Desiccants Global Market Opportunities and Strategies to 2032

This report describes and explains the desiccants market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global desiccants market reached a value of nearly $1,122.4 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.8% since 2017. The market is expected to grow from $1,122.4 million in 2022 to $1,459.2 million in 2027 at a rate of 5.4%. The market is then expected to grow at a CAGR of 6.5% from 2027 and reach $2,002.1 million in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, the rise in disposable income, growth in the pharmaceutical industry, the increasing industrialization, growth in the packaging industry and rapid growth in e-commerce. Factors that negatively affected growth in the historic period were regulatory challenges and geo-political tensions.

Going forward, the increasing government support, the increasing demand from the chemical industries, the rise in the global population and rapid urbanization will drive the market. Factors that could hinder the growth of the desiccants market in the future include the rise in interest rates, reductions in free trade and high cost of raw materials.

The desiccants market is segmented by type into silica gel, zeolite, activated alumina, activated charcoal, calcium chloride, clay and other types. The silica gel market was the largest segment of the desiccants market segmented by type, accounting for 35.4% of the total in 2022. Going forward, the activated alumina segment is expected to be the fastest growing segment in the desiccants market segmented by type, at a CAGR of 5.7% during 2022-2027.

The desiccants market is segmented by process into physical absorption and chemical absorption. The physical absorption market was the largest segment of the desiccants market segmented by process, accounting for 85.7% of the total in 2022. Going forward, it is expected to be the fastest growing segment in the desiccants market segmented by process, at a CAGR of 5.4% during 2022-2027.

The desiccants market is segmented by application into electronics, food, pharmaceutical, packing and other applications. The food market was the largest segment of the desiccants market segmented by application, accounting for 35.1% of the total in 2022. Going forward, the pharmaceutical segment is expected to be the fastest growing segment in the desiccants market segmented by application, at a CAGR of 5.6% during 2022-2027.

Asia-Pacific was the largest region in the desiccants market, accounting for 40.7% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the desiccants market will be North America and Asia-Pacific where growth will be at CAGRs of 6.1% and 6.0% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 5.2% and 4.3% respectively.

The global desiccants market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 63.66% of the total market in 2022. BASF was the largest competitor with 13.46% share of the market, followed by Evonik Industries with 10.17%, W. R. Grace and Co with 9.80%, INEOS Corporation with 7.74%, Clariant with 7.71%, Multisorb technologies with 5.67%, The Dow Chemical Company with 5.06%, Absortech with 2.33%, Sorbead with 1.10% and Hengye Molecular Sieve with 0.61%.

The top opportunities in the desiccants market segmented by type will arise in the silica gel segment, which will gain $118.7 million of global annual sales by 2027. The top opportunities in the desiccants market segmented by process will arise in the physical absorption segment, which will gain $290.6 million of global annual sales by 2027. The top opportunities in the desiccants market segmented by application will arise in the food segment, which will gain $120.4 million of global annual sales by 2027. The desiccants market size will gain the most in China at $97.2 million.

Market-trend-based strategies for the desiccants market include advanced desiccant breathers, product innovations, new bio-based moisture-adsorbing packets, technology advancements and focus on launching innovative desiccant packaging.

Player-adopted strategies in the desiccants market include enhancing business activities through the launch of new products.

To take advantage of the opportunities, the recommends the desiccants companies to focus on focus on product innovations, focus on technology advancements, focus on launching innovative desiccant packaging, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use b2b promotions, and continue to target fast-growing applications.