Desiccants Market Size

Desiccants Market size was over USD 1.2 billion in 2023 and is anticipated to cross USD 2.3 billion by the end of 2036, witnessing more than 5.3% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of desiccants is estimated at USD 1.3 billion.

The desiccants market is poised to be driven by an increase in demand from the pharmaceuticals, foods, and electronics industries. Companies need to extend the shelf life of products while maintaining quality; therefore, the requirement for moisture control solutions has grown. There exist numerous opportunities based on advanced desiccants that have enhanced moisture-absorbing capacities with eco-friendly materials and tailored solutions depending on the requirements of the respective industries.

Most of the companies in the desiccants market are engaging in expanding their product portfolios and strengthening their positions through strategic acquisitions, collaborations, and new product launches. For example, in November 2022, Munters acquired Hygromedia and Rotor Source in its pursuit of developing its capability in desiccant dehumidification technology systems.

Governments worldwide are recognizing the contribution of drying agents in sustaining product safety and quality, especially in food and pharmaceuticals. The European legislation in the form of Regulation (EC) 1935/2004 states that substances in contact with food address high standards of food safety; specifically, desiccants need to be at those high standards. These regulations are further anticipated to promote desiccants market expansion.