LONDON--(BUSINESS WIRE)--The global tower internals market is expected to grow by USD 234.09 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%.
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Read the 120-page report with TOC on "Tower Internals Market Analysis Report by Product (Liquid distributor, Liquid collector, Support and locating grids, and Others), Geography (APAC, Europe, North America, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the growing capacity in crude oil refineries. In addition, the growing demand for solvent distillation in chemical and pharmaceutical manufacturing is anticipated to boost the growth of the tower internals market.
The growing consumption of energy in developing countries, especially in China and India has increased the demand for crude oil. By 2040, the demand for energy is expected to grow by about 25% across the world. To meet the growing demand for crude oil, oil refineries are focusing on increasing their refining capacities by upgrading their refining equipment and machinery. Tower internal products such as structured packing, distributors, service grids, trays, and collectors are widely used in the fractional distillation process as a liquid-liquid or gas/liquid separators. Also, they are often replaced or upgraded to ensure the proper functioning of distillation towers and efficient purification process. These factors are expected to fuel the growth of the global tower internals market during the forecast period.
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Major Five Tower Internals Companies:
AMACS Process Tower Internals
AMACS Process Tower Internals operates its business through a unified segment. The company offers a line of products such as Liquid Distributors, Liquid Collectors, Mist Eliminators, and SEMV High Performance trays among others.
AMT International Inc.
AMT International Inc. operates its business through segments such as Mass transfer products and Engineering services. The company offers a line of products such as conventional trays, high performance trays, and high performance tower internals among others. Some of the offerings are ADV-MP tray, impact tray, deck type distributors, and mist eliminators among others.
HAT International Ltd.
HAT International Ltd. operates its business through a unified segment. The company offers a line of products such as AlphaTRAY, AlphaPACK, AlphaPLUS, and AlphaMIST among others.
Koch Industries Inc.
Koch Industries Inc. operates its business through segments such as Flint Hills Resources, Georgia-Pacific, Guardian Industries, Invista, Molex, Koch Ag and Energy Solutions, Koch Engineered Solutions, Koch Disruptive Technologies, and Others. The company offers a range of metal packed tower internals, and plastic packed tower internals such as feed devices, liquid distributors, bed limiters, and others.
Lantec Products Inc.
Lantec Products Inc. operates its business through a unified segment. The company offers a line of products such as tower packings, heat recovery media, and process equipment among others. Some of the offerings are NUPAC, Multi-layer Media, MMetal Q-PAC, Lantec Metal Tower Packing, Q-PAC, and LANPAC among others.
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Tower Internals Market Product Outlook (Revenue, USD Million, 2020-2024)
- Liquid distributor
- Liquid collector
- Support and locating grids
Tower Internals Market Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America
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