The global mass transfer equipment market generated a revenue of nearly $2,643.4 million in 2018 and is foreseen to generate a revenue of $4,599.2 million by 2026 supported by CAGR of 7.1%.
The market has witnessed a significant growth previously, but due to the unpredicted COVID-19 outbreak, the market will observe a decline in 2020. Mass transfer equipment is used for the separation process of substances in various industries such as pharmaceuticals, chemical, water treatment plants, petrochemical, and others. The closure of industries such as chemical, petrochemical, and food & beverage around the world to tackle the spread of coronavirus has impacted negatively on the production of mass transfer equipment. Our analysts have estimated the condition of the global mass transfer equipment market during the COVID-19 outbreak and have come to the following conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|7.6%||7.1%||Q2/Q3 2022||49||USD 3,045.9 Million||USD 1,979.8 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Movement or transport of the mixture from one to another location is known as mass transfer. Equipment used for this process are called as mass transfer equipment. There is increasing necessity for mass transfer equipment in water filtration process, chemical manufacturing plants, and others. In addition, the utilization of mass transfer equipment for the oil & gas industry for rectification, desorption, and purification process has increased. These factors were responsible for the growth of global mass transfer equipment market before 2020.
Mass transfer equipment include distillation columns, scrubber, absorber, and activated carbon beds. Equipment utilized for fractional distillation process includes several risk factors such as operational hazards, environmental pollution, and the cost of equipment. These factors are foreseen to hamper the market growth in the forecast period. For instance, mass transfer equipment utilized for the striping process in the oil & gas industry is vulnerable to explosion if it is not equipped with safety measures.
The COVID-19 pandemic has impacted negatively on the mass transfer equipment market. Distillation equipment, a type of mass transfer equipment, is mainly utilized in the oil & gas industry. Prohibition of international flights in several countries has reduced the use of aviation turbine fuel (ATF). Besides, leading oil consuming countries have reduced the use and processing of crude oil due to shut down of process industries. For instance, manager at Rajiv Gandhi Institute of Petroleum Technology stated that there is gush in the petroleum industry and chance of cut down in the oil demand by 15-29 million barrels per day (mbpd). These factors are hampering the global mass transfer equipment market in the year 2020.
Nonetheless, many industries are concentrating to develop mass transfer equipment to sustain in this tough situation. For instance, a company named as Finepac and Structures has recently developed a type of mass transfer equipment i.e., high-speed axial cyclone separator. It offers a high degree of separation of fine dust particles even at elevated temperatures and pressure. In addition, it is a multifunctional separator utilized for both retrofitting purposes and separation purposes. Due to several other technological advancements market is expected to gain importance after end of this pandemic.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
According to recent publication by Research Dive, the global mass transfer equipment market is predicted to show a decline in the year 2020. After the drastic downfall in the year 2020, the global mass transfer equipment market is predicted to gain profit by Q2/Q3 2022. Several companies are developing technologies in the oil & gas industry to improve the utilization of mass transfer equipment for distillation and separation. For example, Munters, a leading manufacturer of mass transfer equipment, utilizes surface heat transfer technology that improves the rate of distillation of crude oil. This factor is foreseen to increase the use of mass transfer equipment after the end of COVID-19 pandemic.
In addition, major mass transfer equipment manufacturers are advancing technologies such as dividing wall-column, rate based-simulation, reactive distillation, and others to improve the overall efficiency of the equipment. For example, a company named Sulzer Chemtech is engaged in the engineering and manufacturing of various mass transfer equipment such as absorption tower, distillation columns, and cyclone separators. The company uses a technology named as Computational Fluid Dynamics to manufacture equipment that offer increased efficiency at elevated temperatures and pressure. These equipment offer enhanced fouling resistance, high fractionation rate, and hydraulic capacity. In addition, the company utilizes the same technology to manufacture various trays that offer increased separation capacity and a wide operating range of temperature. These factors are predicted to increase the demand of mass transfer equipment after the end of pandemic stress.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Mass Transfer Equipment Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity