According to a new report published by Allied Market Research, titled,"Hopper dryers Market Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global hopper dryers market size was $421.3 million in 2017, and is expected to reach $576.2 million in 2025, growing at a CAGR of 3.9%. The injection molding machine segment accounted for more than half of the market share in 2017, and is expected to witness significant growth during the forecast period.
By using hopper dryers to dry plastics and other polymers, moisture from these materials can be eradicated straight at the throat of the machine. The moisture in the plastic resins whether hygroscopic or non-hygroscopic disturbs the quality and surface finish of the molded parts and products. Hence, hopper dryer serves as an energy efficient and ideal solution for drying plastic materials. The growth of the global hopper dryers market is driven by surge in demand for plastic processing machinery such as injection molding machine across of the world. In addition, the market for injection molding machine is mainly compelled by the escalating demand for injection-molded parts from various end-use industries such as the automotive, packaging, consumer goods, and others. Since, hopper dryers are installed on injection molding machine, it is estimated to positively influence the growth of the hopper dryer industry.
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 a highest CAGR during the forecast period.
- LAMEA is anticipated to grow at a highest CAGR during the forecast period.
- In 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.
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.