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The tower internals market size is estimated to grow at a CAGR of 10.15% between 2022 and 2027 and the size of the market is forecast to increase by USD 828.89 million. The growth of the market depends on several factors such as the growing capacity of crude oil refineries, the growing demand for solvent distillation in chemical and pharmaceutical manufacturing, and the advancements in tower internals designs and process configuration
This report extensively covers market segmentation by product (liquid distributor, liquid collector, support and locating grids, and others), application (fine chemical, petrochemical, petroleum, and others), and geography ( APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Driver - Growing capacity of crude oil refineries
The growing capacity of crude oil refineries distillation towers plays a crucial role in the refining process of crude oil, enabling its transformation into various finished petroleum products. Within these towers, the crude oil is heated and introduced into a distillation column, where different components like gasoline blending components, LPG, naphtha, kerosene, jet fuel, and distillates are recovered at varying temperatures. To facilitate the fractional distillation process in crude oil refineries, tower internal products such as structured packing, distributors, service grids, trays, and collectors are utilized as efficient liquid-liquid or gas/liquid separators.
Moreover, regular maintenance and upgrades of tower internals are essential for ensuring the reliable operation and efficiency of distillation towers. As the demand for energy continues to rise, particularly in developing countries like India and China, the consumption of crude oil is also increasing steadily. Consequently, the growth in refining capacity is expected to fuel the demand for tower internals in crude oil refineries, ultimately contributing significantly to the growth of the global tower internals market during the forecast period.
Trends - M&A as a primary growth strategy
Intense competition among players in the tower internals market has prompted them to adopt inorganic growth strategies like mergers and acquisitions (M&A). These strategies enable vendors to expand their product portfolios and venture into untapped markets with potential. By joining forces, vendors can reduce their research and development (R&D) expenses through technology sharing and encourage further innovations in a mature technology market. M&A activities empower vendors to offer comprehensive, reliable, high-quality, and technologically advanced products.
Moreover, to meet the strategic demands of an ever-growing market, players face challenges that drive them toward consolidation. By pursuing M&A as their primary growth strategy, companies aim to strengthen their market presence and enhance their competitive advantages. This trend of M&A is expected to fuel the growth of the global tower internals market in the forecast period.
Challenge- Issues related to designing highly complex distillation systems
Distillation towers are complex systems widely used in process industries, known for their high energy consumption. The selection of appropriate tower internals components and configuration is crucial for achieving process efficiency. Inexperienced design and analysis of tower internals can lead to excessive energy usage, operational issues, and system failure. Moreover, distillation towers are part of comprehensive process systems, interconnected with downstream and upstream equipment. Any failure in the tower internals can disrupt the entire plant's production process, causing bottlenecks and unexpected shutdowns.
Furthermore, improper designs can result in vibration and shifting of tower internals, causing damage to internal structures. Designers face challenges in creating efficient distillation systems with suitable tower internals, as each end-user has unique process requirements, cost considerations, and space limitations. inexperienced market players often lack the expertise to provide consulting and customization services, which can affect their sales and revenue growth. Thus, such factors will impede the growth of the market during the forecast period.
The liquid distributor segment will account for a major share of the market's growth during the forecast period.?Liquid distributors play a crucial role in packed columns, facilitating optimal liquid distribution and efficient mass transfer between different phases. Effective liquid distribution systems ensure uniform liquid flow across the entire bed cross-section, enabling horizontal leveling and accommodating multiple incoming feed streams. By reducing sensitivity to fouling, gas-side pressure drop, and column height, liquid distributors enhance the overall performance of distillation processes.
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The liquid distributor segment was valued at USD 490.18 million in 2017 and continued to grow until 2021.?When selecting liquid distributor systems, end-users and designers consider factors such as liquid load, allowable entrainment, working range, chemical properties of the liquid, and potential for foaming and fouling. Market players like HAT International Ltd., Koch Industries Inc., and Lantec Products offer a range of liquid distributors tailored to specific applications. Specialized liquid distributors are also available to handle high liquid viscosity and turndowns, often constructed using alloys like Hastelloy, titanium, and zirconium. As a result, the liquid distributor segment is expected to drive the growth of the global tower internals market in the forecast period.
Based on application, the market has been segmented into fine chemicals, petrochemical, petroleum, and others. The fine chemical?segment will account for the largest share of this segment.?Fine chemicals are high-value chemicals that are usually produced in small quantities and have specific applications. These chemicals require specialized equipment and processes to produce and are often used as intermediates in the production of pharmaceuticals, agrochemicals, and other specialty chemicals. Furthermore, the fine chemicals segment plays an important role in the tower internals market by offering advanced materials and manufacturing techniques that optimize the performance of chemical handling equipment. Therefore, the fine chemicals segment is expected to propel the growth of the global tower internals market during the forecast period.
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APAC is estimated to contribute 41% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. China, Japan, and India are the key countries for the market in this region. The market's growth is fueled by the increasing production of fine chemicals and pharmaceuticals, as well as the expansion of refining capacities. The transition in APAC's oil demand towards petrochemical and fine chemical feedstock has further contributed to the need for tower internals in these sectors.
Furthermore, the increasing consumption of fuel for transportation and power production has placed significant pressure on petroleum refineries in APAC. With a substantial share of global automotive sales, countries such as China, India, and Japan drive the demand for fuel, leading to the expansion of refining capacities. This, in turn, increases the consumption of advanced tower internals within these refineries. Therefore, APAC is expected to be the driving force behind the growth of the global tower internals market in the forecast period.
In 2020, the COVID-19 pandemic negatively affected the growth of the regional tower internals market. However, the resumption of operations following the lifting of lockdown measures has led to increased demand for tower internals in APAC. As vaccination efforts have progressed, commercial spaces have resumed normal operations, driving the growth of the regional market. Thus, the APAC tower internals market is anticipated to witness growth in the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Aluwind AS, AMACS Process Tower Internals, Beijing Zehua Chemical Engineering Co. Ltd., Finepac Structures Pvt. Ltd., GTI Holdings Pte. Ltd., HAT International Ltd., Koch Industries Inc., Kuber Precision Technology, Lantec Products Inc., Mass Transfer Ltd., MTPI Products Pvt. Ltd., Munters Group AB, RASCHIG GmbH, RVT Process Equipment GmbH, Sepco Process Inc., Sumitomo Heavy Industries Ltd., Tsukishima Kankyo Engineering Ltd., and Woven Metal Products Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The tower internals market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Tower Internals Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.15% |
Market growth 2023-2027 |
USD 828.89 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.85 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aluwind AS, AMACS Process Tower Internals, Beijing Zehua Chemical Engineering Co. Ltd., Finepac Structures Pvt. Ltd., GTI Holdings Pte. Ltd., HAT International Ltd., Koch Industries Inc., Kuber Precision Technology, Lantec Products Inc., Mass Transfer Ltd., Matsui Machine Ltd., MTPI Products Pvt. Ltd., Munters Group AB, RASCHIG GmbH, RVT Process Equipment GmbH, Sepco Process Inc., Sulzer Management Ltd., Sumitomo Heavy Industries Ltd., Tsukishima Kankyo Engineering Ltd., and Woven Metal Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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