Molecular Sieve Desiccants Market Share

Molecular Sieve Desiccants Market Share Analysis

The United States (US) molecular sieve desiccants market has emerged as a major player, commanding a significant market share of 80.17% in 2018. The market in the US was valued at USD 114,937.5 thousand and is anticipated to maintain its dominance with a robust Compound Annual Growth Rate (CAGR) of 6.36% during the forecast period from 2017 to 2024. Additionally, the neighboring country, Canada, contributed substantially to the regional market, with a market value of USD 28,427.5 thousand. Canada is projected to exhibit a commendable CAGR of 5.23% during the same forecast period. The dominance of the United States in the molecular sieve desiccants market is attributed to various factors that underscore its robust growth and sustained market leadership. These factors not only reflect the current market dynamics but also provide insights into the anticipated trends shaping the future of the molecular sieve desiccants industry in the region. One of the primary drivers of the impressive market share of the US is the widespread adoption of molecular sieve desiccants across diverse industries. These desiccants play a crucial role in preserving the integrity and quality of products by effectively controlling moisture levels. Industries such as pharmaceuticals, electronics, automotive, and packaging rely on molecular sieve desiccants to prevent issues like moisture-related degradation, corrosion, and deterioration of sensitive components. As a result, the escalating demand for these desiccants across multiple sectors contributes significantly to the market growth in the US. Furthermore, the strategic initiatives and investments made by key players in the molecular sieve desiccants market have further propelled the dominance of the US. The region boasts a well-established industrial infrastructure, advanced manufacturing capabilities, and a strong emphasis on technological innovation. These factors create a conducive environment for research and development activities, enabling companies to enhance the performance and efficiency of molecular sieve desiccants contiDesiccants play a crucial role in the pharmaceutical industry by safeguarding drugs from moisture, thereby extending their shelf life. Among these, molecular sieve desiccants have become indispensable components in canisters and packets housing pharmaceuticals such as effervescent tablets, lozenges, and conventional tablets. Additionally, they find application in preserving nutraceuticals like dietary supplements, immune boosters, and sports supplements, ensuring these products are stored appropriately to prevent issues like discoloration, odors, and deterioration caused by moisture contamination. Pharmaceuticals are experiencing remarkable growth globally, both in terms of revenue and business expansion. Several factors contribute to this surge, including the rise in the prevalence of serious diseases, an increase in road accidents, a growing geriatric population, technological advancements, and supportive government policies. The pharmaceutical industry is evolving rapidly to address the healthcare needs of an expanding and aging global population. Recent data from the United Nations (UN) reveals significant insights into the demographics of the global population. In 2017, approximately 962 million people were aged 60 or over worldwide, constituting 13% of the global population. Notably, this population segment is expanding at a rate of about 3% annually. Europe currently has the highest percentage of people aged 60 or over, accounting for 25% of the population. Projections for the future indicate that by 2050, nearly every region worldwide, except Africa, is expected to have a quarter or more of its population aged 60 and above. The aging trend is set to intensify over the coming decades, with estimates suggesting that the global geriatric population will reach 1.4 billion by 2030, 2.1 billion by 2050, and could potentially rise to 3.1 billion by 2100. This demographic shift poses unique challenges and opportunities for the pharmaceutical industry. The increased prevalence of age-related health conditions necessitates the development and production of a diverse range of pharmaceuticals to cater to the specific needs of the elderly. In this context, molecular sieve desiccants become integral to the pharmaceutical supply chain. These desiccants play a crucial role in preserving the efficacy and stability of drugs and nutraceuticals, ensuring that they reach consumers in optimal condition. By preventing moisture-related issues, such as degradation and contamination, molecular sieve desiccants contribute to maintaining the quality and safety of pharmaceutical products. The pharmaceutical industry is not only witnessing an uptick in demand but is also undergoing rapid technological advancements. These advancements, coupled with favorable government policies, contribute to the industry's growth trajectory. As the global population continues to age, pharmaceutical companies face the challenge of adapting to evolving healthcare needs, with molecular sieve desiccants emerging as vital tools in this journey.nually. The high CAGR projected for the US market underscores the resilience and adaptability of the molecular sieve desiccants industry to evolving market demands. The forecasted growth rate reflects the anticipation of sustained demand from various sectors and the readiness of the market to embrace emerging applications and technologies in desiccant solutions. In tandem with the US, Canada plays a notable role in contributing to the overall growth of the molecular sieve desiccants market in North America. The Canadian market, valued at USD 28,427.5 thousand, is expected to exhibit a commendable CAGR of 5.23% during the forecast period. This growth is underpinned by the increasing awareness of the importance of moisture control in industries and the rising adoption of molecular sieve desiccants in the Canadian manufacturing landscape. The forecasted CAGR for Canada indicates a steady and sustained market expansion, driven by factors such as growing industrialization, stringent quality standards, and a focus on sustainable manufacturing practices. The country's commitment to innovation and technological advancements further contributes to the positive outlook for the molecular sieve desiccants market.