PUBLISHER: Allied Market Research | PRODUCT CODE: 1365765
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365765
According to a new report published by Allied Market Research, titled, "Desiccant Market," The desiccant market was valued at $1.1 billion in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
In the oil and gas industry, activated alumina is used to eliminate water from natural gas streams. Natural gas is regarded as the fastest-growing energy source in the U.S. The establishment of new refinery initiatives is anticipated to be the primary growth driver for the activated alumina. China produced roughly 4 million barrels of oil per day in 2021, according to BP statistics. State-owned corporations, such as China National Offshore Oil Corp., dominate the China oil industry. In addition, China National Offshore Oil Corporation (CNOOC) oil and gas production increased by more than 6% annually between 2022 and 2024, playing a crucial position in China's energy supply security.
The government of India has implemented a variety of plans to satisfy the rise in demand for oil and gas. It has permitted 100 % foreign direct investment (FDI) in a number of industry segments, including natural gas, petroleum products, and refineries. According to the International Energy Agency, global oil demand is expected to reach 104.1 mb/d (million barrels per day) by 2026, with China and India accounting for approximately half of the growth through that year, thereby contributing to market expansion in the future. Thus, the demand for activated alumina is anticipated to expand substantially during the forecast period.
To manufacture desiccant, it is necessary to set up the necessary machinery, which results in significant initial investment expenses. In addition, regular maintenance of these machines is required, which contributes to an increase in the overall cost of manufacturing. Thus hampering the growth of the desiccant market. Desiccants are substances that draw moisture out of their surroundings and, as a result, provide a health risk if they come into contact with human skin. As a result, handling these substances requires extreme caution. As a consequence of this, particular packaging materials for desiccants are required to guarantee the highest possible level of safety.
The desiccant market is poised to capitalize on lucrative opportunities owing to the rise in demand in the chemical sector and the air conditioning industry. In the chemical sector, desiccants play a crucial role in maintaining the integrity of various chemical compounds and preventing moisture-induced degradation, ensuring product quality and shelf life. In addition, the air conditioning system presents a promising avenue for desiccant utilization. Desiccants are integral components in advanced air conditioning systems, effectively removing excess moisture from the air, and enhancing cooling efficiency. As energy-efficient and eco-friendly air conditioning solutions gain traction, the demand for desiccants in these systems is projected to rise. This dual opportunity, driven by the chemical sector's need for moisture control and the expanding air conditioning market, positions the desiccant industry for robust growth and innovation. Manufacturers and stakeholders can strategically align their efforts to tap into these emerging prospects and further propel the desiccant market growth.
The desiccant market is segmented into type, end-use industry, and region. Depending on the type, the market is divided into silica gel, activated alumina, activated charcoal, zeolite, calcium chloride, clay, and others. On the basis of the end-use industry, it is categorized into packaging, food, pharmaceutical, electronics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, And LAMEA.
The major players operating in the global desiccant market are Fuji Silysia Chemical Ltd., Hengye, Inc., TROPACK Packmitel GmbH, CLARIANT, Capitol Scientific, Inc. Multisorb, OKER-CHEMIE, Evonik Industries AG, Desicca Chemical Pvt. Ltd., and W. R. Grace & Co.-Conn. Other players include Porocel Corporation, The Dow Chemical Company, INEOS Corporation, Qingdao Makll Group, Zeotec Adsorbents Private Limited,AGM Container Controls, Delta Adsorbents, and others.
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