Molecular Sieves Market Overview
The molecular sieves market is projected to be worth USD 5,885.92 Billion by 2030, registering a CAGR of 4.8% during the forecast period (2023 - 2030), The market was valued at USD 3,859.78 billion in 2021.
Molecular Sieves are crystalline materials with pores of uniform size and structure, usually natural or synthetic zeolite. Molecular sieve desiccants act as a drying agent for drying liquids and gases and for separating molecules based on their shapes and sizes.
The high-performance characteristics of molecular sieves are fueling the growth of the global Molecular Sieves Market. Furthermore, the growing demand for molecular sieves from the automotive, transportation, and oil & gas industries is one of the major factors driving the market growth. The growth of the global market is also driven by an increasing number of petrochemical projects in emerging economies.
Molecular sieves have distinctive selective adsorption properties a performs excellently even at high temperature. This results in an increase in their prices compared to other alternative products such as silica gel, montmorillonite clay, calcium sulfate, and calcium oxide. Hence, the high cost associated with molecular sieves is hindering the growth of this market.
The covid-19 has significantly disrupted the chemicals and materials supply chain, international trade, and manufacturing operations across the globe. The chemicals and materials production facilities have also faced disruptions. Various market players had to shut down the production facilities to limit the spread of Covid-19.
The global molecular sieves market is facing a deep recession caused by the effects of lockdowns in most of the geographies.The major consumers of molecular sieves such as packaging, coating, and automotive have also shut down their production facilities resulting in a decline in demand for molecular sieves globally
Key Findings of the Study:
- The global molecular sieves market is projected to reach a value of USD3,068.48 million by 2030, with a CAGR of around 4.68%during the forecast period.
- Asia-Pacific accounted for the major market share and emerged as the fastest-growing regionin the global molecular sieves market.The growth of the region is attributed to the growing demand from the oil & gas and packaging end-use industries. Also, the growing demand from the pharmaceutical manufacturing sector in Japan, China, and other Southeast Asian countries, is further driving the growth of this market.
- Based on type, the global market has been segmented into 4A, 3A, 5A, 13X, zeolite Y, and others. The 4A segment dominated the market in 2020. It is used to remove moisture from gas and liquid streams and is preferred for drying perishable food packaging, chemical, medicine & diagnostic kit packaging, electronics & electrical systems.
- By shape, the beads segment accounted for the largest market share due to its application for drying air and compressed gases.
- In 2020, zeolites product type accounted for the largest market share in terms of value. These are suitable for purifying, drying, and separating a wider variety of feeds than any other adsorbent.
- Based on end-use, In 2020, the others segment held the largest market share of 27.2%, while the packaging sector is expected to register the highest CAGR during the forecast period;however, the oil and gas industry is expected to dominate the market in the coming years
The global Molecular Sieves Market Latent Demand and Opportunities has been segmented on the basis of type, shape, product, end-use, and region.
The global market, based on type, has been segmented into 4A, 3A, 5A, 13X, zeolite Y, and others. The 4A segment accounted for the largest market share of more than 20% in 2020, followed by 3A.
Based on shape, the market is classified into bead, pellet, and powder. Among these, in 2020, bead accounted for the largest market share, followed by pellet and powder.
On the basis of product, the global molecular sieves market has been segmented into zeolites, activated carbon, clay, and others. The zeolites segment dominated the market in 2020, accounting for a market share of more than 40%.
The end-use is bifurcated into oil & gas, automotive, packaging, coatings, wastewater treatment, detergents, and others.
On the basis of region, Asia-Pacific dominated the global molecular sieves market in 2020 owing to growing end-use industries such as packaging and the oil & gas industry.
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Some of the leading players operating in the Molecular Sieves market are
- Tosoh Corporation (Japan)
- Arkema (France)
- BASF SE (Germany)
- Honeywell International Inc (US)
- R. Grace & Co (US)
- Zeochem AG (Switzerland)
- Merck KgaA (Germany)
- Sorbead India (India)
- KNT Group (Russia)
- MolsivCN (China)
- Union Showa K.K. (Japan)
- Van Air Inc (US)
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