LOS ANGELES, April 10, 2019 (GLOBE NEWSWIRE) -- The chemical and packaging industry has created a massive demand for mass transfer distillation, opening up a huge potential for the global mass transfer distillation market. In 2018, the global mass transfer distillation market was valued at US$410 mn and the market is anticipated to reach US$450 mn by the end of 2025, registering a sluggish CAGR of 1.5%.
The research team at QY Research has published its analytical study of the market in its latest report, titled “Global Mass Transfer (Distillation) Market Report, History and Forecast 2014-2025, Breakdown Data by Manufacturers, Key Regions, Types, and Application.”
Global Mass Transfer (Distillation) Market: Drivers
Mass transfer (distillation) mainly refers to mass transfer equipment for distillation that includes structured packing, trays, column internals, and random packing amongst others. Research analysts have evaluated the factors that are driving the global market. Analysts have included an assessment of the upcoming trends of the global market as well. They have detailed the future possibilities for the global mass transfer market. This market finds demand in chemical, pharmaceutical, and packaging industries, which are collectively influencing growth.
Global Mass Transfer (Distillation) Market: Segmental Analysis
The global mass transfer market is segmented by type and application. In terms of type, the market is segmented into structured packing, random packing, column internals, trays, and others. In terms of application, the global mass transfer (distillation) market is segmented into fine chemicals, food and beverages, pharmaceuticals, petroleum refining, and others.
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Global Mass Transfer (Distillation) Market: Regional Analysis
On the basis of region, the global mass transfer market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Analysts have reviewed the changing government policies to estimate the regional growth of global mass transfer (distillation) market thoroughly. The changing regulatory framework of the market has also verified to determine the direction of the regional demands during the forecast period.
Global Mass Transfer (Distillation) Market: The Key Players
The key players studied in the global mass transfer market are Raschig, Sulzer, Honeywell UOP, Beijing Zehua, Koch-Glitsch, RVT Process Equipment, Montz GmbH, Tianjin Univtech, Sumitomo Heavy Industries, GTC Technology, Matsui Machine, HAT International, Baretti, Kevin Enterprises, Lantec Products, Finepac Structures, Fenix Process Technologies, and MTE Group.
Honeywell and Wood will work together to commercialize digital services that help refiners and petrochemical manufacturers to make their operations safer, more efficient and more reliable. Honeywell Connected Plant will be used as the work platform for collaborative performance. The joint venture will benefit both the companies for sure. Such initiatives help the market leaders to grow and to create a healthier working atmosphere as well as including something additional for the market benefit as a whole.
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