The global membranes market size is anticipated to be affected by their increasing usage in pharmaceutical and biomedical industry. They help in lowering the concentration of effluent stream, as well as in recovering significant substrate or intermediate. This information is given by Fortune Business Insights™ in a recently published report, titled, “Membranes Market Size, Share Industry Analysis, By Technology (RO/FO, UF, NF, MF, and Others), By Applications (Water wastewater treatment, Food beverage, Gas separation and Others) and Regional Forecast, 2019-2027.”
The report further mentions that the membranes market forecast was USD 6,899.65 million in 2019 and is projected to reach USD 10,021.47 million by 2027, thereby exhibiting a CAGR of 5.74% during the forecast period.
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Highlights of the Report:
· In-depth information about the challenges, opportunities, and market trends.
· Elaborate details regarding the growth drivers and obstacles that the market may come across during the forthcoming years.
· List of the crucial factors impacting the market in every region.
· Extensive analysis of the latest bets for the market.
Rising Environmental Concerns to Accelerate Growth
Rapid industrialization and urbanization, especially in the developing countries is resulting in water pollution. Therefore, the strain on water resources is surging. The governments and regulatory bodies of several countries are implementing stringent norms and laws regarding industry discharge to control water pollution. The increasing environmental concerns have thus, compelled large portion of the industries to adopt membrane-based technology for curbing the level and severity of pollutants in their discharge streams. They are presently trying to comply with the regulations. Membranes play a vital role in providing zero liquid discharge (ZLD). It is helping the industries in lowering the environmental impact. However, fouled membrane can have harmful effects on its operations. This factor may obstruct the membranes market growth during the forthcoming years.
Water Wastewater Treatment Segment to Grow Rapidly Backed by Evolution of Technology
Based on application, the market is divided into gas separation, food beverage, water wastewater treatment, and others. Amongst these, the water wastewater treatment segment held 45.9%membranes market share in 2019. Membranes were mainly developed owing to the sole purpose of water wastewater treatment. Later, as the technology evolved, they found their application in a wide range of industries consisting of biomedical, pharmaceutical, and food beverage. The emergence of membrane purification technologies has proved to be promising by meeting the urgent need for portable water.
Various Planned Desalination Projects in India China to Favor Growth in Asia Pacific
Geographically, Asia Pacific procured USD 2,382.47 million in 2019 in terms of revenue. This growth is attributable to the major contributions of countries, such as Australia, India, Japan, and China. Japan is considered to be one of the largest producers of membranes globally. Several planned desalination projects in India and China are set to boost the growth of the market in this region. Chennai in India, for instance, houses two desalination plants. Each has a capacity of 100 million litres per day (MLD). The third plant is set to begin operations in 2021. Europe is in the second position owing to the contributions of Italy, Spain, France, and Germany.
Key Players Aim to Strengthen Their Positions by Acquiring Other Enterprises
The market is fragmented with the presence of over a thousand integrators and manufacturers. They are striving to adopt the strategy of mergers and acquisitions and new product development to strengthen their position in the market. Below are a couple of the latest industry developments:
· March 2020: Toray, a multinational corporation headquartered in Japan announced that it’s TORAYFIL™ UF and ROMEMBRA™ RO membranes were chosen for a new seawater desalination facility. It is supposed to be Brazil’s largest plant and is set to be operational by the fourth quarter of 2020.
· October 2019: DuPont acquired Evoqua Water Technologies, a reputed provider of cost-effective water treatment systems, based in Pittsburgh. The company acquired the latter’s business line named MEMCOR®. This new acquisition would help DuPont in strengthening its position in the global market.
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