Absorption Tower Market Scope
An absorption tower is a long vertical column used in oil refineries and natural gas processing stations to absorb impurities from gas streams. This is done by trapping the components of the rising gas with a falling liquid. These towers are also used in various other industries such as the purification industry and material processing industry. The most common solvent used is Glycol that flows against the water-laden gas is used to remove H2O.
The global absorption tower market is highly consolidated owing to the presence of fewer players in the market. They are developing various strategies such as product innovation, advancement in packaging, the material used for the construction, and the solvent used for absorption, to be competitive in the market.
Koch-Glitsch (United States), Branch Environmental Corp. (United States), GEA Group Aktiengesellschaft (Germany), Macrotek, Inc. (Canada), Belco Manufacturing Co. (United States), Qingdao Jieneng Power Station Engineering Co., Ltd. (China), Hangzhou Lian (China), FiberTech Composite Pvt. Ltd. (India), D. M. Engineering Company Ltd. (India) and Rufouz Hitek Engineers Pvt. Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Shiva Scientific Glass Pvt. Ltd. (India) and DIDAC International (India).
Segmentation Overview
The study have segmented the market of Global Absorption Tower market by Type (Single Diameter Towers (SDT) and Double Diameter Towers (DDT)), by Application (Oil & Gas Industry, Petroleum & Chemical Industry, Material Processing Industry, Purification Industry and Others) and Region with country level break-up.
On the basis of geography, the market of Absorption Tower has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The absorption tower market has seen advancements in design and materials to enhance efficiency and performance
Market Growth Drivers:
Growing Demand for Absorption Tower in Various Industries for Different Application and High Demand for Customized Absorption Towers in Chemical Industries
Challenges:
Solvent Contamination and Crowding of Sludge
Restraints:
Overheating and Corrosion Problems and High Cost of High-quality Absorption Towers than the Low-quality Absorption Towers
Opportunities:
Allowance for Integration with Other Parts of the Other Machines in Different Industrial Application and Advancement in Packaging Type
Market Leaders and their Expansionary Development Strategies
In June 2023, Coreline Soft submitted a filing to the Financial Services Commission through Shinhan 7th Special Purpose Acquisition Company. The company intends to commence trading on the tech-focused Kosdaq market in September. The merger will take the form of an absorption merger, with Coreline Soft absorbing Shinhan 7th Special Purpose Acquisition Company and subsequently listing on the Kosdaq market as the surviving entity.
In June 2021, In a collaboration centered around Sweden's heritage of innovation, natural ingredients, and superior products, two Swedish companies joined forces. Probi®, a probiotic supplier, and Oriflame have forged an agreement to globally launch a probiotic supplement targeting overall gut health.
Key Target Audience
Absorption Tower Manufacturers, Raw Material Suppliers, Oil & Gas Companies, Traders/Exporters/Importers, End-Use Industry and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.