The spray drying equipment market is estimated to be valued at USD 4.38 billion in 2018 and is projected to reach USD 6.12 billion by 2023, at a CAGR of 6.9% from 2018.
This market is majorly being driven by the increasing demand for ready-to-eat and functional food, reduction in thermal damage caused to the product, increase in the shelf-life leading to improved logistics, technological innovations, and emerging applications in biotechnology and bioceramics industries.
The closed-loop segment, by spray dryer type, is projected to grow at the highest CAGR among all spray dryer types from 2018 to 2023. Closed-loop spray drying systems are ideal for handling solvents, heat-sensitive products, preventing oxidation of dried products, and providing an aseptic atmosphere. Due to these advantages, the closed-loop spray dryer segment is projected to grow at the highest CAGR during the forecast period.
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The food segment, by application, is projected to grow at the highest CAGR during the forecast period. The growing usage of spray drying equipment for food encapsulation is expected to drive the growth of this segment from 2018 to 2023. Moreover, spray dryer equipment find a wide range of applications in the food industry, including food ingredients, conversion of fruit & vegetable juices into instant mixes, instant coffee mixes, and drying of eggs and dairy products.
The closed cycle segment, by cycle type, is projected to grow at a significantly higher rate during the forecast period. The closed cycle spray dryer process involves the recycling of the drying gas, which is used to heat in the drying chamber. This spray drying process is preferred when there are environmental issues; the efficiency is also higher in the closed cycle spray drying process. Owing to these factors, this segment is projected to grow at a higher CAGR during the forecast period.
The mixed flow segment, by flow type, is projected to grow at a significantly higher rate during the forecast period. Mixed flow spray dryers are a combination of both, co-current and counter-current flow spray dryers. This type of arrangement usually requires higher temperature and is used for drying specifically coarse free-flowing powders.
The multistage segment, by drying stage, is projected to grow at the highest rate during the forecast period. The demand for multistage spray dryers is increasing for R&D purposes. Moreover, its growing demand for food encapsulation is another important factor that is expected to drive this segment in the coming years.
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The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The market here is mainly driven by the increasing demand for nutritional products among consumers. By country, China accounted for the largest share of the Asia Pacific spray drying equipment region. China is also one of the major markets for food and drug encapsulation in the world; the market here is projected to grow in the next few years with a considerable rise in the demand for spray drying equipment.
