Solvent Recovery Equipment Market Size, Share, Growth, and Industry Analysis, By Type (On-site Solvent Recovery Equipment, Off-site Solvent Recovery Equipment), By Application (Automobile, Semiconductors, Chemical, Pharmaceuticals, Printing Industry, Painting & Coating, Others) and Regional Forecast to 2027

Updated On: 22 April 2024

Solvent Recovery Equipment Market REPORT OVERVIEW

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The global solvent recovery equipment market size was USD 1181.06 million in 2021. As per our research, the solvent recovery equipment market is expected to reach USD 1613.16 million by 2027, exhibiting a CAGR of 5.33% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, solvent recovery equipment 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.

Distillation is a technique used in solvent recovery machinery to distinguish between volatile and nonvolatile solvent solutions. Particularly similar to a vapor degreaser, the solution is heated to a boil, and its vapors are then condensed to become liquid in a different tank. Despite the market having many different local and international participants from all over the world, just a few large businesses are able to affordably increase the market.  The players attract significant market expansion opportunities with the aid of innovative product launches and in-depth research and development operations.

COVID-19 Impact: Variations in Demand to Deplete Market Share 

The COVID-19 outbreak produced a negative impact on a variety of industries and the solvent recovery equipment market share as a result of the virus's prolonged global spread.  The market, however, experienced severe declines and issues during the pandemic due to an unresponsive and severe shutdown imposed by international regulatory bodies, including challenges with supervisory revisions, variations in demand, interruptions in generic drug sanctions, disruptions in supply channels of distribution, and product shipping restrictions.  Additionally, these adverse factors were a result of the fact that numerous pharmaceutical businesses and researchers focused on battling the COVID-19 virus, and that consumers used self-isolation and methods of social distancing when COVID-19 cases continued rising.

LATEST TRENDS 

"Adoption of Environmental Legislation to Stimulate Market Development "

The solvent recovery equipment market growth is experiencing great growth potential as a result of the adoption of environmental legislation by various governments.  By reducing transportation costs and chemical disposal costs, solvent recovery helps plant the seeds of future growth.  Systems for solution recovery recover more than a substantial percent of the solutions.  As a result, this feature may present favorable growth prospects for the market.  The market may increase further as a result of the strict loss regulations recommended by regulatory bodies including the Environmental Protection Agency (EPA).  Chemical disposal has dramatically decreased as a result of solution recovery, hence the industry in question is not subject to regulatory authorities' monitoring.

SEGMENTATION

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By Type

Based on type; the market is divided into on-site solvent recovery equipment, off-site solvent recovery equipment

On-site solvent recovery equipment is the leading part of the type segment.

By Application

Based on the application; the market is divided into automobile, semiconductors, chemical, pharmaceuticals, printing industry, painting & coating, others

Automobile is the leading part of the application segment.

DRIVING FACTORS

"Growing Demand for Recycled Solvents to Aid Market Expansion  "

The market had significant growth throughout the anticipated period as a result of the growing demand for reused and recycled solvents, which is a critical component of any industry.  The advantages of solvent recovery machinery, especially their cost effectiveness, present lucrative growth prospects for the industry.

"Rapid Industrialization to Foster Industry Progress "

Rapid industrialisation is enabling the solvent recovery equipment market growth to experience significant expansion in several regions of the world.  Chemicals used by industry are recycled, dangerous substances are removed, and the mixture is then prepared for reuse.  Systems for recovering solvents reduce the need for raw materials and the expense of solving problems.  Consequently, these elements might be the beginning of the market expansion.

Solvent recovery systems can recover heterogeneous azeotropic solutions, aqueous non-azeotropic solutions, and aqueous, homogeneous azeotropic solutions.  Solvent recovery systems for various applications in agrochemicals, cosmetics, chemicals, electronics, pharmaceuticals, and other industries may also present the market with significant growth opportunities.

RESTRAINING FACTORS

"Lack of Government Understanding to Stop Market Evolution "

A few hurdles for the industry throughout the foreseeable future include a lack of recycling practices in the industrial sector and a lack of government understanding of solvent recovery regulations. As the systems are meant to deteriorate over time, the system needs to be handled with extreme caution. If the process water is not properly handled, calcium accumulation can occur in steam jackets. Thus, an expert is needed to handle the machinery. The above-mentioned facts if not taken care of can depreciate the value of the machinery.

REGIONAL INSIGHTS

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"Rising Need for Solvent Recycling in Asia Pacific to Support Market Advancement "

A considerable portion of the global market is expected to be dominated by Asia Pacific, thanks to the region's growing industrialization and the presence of numerous end-use industries, including textiles, automotive, and the building and construction sectors. The need for solvent recycling is rising as a result of strict environmental restrictions implemented by governments of various nations. High volumes of solvents are produced in the area by a strong manufacturing base, and these solvents can be recycled.

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 

• CBG Biotech (U.S.)
• Oregon Environmental Systems (U.S.)
• KIMURA CHEMICAL PLANTS CO., LTD. (Japan)
• Wintek Corporation (Taiwan)
• International Surface Technologies (U.S.)
• Koch Modular Process Systems (U.S.)
• Spooner Industries (U.K.)
• SRS Engineering Corporation (India)
• Uni-ram (U.S.)
• Nikkaki (Japan)
• Progressive Recovery, Inc. (U.S.)
• Formeco (Italy)
• DW Renzmann (Germany)
• NexGen Enviro Systems (U.S.)
• HongYi (Taiwan)
• OFRU Recycling (U.S.)
• Dürr Group (Germany)
• Sulzer (Switzerland)
• Maratek Environmental Inc. (U.S.)

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.