Spray Drying Equipment Global Market Opportunities and Strategies to 2033

This report describes and explains the spray drying equipment market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global spray drying equipment market reached a value of nearly $5.85 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.13% since 2018. The market is expected to grow from $5.85 billion in 2023 to $8.52 billion in 2028 at a rate of 7.81%. The market is then expected to grow at a CAGR of 8.31% from 2028 and reach $12.7 billion in 2033.

Growth in the historic period resulted rising demand for processed and RTE foods, rapid industrialization, strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were strict environmental laws.

Going forward, increased demand for food and beverage industry, growing chemical industry, rapid urbanization, growth and expansion of the pharmaceuticals industry will drive the market growth. Factor that could hinder the growth of the spray drying equipment market in the future include high installation and operational costs.

The spray drying equipment market is segmented by product type into rotary atomizers, nozzle atomizers, fluidized, centrifugal and other product types. The nozzle atomizers market was the largest segment of the spray drying equipment market segmented by product type, accounting for 35.6% or $2.08 billion of the total in 2023. Going forward, the rotary atomizers segment is expected to be the fastest growing segment in the spray drying equipment market segmented by product type, at a CAGR of 8.45% during 2023-2028.

The spray drying equipment market is segmented by flow type into co-current, counter current and mixed. The co-current market was the largest segment of the spray drying equipment market segmented by flow type, accounting for 55.6% or $3.25 billion of the total in 2023. Going forward, the mixed segment is expected to be the fastest growing segment in the spray drying equipment market segmented by flow type, at a CAGR of 9.35% during 2023-2028.

The spray drying equipment market is segmented by application into food, chemical, pharmaceutical and other applications. The food market was the largest segment of the spray drying equipment market segmented by application, accounting for 44.5% or $2.6 billion of the total in 2023. Going forward, the pharmaceutical segment is expected to be the fastest growing segment in the spray drying equipment market segmented by application, at a CAGR of 8.62% during 2023-2028.

North America was the largest region in the spray drying equipment market, accounting for 31.8% or $1.86 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the spray drying equipment market will be Asia Pacific and North America where growth will be at CAGRs of 8.7% and 7.9% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 7.7% and 6.8% respectively.

The global spray drying equipment market is fairly fragmented, with large number of small players operating in the market. The top ten competitors in the market made up to 13.32% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of small players in different geographies. Yamato Scientific America, Inc. was the largest competitor with a 5.58% share of the market, followed by Tetra Pak International S.A with 3.78%, GEA Group AG with 2.08%, SPX Flow Inc. with 0.83%, Buchi Labortechnik AG with 0.34%, SiccaDania A/S with 0.30%, Dürr AG with 0.27%, European SprayDry Technologies LLP with 0.07%, Dedert Corporation with 0.04% and Acmefil Engineering Systems Pvt Ltd. with 0.02%.

The top opportunities in the spray drying equipment market segmented by product type will arise in the nozzle atomizers segment, which will gain $987.7 million of global annual sales by 2028. The top opportunities in the spray drying equipment market segmented by flow type will arise in the co-current segment, which will gain $1.47 billion of global annual sales by 2028. The top opportunities in the spray drying equipment market segmented by application size will arise in the food segment, which will gain $1.17 billion of global annual sales by 2028. The spray drying equipment market size will gain the most in the USA at $692.8 million.

Market-trend-based strategies for the spray drying equipment market include developing innovative products such as mini spray dryers to meet the growing demand for spray drying, focusing on partnership deals to advance product performance, increase production capabilities, expand market share and develop new products, developing new technologies such as pilot spray dryers, focusing on improving spray drying assemblies to strengthen their position, expanding their offerings to the pharmaceutical industries.

Player-adopted strategies in the spray drying equipment market include focus on enhancing its business operations through new product launches.

To take advantage of the opportunities, the analyst recommends the spray drying equipment companies to focus on innovation with mini spray dryers to meet market demand, focus on pilot spray dryers, focus on advancing spray drying assemblies, focus on pharmaceutical expansion for market growth, focus on nozzle atomizers and rotary atomizers segments, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships to drive growth, focus on enhancing distribution channels, provide competitively priced offerings, focus on strategic pricing, participate in trade shows and events, continue to use B2B promotions, focus on integrated promotion for market visibility and focus on food and pharmaceutical application segments.