The global desiccants market will grow from $150M in 2022 to $160M in 2023 at a compound annual growth rate (CAGR) of 5.0%, according to Reportlinker. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services affecting many markets across the globe.
The desiccant market consists of the sales of indicating silica gel, molecular sieves, calcium oxide and calcium sulfate, montmorillonite clay, and nitrogen desiccants.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The desiccant refers to a hygroscopic substance used to absorb the moisture from the surroundings and prevent the products from getting damaged due to moisture. The desiccants are generally used to keep items dry and stable.