The new report by Expert Market Research titled, ‘Global Desiccant Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global desiccant market, assessing the market based on its segments like process of absorption, type, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Forecast CAGR (2020-2026): 7%
The growth of global desiccant market is primarily driven by the rising demand from food, pharmaceutical, and transport sectors owing to its growing applications. The demand from pharmaceutical sector for pharmaceutical desiccants is attributed to its ability to preserve the strength and purity of medicine. Additionally, the rising application of desiccants by electrical manufacturers to reduce the impact of moisture attack is also a contributing factor for the growth of the market. The market is further projected to be aided by the increase in demand for processed food and increasing disposable income of consumers for end use products.
Industry Definition and Major Segments
Desiccants are hygroscopic material that absorbs surrounding moisture to induce dryness. Desiccants work by physically absorbing moisture, inside the surface or capillaries or by reacting with the moisture known as chemical absorption. They are utilised to eliminate moisture which could lead to degradation of product.
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The desiccants can be segmented based on the process of absorption into:
- Physical Absorption
- Chemical Absorption
On the basis of type, the market can be divided as follows:
- Silica Gel
- Activated Alumina
- Activated Charcoal
- Calcium Chloride
Desiccants find wide applications in the following segments:
- Air and Gas Drying
The regional markets for desiccant include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Based on regions, the Asia Pacific region is growing at a fast pace, aiding the global desiccant market. This can be attributed to the growth of industrial sectors in the region which, in turn, creates the demand for desiccants. China is the leading producer globally due to higher demand from the pharmaceutical sector. Latin America is also projected to show rapid demand due to increasing industrialisation. North America and Europe are also expected to show steady demand in the forecast period.
Key Market Players
The major players in the market are Porocel Corporation, Hengye Inc, Fuji Silysia Chemical Ltd, Desicca Chemicals Pvt Ltd, and TROPACK Packmitel GmbH, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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