Allied Market Research recently published a report, titled, “Hopper dryers Market, by Product type (Less Than 100KG, 100KG To 500KG, and More than 500KG) and Application (Injection Molding Machine, Extrusion Machine, and Blow Molding Machine): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global hopper dryers market accounted for $421.3 million in 2017 and is estimated to garner $576.2 million by 2025, registering CAGR of 3.9% during the period 2018–2025.
Rise in demand from plastic processing machinery, increased energy saving and wide range of benefits offered by hopper dryers have boosted the growth of the hopper dryers market. However, high initial cost of equipment and environmental concerns regarding use of plastic hinder the market growth. On the contrary, rapid adoption of newer technologies and design advancements are expected to create lucrative opportunities for the market players in the near future.
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The global hopper dryers market report is segmented into product type, application, and geography. Based on the application, the injection molding machine segment is expected to account for the largest share in the global market during the forecast period as hopper dryers installed on injection molding machine are capable to produce large quantity of molded parts and products. Based on the product type segment, more than 500 KG segment is expected to hold maximum share, growing at a significant CAGR during the forecast period. This is attributed to large-scale industries such as automotive and others opting for bigger plastic processing machinery to dry plastics using hopper dryers of capacity greater than 500 KG.
Key Findings of the Hopper Dryers Market:
- Based on product type, the less than 100 KG segment is projected to grow at the highest CAGR during the forecast period.
- LAMEA is anticipated to grow at the highest CAGR during the forecast period.
- In the application segment, the injection molding machine generated the highest revenue in 2017 and is estimated to grow at a substantial rate.
- In Asia-Pacific, China accounted for the largest market share in 2017
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The key players profiled in this report include ACS Group, Bry-Air, Conair, Dri-Air Industries Inc., Kenplas Industry Ltd., Motan Colortronic, Novatec, Inc., Shini Plastics Technologies Inc., Summit Systems, and Yann Bang. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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