Recently, Global Market Insights introduced a study on the Separation Machinery Market which encompasses significant inputs with respect to market share, market size, regional landscape, contributing players, and revenue projection of this industry vertical. The report also educates investors regarding the existing tends, prime challenges, and current expansion strategies applied by the key organizations that constitute the hyperactive competitive gamut of this business sphere.
Asia Pacific is likely to propel with a CAGR of 4.5% owing to industrial revolution and social economic factors. In 2017, North America held maximum market share in global separation machinery market, the region has been witnessing tremendous growth over the years owing to high demand for hydrocarbons. Further,
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Separation machinery is selected according to the nature of mixture. Separation is chiefly based on the size of particles carried by the fluid. Few other considerations for separation include density, particle, viscosity, flow rate and concentration. Product separation is crucial step in chemical production, it involves separation of impurities from chemical compounds or separating various chemical compounds from each other. Separation Machinery Market will surpass USD 100 billion by 2024; according to a new research report.
Industrial processing segment is likely to generate higher demand for separation machinery for the significant profitability from past few years. According to ICCA (The International Council of Chemical Associations) in 2012 the global chemical industry turnover was over USD 3492.90 billion. Further according to a report by government of India, the chemical export from India had increased from 9.3% in 2003-2008 to 10.6% in 2015-16. Such trend reflects strong growth aspects for separation machinery market particularly in industrial processing.
Chemical manufacturing companies use separation equipment to treat wastewater and optimize energy usage thus encouraging to focus on sustainable development. Few chemical companies are largely investing in innovative solutions which is positively influencing the market. For instance, Kanoria Chemicals & Industries Limited (KCI) established waste to wealth program at its plant located in India with the objective to recover chemically effluent water.
Industrial processing segment held close to 25% market share in 2017 and is likely to witness growth on account of growing oil consumption per year. For instance, in India oil consumption have been growing by 4.1% per year according to Indian Chamber of Commerce. Water & wastewater segment has been witnessing significant growth in recent years with a strengthening government support for cleaner water consumption.
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Oil & gas industry plays vital role in the global energy system. Over 31% of primary energy used worldwide is met by oil-based fuels. Thus, oil & gas industry will have demand for separation equipment to separate, remove, or transform these various components such as salt; gases and solids to produce hydrocarbons for fuels. Rising demand for oil-based fuel will propel separation machinery market over the forecast period.
The leading global companies of separation machinery market include:
- Russell Finex
- GEA Group
- Alfa Laval Corporate
There are several other small and medium scale companies operating the market which hold significant market share of global separation machinery market.
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