The latest market report published by Credence Research, Inc. “Gas Separation Membranes Market, By Type, Application and Region – Growth, Future Prospects and Competitive Analysis, 2016 – 2024,” the global gas separation membranes market was valued at US$ 1,720.4 Mn in 2015, and is expected to Reach US$ 3,325.2 Mn by 2024, expanding at a CAGR of 8.2% from 2016 to 2024.
Browse the full Gas Separation Membranes Market – Growth, Future Prospects and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/gas-separation-membranes-market
The global gas separation membranes market is experiencing growth due to rise in demand from various end use application. As energy costs rise, gas separation membrane technology is likely to play an increasingly important role in reducing the environmental impact and costs of industrial processes. Gas separations membranes are widely used in food & beverage processing, water & wastewater treatment, pharmaceutical & medical application, chemical processing, industrial gas processing and other applications. Moreover, Compared to the conventional separation technologies such as cryogenic distillation, absorption and adsorption, industrial attention is now focused on adoption of membrane based gas separation. This is due to inherent advantages offered by gas separation membranes such as energy efficiency with low capital investment, simplicity and ease of installation, low operation and maintenance cost, low weight and space requirement with high process flexibility.
The major challenge hampering the growth of the market is problems associated with the lifespan of membranes as after a certain period, the durability of membranes decreases, resulting in need for replacement, therefore associated increased operational and maintenance costs. Increasing concerns over water scarcity and need for desalination in the developing countries offer growth opportunity to the gas separation membranes in water and water treatment market.
Major players in the membrane system providers such as Air Liquid (PoroGen Corporation), Air Products and Chemicals Incorporated, Evonik Resource Efficiency GmbH, GE Water & Process Technologies, etc. are original equipment manufacturers (OEMs) of gas separation membranes. Distributors, EPC contractors and company owned sales offices are major sales & distribution paths for gas separation membranes and gas separation systems. All large players are increasing their footprint in emerging economies by opening regional sales offices cater to the increasing demand from various end-use applications.
- Rising demand from end use applications
- Shifting trend towards membrane gas separation technology
- Emerging economies offers huge market potential