Desiccant is a material that absorbs moisture and causes dryness in the surrounding substances. They could be either soluble or insoluble. Desiccants are used to eliminate humidity and have been identified as significant applications in the pharmaceutical industry. Pharmaceutical desiccants are used to preserve the quality, strength, and purity of pharmaceutical products for a long time. Activated alumina, silica gel, and molecular sieves are among the most widely used desiccants.
According to an in-depth study by Market Research Future (MRFR), in 2015, the pharmaceutical desiccants market was reported to capture the largest market share of 30%, with a market value of USD 35.4 million and is expected to rise by 4.37% in the CAGR from 2017 to 2027 (forecast period).
Market Dynamics
Increasing geriatric population and the rapid growth of the pharmaceutical industry are primary drivers of rising growth in the global market for pharmaceutical desiccant. The increase in the geriatric population contributes to a rise in demands for more medical treatment. This would increase the use of healthcare products and medical facilities and potentially increase the production of pharmaceutical desiccant. The continuous growth of the pharmaceutical industry is fuelling the overall growth of the demand for pharmaceutical desiccant. Rapid innovations in the pharmaceutical industry are mainly motivated by rising incomes and economic growth. However, the damage done by varying temperatures and strict regulations by government authorities hinders the growth of the industry. Also, growing consumer demands and market-based pricing instead of cost-based pricing are factors that present a significant challenge to the growth of the pharmaceutical desiccant market.
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Segmentation
The market for pharmaceutical desiccant has been segmented based on type and end-user.
Based on the type, the market for pharmaceutical desiccant is divided into silica gel, activated, molecular sieves, carbon clay desiccant, and others. In 2015, silica gel reported for the largest market share of 40.00% with a market value of USD 47.2 million and is estimated to rise at the highest CAGR of 4.90% in the forecast period. Silica gel is non-flammable, non- toxic, and safe to use to protect food, medicines, sensitive materials, and much more. It is extremely porous and able to absorb high amounts of moisture. It has the highest moisture adsorption potential of any commercial desiccant, making it one of the most effective ingredients for products. It is designed to avoid corrosion during transport and storage. Activated was the second-largest market in 2015 with USD 29.5 million and it is anticipated to rise at a CAGR of 4.16%. Activated Alumina is commonly used for moisture reduction, purification, and other treatments.
Based on end-users, the pharmaceutical desiccant market has been segmented into tablets, APIs, capsules, diagnostic kits, and nutraceutical product packaging. In 2015, tablets accounted for the largest market share of 22% with a market value of USD 208.2 million and are expected to rise at a CAGR of 4.85% during the forecast period. API was the second-largest business in 2015, estimated at USD 203.5 million in 2015, and is projected to grow at the highest CAGR of 4.37%.
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Regional Analysis
The market for pharmaceutical desiccants in North America is expected to hold the largest share by 2027 due to a strong pharmaceutical manufacturing base in the region, supported by government regulations and high R&D expenditure. North America had a market share of roughly 38% in 2018. North America is one of the emerging markets for pharmaceutical desiccant, which is widely used in the oil and gas, pharmaceutical, and petrochemical industries in the region. Pharmaceutical desiccant is used in pharmaceutical packaging to protect medicines from moisture and other impurities.
The market for the pharmaceutical desiccant in the Asia Pacific is expected to be the fastest-growing region for pharmaceutical desiccants. Growth is attributed to an increase in the production of pharmaceutical desiccant in China and a higher consumption rate of the product in Chinese plants than in developed countries. China’s high value-added pharmaceutical desiccant is used more widely and used as matting agents for plastics, paints, catalysts, and other anti-adhesives.
Key Players
The prominent players in the pharmaceutical desiccant are E. I. du Pont de Nemours and Company (U.S.), Desiccare, Inc (U.S.), Multisorb Technologies (U.S.), Sanner GmbH (Germany), CSP Technologies, Inc (U.S.), Capitol Scientific, Inc (U.S.), Oker-Chemie GmbH (Germany), W. R. Grace & Co (U.S.), Desican Inc (U.S.), Clariant Global (Switzerland), and others.
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