The global desiccant market size is projected to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
WILMINGTON, DE, UNITED STATES, September 9, 2024 /
EINPresswire.com/ -- The global
desiccant market size was valued at $1.1 billion in 2022 and is projected to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
Allied Market Research published a report, titled, “Desiccant Market by Type (Silica Gel, Activated Alumina, Activated Charcoal, Zeolite, Calcium Chloride, Clay, and Others) by End-Use Industry (Packaging, Food, Pharmaceutical, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”.
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"Desiccants" are materials or products with hygroscopic properties, meaning they have the ability to absorb moisture from their surrounding environment. Through this moisture absorption, they effectively reduce humidity levels and play a crucial role in preventing the damage that moisture can inflict on various products. Desiccants primarily employ two distinct mechanisms for moisture absorption. The first is physical absorption, wherein desiccants trap moisture within their surfaces or capillaries without altering the fundamental properties of the water itself. This process is reversible, allowing for the release of moisture when needed.
Prime determinants of growth
The global Desiccant market is experiencing growth due to several factors such as growing demand for activated alumina from the oil and gas industry and increasing demand for desiccants from the pharmaceutical industry as desiccant plays a pivotal role in maintaining the quality and efficacy of pharmaceutical products. However, the high investment costs associated with desiccants hinder market growth to some extent. Moreover, the increase in the use of desiccant in the chemical sector and air conditioning systems offer remunerative opportunities for the expansion of the Desiccant market.
Leading Market Players: -
FUJI SILYSIA CHEMICAL LTD.
DESICCA CHEMICAL PVT. LTD.
TROPACK PACKMITEL GMBH
OKER-CHEMIE
HENGYE, INC.
MULTISORB
CLARIANT
CAPITOL SCIENTIFIC, INC.
W. R. GRACE AND CO.-CONN.
EVONIK INDUSTRIES AG
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The report provides a detailed analysis of these key players in the global desiccant market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Impact of the Russia-Ukraine War on the Desiccant Market
The Russia-Ukraine war had several potential impacts on the Desiccant market, both in the region and globally. Supply chain disruptions and increases in demand can lead to price volatility in the desiccant market. Shortages are expected to drive prices higher, impacting businesses that rely on these products for moisture control in various industries. Geopolitical tensions resulting from the conflict could lead to uncertainties in international trade and investment. Businesses might become hesitant to enter new markets or make long-term commitments, potentially affecting the growth of the desiccant market in certain regions.
The ongoing conflict resulted in the imposition of trade restrictions and sanctions on Russia, limiting its ability to export Desiccant and other related products. This created opportunities for other global players to fill the gap in the market but also led to increased competition and uncertainties in international trade dynamics. The conflict diverted resources and attention away from R&D in the Desiccant sector within the region. Economic uncertainty and geopolitical risks discourage investment in innovative technologies and sustainable solutions, impacting the long-term growth and progress of the industry.
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Major Segment Analysis:
The activated alumina segment is expected to grow faster throughout the forecast period
Based on the type, the silica gel segment held the highest market share in 2022, accounting for more than one-third of the global Desiccant market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact that silica gel serves as a highly effective desiccant due to its moisture-absorbing properties. With a porous structure, it can absorb and hold water vapor, preventing moisture-related damage to various products during storage and transportation. Silica gel is widely used in industries such as electronics, pharmaceuticals, and food packaging to maintain optimal humidity levels and extend the shelf life of sensitive goods.
However, the activated alumina segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032. This can be attributed to the fact that activated alumina is a highly porous material commonly used as a desiccant due to its strong moisture-absorbing properties. It is made from aluminum oxide and has a large surface area, allowing it to effectively adsorb water vapor from the air, gases, and liquids. In its role as a desiccant, activated alumina is used to prevent the deterioration of products sensitive to moisture, such as electronics, pharmaceuticals, and foods.
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The Food segment is expected to lead the trial by 2032
Based on the end-use industry, the food segment held the highest market share in 2022, accounting for more than one-third of the global desiccant market revenue and is likely to retain its dominance throughout the forecast period. This can be attributed to the fact desiccants play a crucial role in the food industry by effectively managing moisture levels and extending the shelf life of various products. By absorbing excess moisture, desiccants prevent the growth of mold, bacteria, and other microorganisms that can spoil or degrade food quality. They are commonly used in packaged foods, such as snacks, dried fruits, and baking mixes, as well as in pharmaceuticals and vitamin supplements to maintain product integrity.
However, the pharmaceutical segment is projected to manifest the highest CAGR of 5.8% from 2023 to 2032. This can be attributed to the fact that desiccants play a crucial role in the pharmaceutical industry by effectively managing moisture levels to ensure the quality, stability, and efficacy of various medications and products. These moisture-absorbing agents are utilized to protect sensitive pharmaceutical formulations, packaging materials, and equipment from humidity-induced degradation, which can lead to chemical instability, microbial growth, and reduced shelf life.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global desiccant market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The same region would cite the fastest CAGR of 6.1% throughout the forecast timeframe. The increasing demand for moisture and humidity control solutions across various industries, such as pharmaceuticals, electronics, and food packaging, has been a key driving factor. Countries such as China, India, and Japan have emerged as major contributors to this growth, owing to rapid industrialization and expanding manufacturing sectors. The rise in e-commerce activities and the need for effective moisture protection during storage and transportation have also fueled the demand for desiccants in the region.
For More Details:
https://www.globenewswire.com/en/news-release/2023/09/25/2748733/0/en/Desiccant-Market-Size-to-Reach-1-8-Billion-by-2032-CAGR-5-1-AMR.html
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