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Desiccants Market Size
Desiccants Market size achieved a valuation of approximately USD 0.95 billion in 2022 and is anticipated to grow at a CAGR of 4.8% between 2023 and 2032. Desiccants play a critical role in the pharmaceutical industry, safeguarding moisture-sensitive drugs to maintain their effectiveness. Strict regulatory mandates within the pharmaceutical sector necessitate the utilization of desiccants to uphold product quality and safety.
Additionally, manufacturers in the electronics and semiconductor industry utilize desiccants to shield sensitive components from potential damage caused by moisture throughout production and shipping. In the realm of food packaging, desiccants are vital for extending the shelf life of products by effectively managing moisture levels and preventing spoilage.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 0.95 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 1.4 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 137 |
| Segments covered: | Type, Application Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The conventional desiccant materials, like silica gel, face a growing challenge due to rising environmental apprehensions and regulatory constraints related to their disposal and environmental impact. This issue is particularly pertinent in sectors such as pharmaceuticals and food packaging, where strict regulations demand desiccants to meet precise quality and safety criteria. In price-sensitive industries like agriculture, finding the right equilibrium between performance and cost-effectiveness is a formidable task, especially given the presence of more affordable alternatives. Consequently, the potential risks linked to traditional desiccants may deter their widespread acceptance, thereby impeding business growth.
COVID-19 Impact
Many industries that use desiccants, such as manufacturing, automotive, and electronics, experienced reduced production or temporary shutdowns due to lockdowns and reduced consumer demand. This resulted in decreased demand for desiccants in these sectors. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business expansion in the upcoming years.
Desiccants Market Trends
The pharmaceutical industry continued to drive demand for desiccants to protect moisture-sensitive drugs and medical devices. Stringent regulations and the need for longer shelf life in pharmaceutical products supported this trend. The growth of e-commerce, especially during the COVID-19 pandemic, increased the demand for desiccants in packaging materials. Desiccants are essential for protecting products from moisture damage during transit and storage.
Desiccants Market Analysis
Based on type, the desiccants market is segmented as silica gel, clay desiccants, molecular sieves, activated carbon, calcium chloride, others. Silica Gel held a majority market value of USD 950 million in 2022. Silica gel is widely used in pharmaceutical packaging to protect moisture-sensitive drugs and maintain their shelf life.
Based on application, the desiccants market is segmented as pharmaceuticals, food packaging, electronics, logistics and shipping, textiles, automotive, aerospace, cosmetics, building and construction, others. Pharmaceuticals held a dominant market share of around 25% in 2022 and is expected to grow at a lucrative pace till 2032. Pharmaceuticals often require strict moisture control to maintain drug stability and efficacy. Desiccants are crucial in protecting moisture-sensitive medications.
U.S. dominated the North American region with majority desiccants market share and a revenue of USD 245 million in 2022 and is anticipated to expand at a significant pace from 2023-2032. The pharmaceutical industry relies on desiccants to protect moisture-sensitive medications and maintain their stability and efficacy.
Desiccants Market Share
Some of the major industry players operating in the desiccants market are
- BASF SE
- Clariant AG
- Multisorb Technologies
- W. R. Grace & Co.
- Dow Chemical Company
- Mitsubishi Chemical Corporation
- CSP Technologies
- Desiccare, Inc.
- Absortech Group
- Sanner GmbH
- Sorbead India
- Capitol Scientific, Inc.
- IMPAK Corporation
- AGM Container Controls, Inc.
- Interra Global Corporation
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Desiccants Industry News:
- In May 21, 2021, HXPN, Inc., an emerging technologies and natural resources development business, stated that it has purchased 100% of H2O EMC2, a development stage company. H2O produces an Atmospheric Water Generator (AWG) that runs on hydrogen-powered clean energy.
Desiccants market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Kilo Tons from 2018 to 2032, for the following segments:
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By Type
- Silica Gel
- Clay Desiccants
- Molecular Sieves
- Activated Carbon
- Calcium Chloride
- Others
By Application
- Pharmaceuticals
- Food Packaging
- Electronics
- Logistics and Shipping
- Textiles
- Automotive
- Aerospace
- Cosmetics
- Building and Construction
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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