With Rising Demand From Chemical Industry, The Global Desiccants Market Set To Reach $0.2 Billion By 2027 - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 26, 2023 /PRNewswire/ -- As per The Business Research Company's Desiccants Global Market Report 2023, the global desiccants market is witnessing a steady ascent, with its size projected to grow from $0.15 billion in 2022 to $0.16 billion in 2023, marking a commendable compound annual growth rate (CAGR) of 5.0%. This upward trend is expected to continue, with the desiccants market size forecasted to reach $0.2 billion in 2027, demonstrating a CAGR of 5.4%. The driving force behind the desiccants market growth is the increasing demand from the chemical industry, particularly for humidity detection.
Chemical Industry's Role
Desiccants are playing a pivotal role in the chemical sector, especially in humidity detection applications. They enable precise measurement of humidity levels in the air and other gases, providing invaluable data for various industrial processes. Notably, the American Chemistry Council (ACC), a US-based Manufacturing Chemists' Association, anticipates substantial growth in the chemical industry in 2022 and 2023.
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Major Market Players
The global desiccants market exhibits a high level of concentration, with a handful of major players dominating the landscape. In 2022, the top ten competitors in the market accounted for a significant 63.66% of the total market share. Leading the pack, BASF held the largest desiccants market share at 13.46%, followed closely by Evonik Industries, W. R. Grace and Co, INEOS Corporation, Clariant, Multisorb Technologies, The Dow Chemical Company, Absortech, Sorbead, and Hengye Molecular Sieve.
Bio-Based Innovation
Innovation is a key focus for companies in the desiccants market, with a notable emphasis on bio-based moisture-absorbing solutions. These bio-based moisture-absorbing packets are designed to efficiently remove moisture from the environment, ensuring a dry environment and safeguarding products from moisture-related damage during transport or storage. In June 2023, Clariant, a Switzerland-based specialty chemicals company, unveiled Desi Pak® ECO, featuring new bio-based moisture-absorbing packets. These packets utilize bio-based paper, water-based inks, and adhesives derived from sustainable sources.
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Market Segmentation
The global desiccants market is segmented as follows:
- By Type: Silica Gel, Zeolite, Activated Alumina, Activated Charcoal, Calcium Chloride, Clay, Other Types
- By Process: Physical Absorption, Chemical Absorption
- By Application: Electronics, Food, Pharmaceutical, Packing, Air & Gas Drying, Other Applications
Future Opportunities
The desiccants market's most promising opportunities, segmented by process, are expected to emerge in the physical absorption segment, contributing $290.6 million in global annual sales by 2027.
The Desiccants Global Market Report 2023 is a comprehensive resource that offers valuable insights and data-driven analysis of the global desiccants market. This report serves as a crucial tool for industry players, providing a detailed understanding of market trends, growth drivers, and emerging opportunities. By offering a comprehensive overview of market dynamics, competitive landscape, and market segmentation by type, process, and application, the report equips businesses with the knowledge needed to make informed decisions and formulate effective strategies. In an evolving market landscape where innovation and sustainability are key, this report acts as a vital guide for industry players, helping them navigate the complex desiccants market with confidence and foresight.
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