Market Insights
Silica Gel Market is projected to be worth USD 781.9 Million by 2030, registering a CAGR of 3.3% during the forecast period (2020–2030).
Silica gel is used as a desiccant in the food and beverage industry to increase the shelf life of products and restrain the growth of rot and mold due to humidity. In addition, silica gel is used in food additives as an anti-caking agent, stabilizer, deforming agent, and anti-settling agent. The growth of the pharmaceutical industry is expected to develop further and drive the Silica Gel Market analysis due to its intensive use in pharmaceutical packaging to reduce product deterioration due to moisture. In addition, the high surface properties and superior absorption qualities make the silica gel effective in the use of water treatment facilities. The increasing shift from conventional water treatment to physical treatment, in combination with stringent government regulations, are other factors that have a positive impact on the global market.
The growing development of biotechnology, particularly in emerging economies, is expected to stimulate the growth of biopharmaceuticals, which could stimulate demand for chromatographic silica gel. In addition, the increasing application in paints and coatings, steel refineries, and oxygen facilities for the removal of ethane from oxygen has a positive effect on market growth.
Major Players
Renowned industrial companies involved in the production of silica gel are heavily investing in smart products to enhance their efficiency and to stay competitive in the global market. These major players include Evonik Industries, Fuji Silysia Chemical, Merck Group, Clariant, Qingdao Haiyang Chemical, Millennium Chemicals, Solvay, China National Bluestar Company Limited, Nissan Chemical Industries, and DowDuPont.
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Market Segmentation
The global silica gel Market is divided into type, application, and end-use.
The type segment of the global silica gel market is classified into Type A, Type B, Type C, silica-alumina gel, and others.
The global silica gel market is diversified on the basis of application into food additives, desiccants, chromatography, water filtration, and others.
The based end-use industry is further segmented into oil and gas, petrochemical, pharmaceutical, healthcare, cosmetic and, and others.
Regional Insights
North America controls most of the global market and is expected to continue to dominate due to the growing demand for silica gel from various end-user industries such as pharmaceuticals and healthcare. In addition, encouraging government regulation and investment in the health, nutrition, and beverage sectors should contribute to market growth.
The Asia Pacific region is the fastest-growing market and is expected to see the highest CAGR growth in the coming years. GDP growth, combined with increased government investment, has increased the number of end-users such as medicines, cosmetics, and healthcare, boosting market demand for silica in the region’s developing economies.
It is estimated that the European region is experiencing significant growth in countries due to the presence of a well-developed cosmetics and personal care sector. The excellent properties of moisture-absorbing silica gel Latent Demand and Opportunities have paved the way, among other things, for packaging in the cosmetics and electronics industries. Therefore, it creates a huge demand for the product.
The Middle East and Africa are estimated to experience significant growth due to the increased consumption of silica gel in their dominant oil and gas, and petrochemical industries. Favorable government participation and the expansion of the oilfield in the region is the determining factor of the market.
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