In this study, the second part of a three-part series, exergy analysis of microencapsulation of photochromic dyes by the spray drying method was investigated. Since the spray dryers are thermal systems, energetic examination of the system components is an important issue for sustainable production with high efficiency. Exergy analysis is an important tool used in recent years for the analysis, design, and performance evaluation of thermal systems. The spray drying process was investigated considering two subsystems: the heater and the dryer sections. An exergy model for the process of encapsulation of spirooxazine-based photochromic dye with ethyl cellulose by the spray drying method was proposed. The highest exergy efficiency was achieved at a drying temperature of 120 degrees C and using an aqueous system as the solvent.