Published on : Jan 24, 2020
Reusing and recycling solvents is an important requirement for any industry as it helps in saving money that is needed for buying new solvents. Naturally, solvent recovery systems are important and essential for any industry from the point of view of productivity and cost-effectiveness. This has been a key driving factor for the growing demand and growth of the global solvent recovery equipment market. A solvent recovery system involves the process of extracting useful and valuable materials from the by-products and waste solvent that is produced during the manufacturing processes. The chemicals that are being recycled and recovered by the solvent recovery equipment are then repurposed by the manufacturing industries by removing hazardous and harmful substance, and eliminating waste from the leftover elements. With the constant developments happening the industrial sector, there are expected to be huge growth opportunities for the development of the global solvent recovery equipment market. The market is expected to achieve stellar growth in the coming years of the forecast period.
There are several other benefits of using solvent recovery equipment such as it helps in cutting down the cost of solvents as well as raw materials. In addition to this, it also helps in cutting down the costs of disposal and transportation of chemicals. Moreover, solvent recovery equipment helps in lowering the EPA reporting requirement and also the risk associated with disposal of the industrial solvents.
Increasing Awareness about Benefits of Using By-Products to Drive Market Growth
There are multiple factors that are helping in pushing the growth of the global solvent recovery equipment market. One of the biggest driving factors for the growth of the global solvent recovery equipment market is the recent industrial developments. Massive advancements in the fields of chemicals, agrochemical, electronics, and pharmaceutical industries are also helping to push the development of the global solvent recovery equipment market. In addition to this, there is a growing need for recycling and waste management which is then expected to help in the development of the global solvent recovery equipment market.
In recent years, there has been a growing trend of using recycled and by-product solvents in the industries. This trend is encouraging the use of solvent recovery equipment and thus driving the growth of the global market. Furthermore, there are several strict regulations and mandates put out by several governments. Rising environmental concerns have enforced governments to put out such regulations. This has in turn worked in favor of the development of the global solvent recovery equipment market. There has also been a growing awareness about recycling and managing industrial by-products. This too is expected to drive the growth of the global solvent recovery equipment market. Some notable organization are constantly trying to avoid legal exposure. This can happen with adopting the solvent recovery equipment and following the regulations. Naturally, this increased the demand for solvent recovery equipment and thus the growth of the global market.
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In terms of geographical segmentation, the global solvent recovery equipment market is divided into five key regions viz. Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. Of these, the global market is currently dominated by the North America region. Because of the presence of several large chemical and food industries, there has been a growing demand for solvent recovery equipment. Latin America is also projected to show significant growth in the coming years of the forecast period because of the increasing use of solvent recycling equipment in the industries in the region.
Some of the leading companies in the global solvent recovery equipment market include names such as CycleSolv, TRADEBE, Clean Plant Chemical, CBG Biotech, Maratek Environment Inc., BOUL Industriel, Chemoxy International Ltd., and SRS Engineering Corporation among others.