The global pharmaceutical grade silica gel market is projected to reach a market size of $71.05 million by 2025, Grand View Research said.
According to the research, the pharmaceutical grade silica gel market could significantly growth over the forecast period because of the increasing demand for excipients.
Pharmaceutical grade silica gel is used different industries, including pharmaceutical for desiccant, drug carrier, adsorbent, glidant, and other excipients. Excipients can be used in numerous forms in food, cosmetics, and medicine industries.
As the research notes, growing pharmaceutical industry has propelled the growth of drug production, which in turn, has increased the excipient consumption over the past few years. Normally, this should to be a major factor for boosting the demand for pharmaceutical grade silica gel.
Globally, adsorbent and glidant application segments are projected to witness significant volume growth over the forecast period, growing at CAGR of over 4% during the forecast period. This growth can be attributed to rapid growth from the overall pharmaceutical industry, the Research said.
Asia Pacific was dominant market for the gel in 2015 with about $17.10 million of revenue, with projection to grow significantly over the coming years. The researcher noted that emerging economies like China and India are the leading growth drivers in the region.
Key participants in the pharmaceutical grade silica gel market include Clariant AG, E. I. du Pont de Nemours and Company, Evonik Industries, Solvay SA, and W.R. Grace and Company, Dow Chemical Company and J.M. Huber Corporation among others. In recent years, new product developments have been the major growth strategy adopted by key market players for strengthening their market positions, the Grand View Research has concluded.