Categories: Market Research

Filtration & Drying Equipment Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Filtration & Drying Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Filtration & Drying Equipment, The filtration & drying equipment market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to environmental regulations, industrial growth, quality and safety standards, globalization of industries, health and safety concerns, cost efficiency.

The filtration & drying equipment market size is expected to see strong growth in the next few years. It will grow to $2.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing industrialization, evolving environmental standards, rising demand in emerging markets, focus on sustainable practices, pharmaceutical and biotechnology advancements. Major trends in the forecast period include technological advancements, increased focus on sustainability, stringent regulatory standards, customized filtration solutions, globalization of supply chains, hybrid drying technologies.

The increasing pharmaceutical spending on research and development is expected to propel the growth of the filtration and drying equipment market going forward. Research and development refer to the process by which businesses gather information in order to develop new products or find innovative ways to enhance their current goods and services. Filtration and drying equipment is used in research and development to test and refine products or processes before commercial use and to determine material properties through microstructural characterization. For instance, in November 2022, according to the National Statistics Institute (INE), a Spain-based government agency, in 2021, the amount spent on internal research and development was 17,249 million USD. In addition, compared to 2020, this spending equaled 1.43 percent of GDP, an increase from 1.41 %. Spending on research and development climbed by 9.2% over the previous year. Therefore, increasing pharmaceutical spending on research and development is driving the growth of the filtration and drying equipment market.

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The filtration & drying equipment market covered in this report is segmented –

1) By Equipment Type: Full Automatic Equipment, Semi-Automatic Equipment

2) By Technology: Centrifuges, Agitated Nutsche Filter-Dyers (ANFD), Other Technologies

3) By End Use: Pharmaceutical, Chemicals, Water and Wastewater Treatment, Food and Beverage, Other End Users

Product innovation is a key trend gaining popularity in the filtration and drying equipment market. Major companies operating in filtration and drying equipment are focused on developing innovative solutions to strengthen their position in the market. For instance, in March 2021, Donaldson Company Inc., a US-based manufacturer of innovative filtration products and solutions, launched its new product, Ultrapac. It is a smart dryer for compressed air process filtration applications. The unique features of this product include its modular design for flexible orientations. Smart communication and ultrasilencers reduce noise pollution and help provide safe working conditions, as well as easy handling of maintenance and service.

The filtration & drying equipment market report table of contents includes: