How Will the Mass Transfer Equipment Market Recover After the Adverse Impact of COVID-19?
The global pandemic has adversely affected a lot of markets around the world, one of which is the mass transfer equipment market. The market saw a considerable growth initially before the pandemic, but the situation worsened after the pandemic due to lockdowns and closure of various industries which further curtailed the demand for mass transfer equipment.
The mass transfer equipment market has seen a significant growth in the last couple of years due to its application in a wide range of industries like chemical, petrochemical, and pharmaceutical industries. Mass transfer equipment are also used in pilot and laboratory testing purposes with a variety of apparatuses which has the ability to efficiently perform processes like distillation, hydrogenation, absorption, evaporation, precipitation, filtration, etc., and therefore the reach of the mass transfer equipment market is limitless. According to a report conducted by Research Dive, the global mass transfer equipment market is estimated to generate revenue of $4,955.2 million by the year 2026, with an annual CAGR of 7.1%.
What is Mass Transfer Equipment?
Mass transfer is the movement of mixture or mass form one location to the other. This process occurs in various industries to perform a definite set of processes like absorption, evaporation, distillation, etc. The equipment required to carry out these processes are called mass transfer equipment. Mass transfer equipment does not only enhance the efficiency of the plant but also reduce the energy obligations for seamless functioning of the plant. They are used in a number of industries like chemical, aerospace, power generation, automotive, pharmaceutical, and even in food processing industries in order to separate out the solid or liquid component from the finished product.
Impact of COVID-19 on the Mass Transfer Equipment Market
The growth of mass transfer equipment market has substantially been hampered due to the unprecedented outbreak of COVID-19. The nation-wide lockdowns which was detrimental to counter the spread of the novel virus, also resulted int the closure of industries. This had an adverse effect on the mass transfer equipment market all over the globe. Hence, demand for the equipment was consequently reduced due to the disrupted flow of manufacture and distribution of the equipment in the market. Furthermore, the extortionate price of the equipment and the risk of occupational hazards further impedes the growth of the mass transfer equipment market. The mass transfer equipment used in the industries are also responsible for an enormous amount of environmental pollution. Repeated restrictions and cancellation of flights has reduced the overall usage of aviation turbine fuel, thus leading to the decreasing demand of the market. A considerable depreciation in the demand for automobile fuels has also been seen due to the nationwide lockdowns. All these factors contribute towards the negative impact of Covid-19 on the mass transfer equipment market.
Future Potential and Key Players of the Mass Transfer Equipment Market
Due to the innumerable applications of mass transfer equipment in various industries, its future potential is rather more promising. Technological enhancements and the availability of skilled professionals are estimated to accelerate the growth of mass transfer equipment market. Some of the major players of the mass transfer equipment market are Nantong Sutong Separation Technology, Raschig, HAT International, Kevin Enterprises, Wuhang Kai Tong, Montz, Zehua Chemical Engineering, RVT Process Equipment, Beiyang National Distillation Technology, Sulzar, Boneng, Kosh-Glitsch, Suzhou Kedi Petrochemical Engineering, GTC Technology US and so on. More and more companies are adopting the micro-processing technology for pharmaceutical manufacturing which is considered to be much more efficient and flexible than the traditional methods. Advanced sieve trays are becoming increasingly popular in petrochemical and aromatic industries since it consists of small holes which provides a higher vapor capacity. Purity standards are difficult to maintain in a chemical industry, and hence the mass transfer equipment accelerates the effectiveness of chemical manufacturing plant which further drives the future potential of the market. These trends are estimated to trigger massive opportunities in the mass transfer equipment market.
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