Silica Gel Market growth
The Silica Gel Market growth was marked at a value of 5.1 billion in 2016 and it is further expected to grow at a higher CAGR of 6.1 % during the forecasted period to account for a higher market value share by the end of the forecasted period.
Due to its dry and moisture-proof properties, type A and B are increasingly being used in applications such as adsorbents, perfume carriers, and separators, which is driving the market growth. In the food and beverage industry, silica gel is used as a desiccant to prolong the shelf life of products and resist deterioration and fungus growth caused by moisture. Furthermore, silica gel is used as an anti-caking agent, stabilizer, deforming agent, and anti-settling agent in food additives. Because of its widespread use in pharmaceutical packaging to reduce product spoilage due to moisture content, the Silica Gel Market is expected to expand in tandem with the pharmaceutical industry’s expansion.
COVID 19 Analysis
The global pandemic of COVID-19 has affected a major chunk of the population. Many people have lost their livelihood because of this global pandemic. It has affected the dynamics and growth of several industries. Everyone is worried about their immunity and follows social distancing.
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Competitive Landscape
Some of the prominent players operating in the Global Silica Gel Market are
Evonik Industries (Germany),
Clariant (Switzerland),
Solvay (Belgium),
Merck Group (Germany),
China National Bluestar Company Limited (China),
Fuji Silysia Chemical (China),
Nissan Chemical Industries (Japan),
DowDuPont (U.S.),
Qingdao Haiyang Chemical (China) and
Millennium Chemicals (U.S.). among others.
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Market Segmentation
The Global Silica Gel Market is segmented into type, application, and end-use. On the basis of the type, the market is segregated into Type A, Type B, Type C, silica-alumina gel, and others.
The market by application is sub-divided into desiccant, chromatography, food additives, water filtration, and others. During the forecast period, it is expected that the desiccant application segment will rise at the fastest rate, owing to the increasing use of Silica Gel in packaging, paint and coatings, and electronics.
The market by end use industry is further categorized into oil and gas, pharmaceutical, petrochemical, cosmetic and healthcare, and others. Because of the well-established pharmaceutical industry in the country, the pharmaceutical segment holds the majority of the market and is expected to maintain its dominance.
Drivers
Numerous factors drive the market demand in the global market. The demand for type A and type B silica gel is increasing as it is used in various applications like perfume carriers, absorbents, and separators (because of its moisture-proof and dry properties) drives the market demand in the global market during the forecasted period. Moreover, it is largely used in the food and beverages industry as food additives and results in the longer shelf life of the product drive the market demand during the review period. Since it has moisture-proof properties is avoids fungus and decay.
Opportunities
The rise in the demand for the silica gel market all across the globe. Increasing use of silica gel and increasing development in the packaging in the pharmaceutical industry provides various growth opportunities in the global market during the forecasted period. Ongoing extensive research was done by various major key players all across the globe also provides various growth opportunities in the global market during the forecasted period.
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Regional Insights
Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa are the five regions that make up the Silica Gel Industry. Because of the rising demand for Silica Gel in pharmaceutical packaging due to its excellent adsorption properties, North America has a large share of the market. Furthermore, due to its usage as a catalyst in the petrochemical industry as well as its use in the refining and mining of natural gas, the region’s shale gas revolution has fueled market demand for Silica Gel in the petrochemical and oil and gas industries. Furthermore, the industry is expected to expand as a result of favourable government policies and investments in healthcare and food and beverage.
The Silica Gel market in Asia Pacific is expected to expand at the fastest pace. Growing investments in end-user sectors are projected to propel the demand during the forecast period, according to analysts. Growing demand from the packaging industry, as well as rising demand for electronics and food and beverage as a result of rising personal disposable income, are some of the factors driving the market in this area forward.
The European Silica Gel Market is the second largest in the world, and it is predicted to expand significantly over the next few years. The existence of existing end-use industries such as cosmetics and personal care, among others, is a core driver of market expansion.
Because of the increasing use of Silica Gel in the oil and gas and petrochemical industries, the demand in the Middle East and Africa is expected to expand significantly. One of the main driving forces for demand development is favourable government policy that encourages the oil and gas industry.
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Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Silica Gel Market
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