NEW YORK, June 2, 2020 /PRNewswire/ --
The global industrial centrifuges market is expected to grow at a CAGR of approximately 4.52% during the forecast period. Factors such as increasing demand for water treatment, in cities worldwide, has been driving the demand for industrial centrifuges market. There is an increasing need for efficient processing of wastewater and sludge, combined with stringent regulatory standards for discharge limits from industrial plants. Moreover, increasing demand from the pharmaceutical and biotechnological industries is also expected to augment the growth of the industrial centrifuges market. However, volatile crude oil prices and technological constraints related to industrial centrifuges are likely to hamper the growth of the market.
Read the full report: https://www.reportlinker.com/p05903717/?utm_source=PRN
- The chemical industry held the largest share of the industrial centrifuges market, in 2019, due to its application for chemical processing, which produces raw products such as acids, salts, oil refinery by-products, polymers, oil-water-solids, and so on.
- The increasing demand for an energy-efficient industrial centrifuge is expected to act as an opportunity for the market. For energy-efficient industrial centrifuge, investment costs are usually low relative to the capacity and due to small footprint.
- North America is the largest market, in 2019, owing to the presence of the United States, which has one of the highest demands from processed food industry, pharmaceutical sector, and wastewater treatment industries.
Key Market Trends
Chemical Industry to Dominate the Market
- The centrifuges are used in the chemical sector for chemical processing, which produces raw products, such as acids, salts, oil refinery by-products, polymers, and oil-water-solids.
- The global chemical industry grew by 2.0% in 2019, which was below the 2.7% growth registered in 2018. The slowdown in growth can be attributed to the decline in the demand from the automobile sector. The global automobile sector has been hugely affected by the uncertainty in the future of old model vehicle, as major countries are upgrading the fuel quality to reduce the emissions.
- In Asia, the growth of the chemical industry slowed down to 3.2% in 2019, compared to 3.5% in 2018. The world's largest chemical market, China, was also affected, registering a growth rate of 3.0%, as compared to 4.7% in 2018. The dampening in the growth rate was due to the stagnant demand from the automotive sector and slower momentum in other end-user industries. China is expected to contribute to around 50% of the chemical demand by 2030 and dampening in the growth is not a favorable sign for the market studied.
- Fertilizer production continues to grow, as food producers struggle to keep pace with the expanding population across the world. Fertilizer production plants require large exhaust systems, as well as the turbomachinery systems, such as large air compressors, nitrogen compressors, and ammonia (NH3) refrigeration systems.
- Countries across the world are witnessing a surge to cut down fertilizer imports bills and are promoting domestic production of fertilizers. Countries across the world, including India and China, have undertaken significant overhaul steps in the fertilizer sector, such as India's Make in India initiative for the chemical sector. There is a rising trend of re-opening of the closed fertilizer plants and setting up new ones across the world, which is expected to support the growth of the industrial centrifuges market during the forecast period.
- On the other hand, the COVID-19 has severely impacted the chemical industry. Demand destruction has accelerated the chemical industry into an oversupply situation, which was already looming before COVID-19. The automotive, transportation, and consumer products sectors are among the hardest hit end-markets, with demand for chemicals falling by up to 30% in Q1 of 2020.
North America to Dominate the Market
- North America is the largest market, in 2019, owing to the presence of the United States, which has one of the highest demand from processed food industry, pharmaceutical sector, and wastewater treatment industries. Additionally, the demand for electricity is growing at a rapid rate in the United States, on account of surge in population and industrial expansion.
- The United States is one of the largest markets for industrial centrifuges across the world. The presence of a wide range of domestic manufacturing and processing industries, such as oil and gas, mining, food and beverage, pharmaceutical and biotechnology industries has augmented the demand for industrial centrifuges over the past several years.?
- The United States processed food industry is a major participant in the global economy, both in exporting and in foreign direct investment. More than a third of the world's top 50 food and beverage processing firms are headquartered in the United States.
- Major foreign companies active in the country include Unilever, Groupe Danone, Diageo, Kirin, SABMiller, Cadbury Schweppes, Heineken and Asahi Breweries. Demographic growth and ever-changing tastes and lifestyles offer a wide range of opportunities to European companies willing to enter the United States' food processing industry. This, in turn, is likely to create an opportunity for the industrial centrifuge market in food processing application over the coming years.?
- Further, the United States pharmaceutical industry is a highly globalized industry with a vast positive impact on global health, prosperity and economic productivity. The sector is dominated by multinational companies like Abbot Laboratories, 3M Health Care, and others, that engage in significant business activity in many countries and whose products are distributed and marketed worldwide. However, due to recent COVID-19 pandemic, the production of raw materials and active pharmaceutical ingredients (APIs) has stalled, experiencing a global supply chain disruption. This is expected to restrain the market for the initial forecast period.?
- Canada is one of world's top trading nations, and has a wide range of domestic manufacturing, and processing industries such as oil and gas, metals and mining, food and beverage, and biotechnology industries. Presence of such wide variety of industries has augmented the demand for industrial centrifuges over the past several years.?
- With the entry of new players into the food and beverage processing market in Mexico, the number of manufacturing and processing facilities is expected to increase, which, in turn, is expected to have a positive impact on the growth of the industrial centrifuges in the country, during the forecast period. However, the effect of Coronavirus has rendered the demand for the processed food to decrease considerably due to the closing down of restaurants and bars.
The global industrial centrifuges market is fragmented, with the top four companies accounting for more than one-third of the overall market, in terms of revenue, in 2019. Some of the major players operating in the market include Andritz AG, Multotec Pty Ltd, Alfa Laval AB, GEA Group, Flottweg SE, and others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05903717/?utm_source=PRN
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
View original content:http://www.prnewswire.com/news-releases/the-global-industrial-centrifuges-market-is-fragmented-with-the-top-four-companies-accounting-for-more-than-one-third-of-the-overall-market-in-terms-of-revenue-in-2019-301069295.html