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Membranes Market Worth will Reach US$ 8.3 Billion by 2024, at a CAGR of 9.0% – Finds MarketsandMarkets™

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Membranes Market Worth will Reach US$ 8.3 Billion by 2024, at a CAGR of 9.0% – Finds MarketsandMarkets™

September 29
20:59 2022
Membranes Market Worth will Reach US$ 8.3 Billion by 2024, at a CAGR of 9.0% - Finds MarketsandMarkets™
Browse 94 market data Tables and 37 Figures spread through 148 Pages and in-depth TOC on “Membranes Market
Membranes Market by Material (Polymeric, Ceramic), Technology (RO, UF, MF, NF), Application (Water & Wastewater Treatment, Industrial Processing), Region (North America, APAC, Europe, MEA, South America)

Increasing industrial developments, technological advancements, and the growing demand for water treatment have led to the increased demand for membranes from various applications. New product launches, mergers & acquisitions, expansions, and agreements are some of the key strategies adopted by industry players to achieve growth in the membranes market. The global membranes market size is projected to grow from USD 5.4 billion in 2019 to USD 8.3 billion by 2024, at a CAGR of 9.0%.

By type, the ceramic segment of the market is projected to witness the highest growth from 2019 to 2024. The demand for ceramic membranes is growing owing to their high porosity, high permeability, defined pore size, and good mechanical properties. Ceramic membranes are also suitable for a wide range of applications, such as water & wastewater treatment, medical & pharmaceutical, and food & beverage. 

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By technology, the nanofiltration (NF) segment is projected to witness the highest growth from 2019 to 2024. The NF technology is used to separate trace amounts of salts and other dissolved solutes from already treated water to produce ultrapure water for the electronics industry. However, the reverse osmosis (RO) segment dominated the membranes market in 2015. The RO technology is used in desalination processes by eliminating the permeability of salt and allowing the water molecules to pass through. 

The water & wastewater treatment segment was the largest application segment of the membranes market in 2015. The medical & pharmaceutical application segment is projected to grow at the highest CAGR from 2016 to 2021, fueled by the increasing usage of membranes in various medical & pharmaceutical applications, such as venting components, medical pumps, sensor vents, drug delivery systems, surgical suction filters, surgical smoke filtration, and laboratory & syringe filters. 

Asia-Pacific led the membranes market in 2015, in terms of value, followed by North America and Europe. Europe and North America are relatively mature markets as compared to developing regions, such as Asia-Pacific, the Middle East & Africa, and South America. The market in the Asia-Pacific region is also projected to grow at the highest rate from 2016 to 2021 due to the increasing demand for membranes from the water & wastewater treatment, medical & pharmaceutical, food & beverage, industrial processing, industrial gas processing, and other applications. In the Asia-Pacific region, the market in India is projected to grow at the highest CAGR during the forecast period. China has been an export-oriented country; however, the growing domestic demand is expected to lead to an increased domestic consumption of membranes.

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The key players that adopted these strategies include The Dow Chemical Company (U.S.), GE Water & Process Technologies (U.S.), LG Water Solutions (U.S.), Toray Industries (Japan), Merck Millipore (Germany), Asahi Kasei Corporation (Japan), Pall Corporation (U.S.), Koch Membrane Systems, Inc. (U.S.), Hydranautics (U.S.), and Pentair plc (U.K.). 

The Dow Chemical Company (U.S.) is a leading player in the global membranes market. The company, as a major membranes manufacturer, aims to expand its market share and become one of the most innovative companies in the world. As part of its growth strategy, the company launched a new UF membrane in 2015 under the brand name IntegraFlux. The XP fiber technology in this membrane provides higher flux, higher water recovery, and low waste at low energy consumption. This development has strengthened the company’s portfolio of UF membrane products. 

Koch Membrane Systems, Inc. (U.S.) is one of the largest membranes manufacturers in the U.S. and one of the largest producers worldwide. The company focuses on new product development and research as a part of its business strategy. In March 2017, the company launched caustic nanofiltration standard systems for caustic recovery and reuse. These systems are specifically designed to recover and purify caustic for reuse in food, beverage, and industrial applications. This new product launch is expected to provide the company with a competitive advantage over other players in the market in terms of product portfolio. 

The Dow Chemical Company (U.S.), GE Water & Process Technologies (U.S.), LG Water Solutions (U.S.), Toray Industries (Japan), Merck Millipore (Germany), Asahi Kasei Corporation (Japan), Pall Corporation (U.S.), Koch Membrane Systems, Inc. (U.S.), Hydranautics (U.S.), and Pentair plc (U.K.) are among the most active players in the global membranes market.

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