ID: MRFR/CnM/6738-CR | August 2019 | Region: Global | 235 pages
The CAGR for the molecular sieve desiccants market is expected to be 6.53% until at least the end of 2027. The market was worth US $513.7 million in 2018. It’s net worth by 2024 is expected to be US $746.7 million. A molecular sieve is a man-made zeolite. These have the same size and structure in terms of pores.
Industrialists value these sieves because they are excellent in terms of absorbing gas and liquid particles that can potentially clog machinery and other materials to be manufactured. In this, sense, these sieves are actually fancy filters.
COVID-19 made its grand appearance early last year. It was one of China’s great gifts to the world. At first, this virus seemed to be nothing but a nuisance. However, governments and authorities around the world soon understood that this was definitely far from true. Some people who got COVID-19 had difficulty breathing and needed to be hospitalized. Less than 1% of people who got COVID-19 died from it. But what made this virus very dangerous was the fact that it could cause long-term complications and health issues in people long after they recovered.
For example, it could cause long-term breathing issues. It could make people diabetic and give them strokes. The worst part of COVID-19 was that people who got it once could get it again after a few months since the antibodies only lasted for a few months. Many governments sought to contain the virus by imposing lockdowns and quarantines.
The result was disastrous for many industries and markets. The molecular sieve desiccant market was no exception. Manufacturers in this market soon found it difficult to easily get the raw materials they needed to make these sieves. This resulted in higher manufacturing costs. Manufacturers were forced to pass these higher costs onto the end consumer in the form of higher prices. This dampened sales temporarily.
The main factor that is driving growth in the molecular sieve desiccant market is the fact that these sieves are very effective at absorbing various waste particles (liquid and solid) that are generated during the process of manufacturing many materials.
Perhaps this is why the oil and gas industry wants these sieves in large quantities. Another industry whose insatiable demand for these sieves is the automobile and transport industries. It’s this demand that has been another great factor driving the growth in this market.
The pharmaceutical industry is full of companies that are teaming up with doctors and medical researchers. They’re investing billions of dollars into the research and development that will lead to more effective and more powerful prescription medicines in the future. Since a lot of liquid and solid waste is generated when these medicines are manufactured, this industry needs molecular sieve desiccants. It’s the phenomenal and rapid growth in the pharma industry that is creating unprecedented and exciting opportunities for the molecular sieve desiccant market.
Molecular sieve desiccants are relatively expensive. It’s their higher cost that’s holding back potential sales, especially during the COVID-19 pandemic.
One key challenge that companies in the molecular sieve desiccant market will face is trying to keep costs of manufacturing these sieves down. This is the only way that they can sell these products to the end consumer at reasonable and affordable prices. In the end, this is the only way that the market can recover in the post COVID-19 era.
The CAGR for the molecular sieve desiccant market is expected to be above 6% until at least the end of 2023, if not longer. The market is expected to be worth US $513.7 million by the end of 2024.
Honeywell International is a major American company in the molecular sieve desiccant market. It has been investing heavily in research and development to come up with a new generation of molecular sieves that are much more effective at absorbing the particles that are generated during the process of manufacturing new medicines and drugs.
The market share in the form segment is the highest at 54.5%. This was its market share in 2018. Many industries currently use molecular sieve desiccants in their manufacturing operations. This is what accounts for the high market share. The market value of this segment in 2018 was US $280 million as of 2018.
The molecular sieve desiccant market is segmented into the following types:
The 4A type dominates this segment. There are two reasons for this. One is that it doesn’t need to be processed further for usage in industrial applications. This means that the sieves can be used in the form that they arrive in. This greatly simplifies the overall manufacturing process. It also brings the total costs of manufacturing down dramatically. Companies in many industries are able to pass these cost savings down to the end consumer in the form of lower prices.
The refinery segment had the highest market share in the application segment. This was the case in 2018 because the sieves were used in most industries and companies that pertained to this segment. This segment uses molecular sieve desiccants heavily when purifying and taking excess moisture out of aliphatic hydrocarbons, aromatic hydrocarbons, synthetic gas, and getting rid of mercaptans. These filters also effectively remove carbon dioxide gas, H2S, and other impure substances.
The market value of this segment in 2018 was US $238,854.0 thousand.
The molecular sieve desiccants market is separated into the following regions around the world:
The Asia-Pacific region dominated the molecular sieve desiccants market. Its total market share in 2018 was 38.4%. What accounts for this is the fact that most nations are industrializing and developing rapidly in Asia. This is especially true of India and China. India and China both have populations of more than one billion people. They also have a rapidly expanding middle class.
The purchasing power and disposable incomes of this middle class is rising dramatically. The result of this is the demand for more consumer durables like cars and electronics that need molecular sieve desiccants to be manufactured. Also, these people are becoming more and more health conscious as average lifespans increase. The overall life expectancy is increasing dramatically throughout the Asia-Pacific region. This is especially true for the middle classes.
They are increasingly willing and able to buy expensive pharma medicines and drugs that promise to increase overall life spans and improve quality of life dramatically. This is creating more of a demand for molecular sieve desiccants.
The entire market in the Asia-Pacific region was worth US $190 million as of 2018. China, especially, had the largest market share of all of the countries in the region. It’s CAGR is expected to be well over 8% until at least the end of 2027.
India had the second largest share of the market in 2018. This was 28%. What accounts for this high market share is the fact that the oil and gas industries are growing rapidly. This is largely because of rapid urbanization and industrialization in this country. Its CAGR is expected to hover around 7% until at least the end of 2027.
North America had a market share of 28% in 2018. This put it in second place in terms of regions around the world and regional market share. Once again, breakneck growth in the oil and gas industries largely accounted for this. Growth in American manufacturing accounted for this high market share.
The molecular sieve desiccant market is very competitive. This is the case despite relatively high barriers to entry. The fact that this market is lucrative is attracting many companies, especially larger ones, to the market. Existing companies find that they must invest heavily in research and development to come up with innovative new products. This is one of the few ways that they can continue to generate more sales and revenue.
These companies are also engaging in partnerships. They are also merging with and acquiring new companies. The objective is to solidify their positions in existing markets and to enter new markets on a strong footing.
Honeywell International is a key company that has invested heavily in research and development. It has come up with a new generation of more innovative sieves with more useful applications. This is giving it an advantage in the pharma sector especially.
List of companies
The molecular sieve desiccants market is growing at a CAGR of over 6% until at least the end of 2027. What is driving growth is increased demand for cars and other consumer durables. The Asia-Pacific region leads the market in terms of share because of rapid industrialization and urbanization.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Form, Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Van Air, Inc (US), Zeochem AG (Switzerland), SORBEAD INDIA (India), Tosoh Corporation (Japan), Arkema (France), BASF SE (Germany), Honeywell International Inc (US), R. Grace & Co (US), JIUZHOU CHEMICALS (China), KNT Group (Russia), Rownell Limited (UK), Merck KGaA (Germany), MolsivCN (China), Dalian Haixin Chemical Industrial Co.,Ltd (China), Hengye Molecular Sieve Co., Ltd (China), Axens (France), UNION SHOWA K.K. (Japan), MTE Suzhou Co., LTD (China), Interra Global (US), and GIEBEL FilTec GmbH (Germany).|
|Key Market Opportunities||The pharmaceutical industry is full of companies that are teaming up with doctors and medical researchers.|
|Key Market Drivers||the fact that these sieves are very effective at absorbing various waste particles (liquid and solid) that are generated during the process of manufacturing many materials.|
Frequently Asked Questions (FAQ) :
Global Molecular Sieve Desiccants Market’s historic revenue was USD 513.7 Million in 2018
The market will be generating revenue of USD 746.7 Million by the end of 2024.
The market’s CAGR is calculated to be 6.53%.
The factor such as the superior cost of molecular sieves as compared to other desiccants is going to impede the expansion of the global market’s growth.
global molecular sieve desiccant market includes prime segments such as form, type, and application.