Drying Curing Equipment Market Size, Share, Growth, and Industry Analysis, By Type (UV Drying Curing Equipment, IR Drying Curing Equipment, Others), By Application (Printing Industry, Building Materials Industry, Manufacturing Industry, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

drying curing equipment market REPORT OVERVIEW

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The global drying curing equipment market size was USD 570 million in 2022 and is expected to reach USD 672.7 million by 2028, exhibiting a CAGR of 2.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Drying curing equipment represents a piece of machinery that uses heat energy to dry an object by lowering the moisture level of a substance.  To determine the moisture level of solid materials, a dryer that heats wet material typically refers to humidity or similar volatile liquid components that evaporate to leave.  Its main areas of application are in the industrial and printing sectors.

The market will be proliferated by the equipment use in printing and manufacturing industries. Moreover, the technological advancements in the equipment will advance the market in the coming years.

COVID-19 Impact: Deployment of Strict Lockdown Procedures to Deplete Market Share

The drying curing equipment market share has been badly impacted by the COVID-19 outbreak. This is mostly due to an increase in coronavirus cases, the deployment of strict lockdown procedures, and restricted human movement. The dynamics of the market have significantly shifted as a result of the deteriorating pandemic situation. The nation's state of emergency and other government restrictions are having an impact on global economics.

Global consumer purchasing power has been impacted by nations' diminishing capital bases. Growing national limits on building and industrial operations have a negative impact on consumer demand for dryers and the expansion of the worldwide market.

LATEST TRENDS

"Investments in Research and Development to Stimulate Market Development  "

To create cost synergies and improve processes for greater efficiency, reduced expenses, and lower emissions, businesses are making investments in research and development. The business is adopting remote monitoring technologies as they spread for optimum results.

These equipment are now available on the market, offering improved dependability and affordability. They are built using standard modules and are customized to each customer's unique size and technological needs. These dryers not only reduce costs but also speed up planning, validation, and records, cutting down on delivery timeframes. These elements are anticipated to encourage the use of equipment, which will boost the market over the course of the projected period.

drying curing equipment market SEGMENTATION

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• By Type

Based on type; the market is divided into UV drying curing equipment, IR drying curing equipment, others

UV drying curing equipment is the leading part of the type segment.

• By Application

Based on the application; the market is divided into printing industry, building materials industry, manufacturing industry, others

Printing industry is the leading part of the application segment.

DRIVING FACTORS

"Uniformity of the Finished Goods to Aid Market Expansion  "

Due to its possible benefits over traditional drying techniques such as the formation of crystals filtration, and precipitation, this equipment has been used for over thirty years to stabilize different chemicals and is being increasingly used in the biotechnology and pharmaceutical sectors.

The retention of the biochemical and biological potency as well as uniformity of the finished goods are the main advantages of freeze-drying over traditional drying. Additionally, the equipment offers safeguards against solutions effects and chemical deterioration, as well as convenient dispensing and metering prior to final packaging. The equipment can hasten rehydration in comparison to dry powder fills. Additionally, due to the low moisture content, dried goods can last for years in their original packaging and storage settings.

"Chemical Segment to Foster Industry Progress "

In terms of revenue, the chemical segment had a maximum drying curing equipment market during 2022 and is anticipated to maintain its dominance throughout the projected period. Filtration and drying are essential activities for the removal of solid material from liquids in many chemical processes, which are in high demand. Furthermore, during the course of the forecast period, it is projected that the worldwide drying curing equipment market growth would be aided by the rise of chemical processing sectors in developing nations including Brazil, India, China, and Vietnam.

RESTRAINING FACTOR

"Problems Related to UV Coating Goods to Stop Market Evolution "

The market is experiencing production slowdowns owing to COVID-19, cracking problems on UV curable coating goods, and risks associated with the dangerous effects of mercury found in UV mercury lamps.

drying curing equipment market REGIONAL INSIGHTS

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"Strong Emphasis by Manufacturing Companies in Europe to Support Market Advancement "

The UK and Germany are Europe's two largest market revenue contributors. As drying offers high storage equilibrium for labile biomolecules in drugs and vaccines, the need for the equipment within the region is mainly driven by the strong emphasis by different manufacturing companies on creating novel drugs and vaccines, as well as the rising number of cancer biomarker studies.

Due to rising medicine consumption brought on by the high manufacturing expenditure in the area, the demand is increasing.  As a result, during the projection period, demand for the market in Europe will be driven by an increase in the number of manufacturing industries along with an increase in their spending.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• IST METZ (Germany)
• Heraeus (Germany)
• Phoseon (U.S.)
• Lumen Dynamics (U.S.)
• Miltec (U.S.)
• Nordson (U.S.)
• AMS (U.S.)
• Kyocera (Japan)
• Panasonic (Japan)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.