Silica Gel Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Market Overview

The Global Silica Gel Market is projected to register a CAGR of almost 5% during the forecast period (2022-2027).

The COVID-19 pandemic had 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 again 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.
• Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Silica gel is a highly porous, non - crystalline form of silica that is used to absorb moisture from gases and liquids, thicken liquids, and give paints and synthetic films a dull finish, among other things. It is generally prepared by acidification of a solution of a silicate, such as water glass. Due to its ability to absorb moisture and extend product shelf life, silica gel packets are widely employed in a variety of commercial sectors. The silica gel market is segmented by type, end-user industry, and geography. By Type, the market is segmented into indicating silica gel and non- indicating silica gel. By end-user industry, the market is segmented into pharmaceutical, paints and coating, petrochemical, food and beverages, personal care, plastics, and other end-user industries. The report also covers the market size and forecasts for the silica gel market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

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Key Market Trends

Increasing Usage in the Pharmaceutical Industry

• Silica gel is frequently used in pharmaceutical packaging to keep medicines safe from moisture and other impurities. In the pharmaceutical sector, silica gel column chromatography is used to collect or separate various components of a drug.
• 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 for keeping 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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