LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global magnetic separation equipment market to generate revenue of close to USD 1,600 million by 2021, according to their latest report.
The market study covers the present scenario and growth prospects of the global magnetic separation equipment market. The report also lists mining and aggregates, light industries, and recycling, water, and wastewater as the three major application segments.
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global magnetic separation equipment market:
- Increasing applications in recycling industry
- Growing focus on environmental feasibility of industrial operations
- New avenues in food, pharmaceutical, and biochemical industries
Increasing applications in recycling industry
The recycling industry is one of the major end-users for the MSE market, with magnetic separators ensuring a high rate of recovery of the valuable components in waste. The implementation of initiatives such as the goal of zero landfills is lending a dynamic nature to the recycling industry. In addition, there is greater pressure on recyclers to ensure that the MSE in their plants operates at peak performance to maximize the recovery of ferrous metals. The most widely recycled ferrous metals globally are iron and steel scrap. End-of-life products, as well as scrap from manufacturing processes, are the two major sources of their generation. The utilization of scrap forms an integral part of steel production. According to the Bureau of International Recycling, 40% of the steel manufactured globally is made from scrap.
Growing focus on environmental feasibility of industrial operations
Magnetic separation offers low-cost ways to remove pollutants from the effluents released by factories or mines before they reach the outside environment. Magnetic separation also ensures that industries reduce their levels of undesirable effluents significantly without compromising on their profitability or operational procedures.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “The high efficiency of magnetic separation technologies like superconducting magnetic separation makes them capable of cleaning up the existing pollution in the environment. This type of separation has high functionality in steel and iron production for the removal of iron and iron oxides from rinse water streams, thus curbing the released water's short and long-term negative impact on the environment.”
New avenues in food, pharmaceutical, and biochemical industries
The food, pharmaceutical, and biochemical sectors offer many potential applications for magnetic separation technology. The treatment of suspended solids and the removal of metallic contamination and soluble organic molecules in process streams are the primary applications outlining the opportunities for market growth in these industries.
The enhancement of food quality through the removal of certain low molecular weight materials without compromising on the nutritional value besides other applications such as the removal of cholesterol from milk and butter offer growth opportunities, which cater to the ongoing trend of health consciousness on the part of the consumers.
“The increasing use of enzymes extracted from microorganisms or plants and the efforts to convert food processing wastes into higher value products using yeast provide potential areas of demand, as MSE recovers very fine particles associated with these biological processes,” says Anju.
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