Hopper Dryers Market to Reach $576.2 Mn, Globally, by 2025 at 3.9% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 5, 2018 /PRNewswire/ --
Increase in demand for hopper dryers in plastic processing machinery, low energy consumption compared to conventional processes, and associated advantages such as robustness, rapid drying, easy operation, and low maintenance would drive the growth of the global hopper dryers market
Allied Market Research published a report, titled, Hopper Dryers Market by Product type (Less Than 100 KG, 100 KG To 500 KG, and More Than 500 KG) and Application (Injection Molding Machine, Extrusion Machine, and Blow Molding Machine): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides extensive analyses of the market dynamics, top investment pockets, key market segments, strategic developments, and competitive landscape. According to the report, the global hopper dryers market generated $421.3 million in 2017, and is expected to reach $576.2 million by 2025, growing at a CAGR of 3.9% from 2018 to 2025.
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High demand for hopper dryers in plastic processing machinery and associated advantages such as energy saving, robustness, rapid drying, easy operation, and low maintenance drive the growth of the market. However, high initial cost and environmental concerns regarding usage of plastic hinder the growth of the industry. On the other hand, emergence of new technologies and advancements in design create new opportunities for the market.
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More than 500 KG segment to generate the highest revenue by 2025
The more than 500 KG segment contributed more than one-third of the total market share in 2017 due to the growing adoption of huge plastic processing machinery for drying plastics in large-scale industries, especially automotive and others. However, the less than 100 KG segment would register the highest CAGR of 5.3% from 2018 to 2025, owing to its high adoption across small-scale plastic packaging plants and other industries. The 100 KG to 500 KG segment exhibited moderate growth rate during the forecast period.
Injection molding machine segment to remain dominant throughout the forecast period
Injection molding machine segment held the major share in 2017, accounting for more than three-fourths of the total revenue. This is attributed to the rise in demand for hopper dryers in end user industries such as electronics, consumer goods, and others. This segment is expected to dominate the global market throughout the forecast period. However, the blow molding machine segment is expected to register the highest CAGR of 5.0% from 2018 to 2025, owing to rise in demand for blow-molded parts in automotive, consumer goods, and other end user industries coupled with usage in production of plastic bottles, garden, and household items. The report also analyzes the extrusion machine application segment.
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Asia-Pacific to maintain its lead position by 2025
Significant proliferation of small and mid-level manufacturers in emerging economies such as China and India have enabled the Asia-Pacific region to contribute nearly half of the global market revenue in 2017. This region is expected to maintain its lead throughout the forecast period. However, LAMEA region would grow at the highest CAGR of 5.2% from 2018 to 2025, owing to the growing preference for hopper dryers over conventional drying methods to develop high quality finished plastic products.
Leading market players
The leading market players analyzed in the study include ACS Group, Conair, Bry-Air, Kenplas Industry Ltd., Dri-Air Industries Inc., Novatec, Inc., Motan Colortronic, Summit Systems, Shini Plastics Technologies Inc., and Yann Bang. These market players have implemented various strategies such as partnership, expansion, collaboration, joint ventures, and others to gain stronghold in the industry.
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