Silica Gel Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||< 5.00 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Silica Gel Market Analysis
The global silica gel market is projected to register a CAGR of almost 5% during the forecast period (2022-2027).
The COVID-19 pandemic affected the silica gel market in various ways, such as production halt, piling of stocks, blockage in the supply chain, and others. However, the situation has returned to normal, and the market is recovering its losses and will be restored.
Over the short term, increasing demand for silica gel in the electronic and food & beverages industry is expected to drive the market.
On the flip side, the availability of cheap substitutes like activated alumina, activated clay, and activated charcoal is hindering the market's growth.
The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Silica Gel Market Trends
This section covers the major market trends shaping the Silica Gel Market according to our research experts:
Increasing Usage in the Pharmaceutical Industry
Silica gel is frequently used in pharmaceutical packaging to protect medicines from moisture and other impurities. In the pharmaceutical sector, silica gel column chromatography is used to collect or separate various drug components.
The rising pharmaceutical industry has increased drug production, which has boosted the silica gel market since they are employed in the pharmaceutical sector as colorants, glidants, lubricants, viscosity agents, solvents, preservatives, and many other things.
In 2021, global pharmaceutical sales increased by 7.7%. From 2020 through 2025, global healthcare spending is expected to grow at a 4.8% yearly rate.
The total amount of medicines consumed globally is increasing at a 3% annual rate, with global drug spending reaching approximately USD 1.5 trillion in 2021. The increase in the production of medicines is fueling the demand for the silica gel market, as they are exclusively used for preservation and packaging to keep the products moisture-free.
Owing to all these factors, the market for silica gel is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy in terms of GDP. China and India are among the fastest emerging economies in the world.
According to the National Bureau of Statistics, in 2021, China's pharmaceutical industry's value-added increased by 24.8% over the previous year.
Furthermore, according to IBEF, in 2021, India's pharmaceutical industry was worth USD 42 billion. It is expected to grow to USD 65 billion by 2024 and to more than USD 120 billion by 2030.
China is also leading in the personal care industry, and silica gel is used in personal care products as a scrub additive. In 2021, the Chinese personal care market revenue stood at around USD 24.603 billion. The revenue grew around 5% compared to USD 23.335 billion in 2020.
Many foods and supplements contain silica gel to prevent clumping, allowing easier packaging, shipping, flow-ability, and eventual consumption. India's food processing sector stood at USD 393.41 million in 2020-21, which may touch USD 470 billion by 2025. Moreover, the total agricultural and allied products exports stood at USD 41.25 billion in FY21.
Due to all such factors, the market for silica gel in the region is expected to have a steady growth during the forecast period.
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Silica Gel Industry Overview
The silica gel market is fragmented in nature. Some of the major players in the market include (not in a particular manner) Evonik, BASF, Clariant, Solvay, and W.R. Grace, among others.
Silica Gel Market Leaders
*Disclaimer: Major Players sorted in no particular order
Silica Gel Market News
- In May 2021, W. R. Grace & Co. announced the completion of a manufacturing plant expansion in Kuantan, Malaysia. Through this expansion, the company is expected to respond to the increased demand for its silica gel products.
Silica Gel Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing demand for silica gel for use in electronic device packaging
4.1.2 Increasing demand for food and beverages industry
4.2.1 Availability of Cheap Substitutes
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1.1 Indicating Silica Gel
5.1.2 Non - Indicating Silica Gel
5.2 End-user Industry
5.2.1 Pharmaceutical Industry
5.2.2 Paint and Coating Industry
5.2.3 Food and Beverages Industry
5.2.4 Personal Care Industry
5.2.5 Plastic Industry
5.2.6 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.2 AGC Chemicals Americas
6.4.5 Dessicare, Inc.
6.4.7 Fuji Silysia Chemical
6.4.9 Multisorb Technologies
6.4.10 Nissan Chemical Corporation
6.4.13 Sorbead India
6.4.14 Thermo Fischer Scientific
6.4.15 W.R Grace
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Usage of Silica Gel in Thermal Insulator
Silica Gel Market Research FAQs
What is the current Silica Gel Market size?
The Silica Gel Market is projected to register a CAGR of less than 5% during the forecast period (2023-2028).
Who are the key players in Silica Gel Market?
Evonik, BASF, Solvay, W.R. Grace and Clariant are the major companies operating in the Silica Gel Market.
Which is the fastest growing region in Silica Gel Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Silica Gel Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Silica Gel Market.
Silica Gel Industry Report
Statistics for the 2023 Silica Gel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Silica Gel analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.