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Pharmaceutical Grade Silica Gel Market Size Expected to Reach $71.1 Million by 2026

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Pharmaceutical Grade Silica Gel Market Size Expected to Reach $71.1 Million by 2026

March 24
00:49 2021
Pharmaceutical Grade Silica Gel Market Size Expected to Reach $71.1 Million by 2026

Pharmaceutical Grade Silica Gel Market
Increase in the Production of Medicines and Other Devices is Fueling the Demand for Pharmaceutical Grade Silica Gel Market

Pharmaceutical Grade Silica Gel Market size is expected to be $71.1 million by 2026 and is set to grow at a CAGR of 9.2% during the forecast period from 2021-2026. The gel made from silica, also known as silica dioxide, is an excellent adsorbent and can hold moisture to a great extent, one of the significant reason driving the growth of the pharmaceutical grade silica gel market. Silicon Dioxide, also known as silica gel is extensively used in the preservation of medicines and other products in the pharmaceutical industry for their excellent property of acting as a viscosity agent. The growing pharmaceutical industry has increased the production of drugs which has given a boost to the pharmaceutical grade silica gel market as they are used as colourants, glidants, lubricants, viscosity agents, solvents, preservatives and many more in the pharmaceutical industry.

COVID-19 Impact

The covid-19 pandemic has affected the pharmaceutical grade silica gel market in various ways such as production halt, piling of stocks, blockage in supply chain and others. This has affected the business of pharmaceutical grade silica gel industry leaving the pharmaceutical grade silica gel major suppliers in huge losses. The global Foreign Direct Investments decreased up to 40% in 2020 due to the pandemic. However the pharmaceutical grade silica gel market found some demand in the pandemic period, as they are widely used in the healthcare industry, and the healthcare industry was in a rise during the pandemic. Furthermore, there were restrictions on exports and imports due to the restrictions related to the pandemic. However, the pharmaceutical grade silica gel industry is however recovering from the losses, and will be restored by the year ending 2021.

Pharmaceutical Grade Silica Gel Market Segment Analysis – By Type

Liquid Silica Gel segment held the largest share of more than 35% in the pharmaceutical grade silica gel market in the year 2020. Liquid Silica Gel is used as a desiccant to control humidity, avoid spoilage and degradation of medical goods. It does not dissolve so quickly and acts as a good adsorbent agent, making it a most sought out product in the pharmaceutical grade silica gel industry. The global volume of medicines used amounted to 4.5 trillion doses and at a cost of US $ 14 trillion in the year 2020. The increase in the production of medicines and other devices is fueling the demand for pharmaceutical grade silica gel market, as they are exclusively used for preservation and packaging for keeping the products moisture-free. This is a significant factor driving the pharmaceutical grade silica gel market.

Pharmaceutical Grade Silica Gel Market Segment Analysis – By Packaging Type

Pouch segment held the largest share of more than 32% in the pharmaceutical grade silica gel market in the year 2020. The silica gel is mostly used as desiccants in the medical industries for various applications and devices. They are used in storage purposes to ward off moisture and foul smell in the medical devices and applications. The global packaging industry reached a value of US $ 917.1 billion in the year 2019. The continuous improvement in the medicine technology and the increased production of medical devices is one of the significant factors driving the pouch segment in the pharmaceutical grade silica industry. Silica Gel pouches helps in preserving the quality of medical instruments and apparatuses. This eventually gives rise to the need of silica pouches to preserve and maintain the devices and applications.

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Pharmaceutical Grade Silica Gel Market Segment Analysis – By Application

Desiccants segment held the largest share of more than 32% in the pharmaceutical grade silica gel market in the year 2020. Pharmaceutical grade silica gel is used extensively in the desiccant application segment owing to its property of exhibiting low vapor pressure. It facilitates the sustaining of dryness in a drug formulation. The rise in the production of medicines and other medical devices leads to the increase in the need for storage with good moisture absorption and sustaining dryness, which eventually leads to the increase in the need for desiccants in the pharmaceutical grade silica market. The global pharma market is expected to grow with a CAGR of 4.4% by the year 2024 revenue of the global pharmaceutical market in the year 2020 amounted to US $1.43 trillion, which eventually leads to the increase in demand for pharmaceutical grade desiccants silica gels.

Pharmaceutical Grade Silica Gel Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of more than 38% in the pharmaceutical grade silica gel market in the year 2020. The growth of pharmaceutical industry in countries like China, India and Japan is the factor driving the pharmaceutical grade silica gel in the Asia Pacific region. The pharmaceutical industry in India is currently valued at $41 billion. The growth of pharmaceutical industry coupled with investments like Production Link Incentive (PLI) scheme in India by the Government of India for enhancing India’s manufacturing capabilities and enhancing exports is driving the pharmaceutical grade silica gel market in the Asia Pacific region. These initiatives by the government along with the growing concern of health is contributing to the growth of the pharmaceutical grade silica gel industry in the Asia Pacific region.

Pharmaceutical Grade Silica Gel Market Drivers

Investments and initiatives from pharmaceutical industry

Initiatives and investments made by government is one of the biggest factor steering the pharmaceutical grade silica gel market. For instance, the Government of India came up with an initiative called Atal Innovation Mission, which is about developing new complex generic drugs, supplemented by the New Drugs and Clinical Trial Rules, 2019. Initiatives like these gives boost to the production of medicines and medical devices & equipment which is eventually driving the pharmaceutical grade silica market. The Government of Singapore has announced an investment of US $4.2 billion for developments in the pharmaceutical industry. Circa pharmaceuticals Inc. has invested an amount of US $ 20 billion for the next few years for the development of pharmaceutical industry in Indonesia Such investments and initiatives is increasing the drugs production which is eventually driving the pharmaceutical grade silica gel market.

Increasing demand from major application industries

The increase in demand from major application industries such as adsorbents, drug carrier, lubricants, desiccants and others are driving the pharmaceutical grade silica gel industry. The global lubricants market revenue stood at US $162.3 billion in the year 2019 and accounted a demand of 37 million metric tons in the year 2019, which eventually boosts the growth of the pharmaceutical grade silica gel market. The increase in the need and production of applications where lubricants are extensively used such as medical equipment, medical infrastructures are one of the major factor driving the growth of the pharmaceutical grade silica gel market.

Pharmaceutical Grade Silica Gel Market Challenges

Stringent government regulations

There are various stringent regulations regarding the pharmaceutical business in various countries which is one of the major challenges to the pharmaceutical grade silica gel market. For instance, The Pharmacy Act 1948 of India, there are various stringent regulations regarding the composition of drugs, which requires the pharmacists/chemists to follow various procedures and screening to get approved by the government. These stringent rules and regulations, are one of the biggest challenge faced by the pharmaceutical grade silica gel market.

Market Landscape

New product launches, expansion, investments, acquisitions & mergers and collaborations are some of the key strategies adopted by players in the Pharmaceutical Grade Silica Gel Market. Major players in the Pharmaceutical Grade Silica Gel Market are Sorbead India, Clariant International Ltd., Solvay S.A, The Dow Chemical Company, E. I. du Pont de Nemours and Company, Multisorb Technologies, Inc., W. R. Grace & Co.-Conn, Evonik Industries, Desiccare Inc. and Fuji Silysia Chemical among others.

Acquisitions/Technology Launches

In August 2020 Evonik acquires Porocel for US $210 million. This was a strategic move to develop the portfolio of Evonik Industries, helping them in expanding their business.

In December 2019, DuPont acquired Desalitech Ltd. This acquisition is set to reinforce the strategic intent to provide robust portfolio of technologies.

Key Takeaways

Asia-Pacific market held the largest share in the pharmaceutical grade silica gel market owing to the increase in the investments from the pharmaceutical industry in countries like China, India and Japan.

The increase in the pharmaceutical grade silica gel market can be attributed to the adsorbent properties of silicon dioxide or silica.

The growth in pharmaceutical industry which is giving boost to the production of medical drugs is one of the significant factor driving the pharmaceutical grade silica gel industry.

The covid-19 pandemic has affected the pharmaceutical grade silica gel market in many ways including halting of the production and disrupting the supply chain of the pharmaceutical grade silica gel market eventually halting the growth of the pharmaceutical grade silica gel industry.

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