemar Drying Engineering Co. Ltd.

Dedert Corporation

European Spraydry Technologies LLP

GEA Group AG

New AVM Systech

Shandong Tianli Drying Technology and Equipment

Spray Drying Equipment Market report also contains analysis on:

Spray Drying Equipment Market Segments:

By Product Type:

Rotary Atomizer

Nozzle Atomizer

Fluidized

Centrifugal

By Stage:

Single-Stage

Two-Stage

Multi-Stage

By Flow Type:

Co-Current Flow Spray Dryers

Counter-Current Flow Spray Dryers

Mixed Flow Spray Dryers

By Application:

Food & Dairy

Pharmaceuticals & Nutraceuticals

Chemical

Others

Spray Drying Equipment Market Dynamics

Spray Drying Equipment Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Spray Drying Equipment Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Spray Drying Equipment Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Spray Drying Equipment Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Spray Drying Equipment: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Product Type: Market Share (2020-2030F)

12.2.1. Rotary Atomizer, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Nozzle Atomizer, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Fluidized, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.4. Centrifugal, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Stage: Market Share (2020-2030F)

12.3.1. Single-Stage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. Two-Stage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.3. Multi-Stage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4. By Flow Type: Market Share (2020-2030F)

12.4.1. Co-Current Flow, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. Counter-Current Flow, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.3. Mixed Flow Spray, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5 By Application: Market Share (2020-2030F)

12.5.1. Food & Dairy, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.2. Pharmaceuticals & Nutraceuticals, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.3. Chemical, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.4. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. Acmefil

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. Buchi Labortechnik AG

13.3. C. E. Rogers

13.4. Changzhou Lemar Drying Engineering Co. Ltd.

13.5. Dedert Corporation

13.6. European Spraydry Technologies LLP

13.7. GEA Group AG

13.8. New AVM Systech

13.9. Shandong Tianli Drying Technology and Equipment

13.10. SPX Flow Technology

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)