Supportive government policies on wastewater treatment, along with a focus on promoting waste management, will enhance the hollow fiber membrane market penetration in the near-term, says this report.
SELBYVILLE, Del., December 14, 2020 (Newswire.com) – According to the report published by Global Market Insights Inc., the global hollow fiber membrane market size was estimated at $9.43 billion in 2019 and is estimated to hit $16 billion by 2026, registering a CAGR of 9.4% from 2020 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
The rising necessity for water & wastewater treatment plants from industries are driving the global hollow fiber membrane market demand during the study period. Many companies have announced the expansion of their existing capacities in response to the increasing share of waste treatment rate globally. A high dependency on freshwater sources along with unstructured ways of treating industrial wastes in emerging countries will create opportunities for membrane manufacturers during the study period.
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Ultrafiltration will witness around a 9% CAGR in the hollow fiber membrane market share. This growth can be associated with its ability to capture algae, suspended solids, cryptosporidium, coliforms, giardia, viruses, bacteria, etc. These membranes are used in the dairy industry in the processing of cheese whey to obtain whey protein concentrate.
Polymeric materials will continue to maintain their popularity among end-users, which is primarily due to the vast availability of polymer resins along with their superior characteristics. Increasing research & development activities may increase the stake of biopolymers in the global hollow fiber membrane industry post-2026.
Pharmaceuticals & chemicals will account for around a 15% share in the hollow fiber membrane market. The membranes have a wide usage in downstream processes for purification and bio-pharmaceutical separation. A rise in the aging population of developed countries, together with advancements in personalized medical treatment, will boost segment growth over the study timeframe.
North America will hold around a 25% share in hollow fiber membrane market growth over the projected timeframe. Expansion in the biomanufacturing industry, increasing government initiatives to promote the waste management sector, and growth in research & development activities will nurture product development in North America.
Some major findings of the hollow fiber membrane market report include:
- The Asia-Pacific will lead the industry size during the forecast period due to the presence of a large number of membrane companies along with increasing water treatment plants in various countries
- RO hollow fiber membrane will have limited growth, as it is the least favored filtration type among end-user industries.
- The ceramic segment will gain momentum in the near future as these materials are utilized at a significant rate in the food & beverage sector.
- The ongoing coronavirus pandemic will slightly affect the global hollow fiber membrane market share.
- Technological advancements in filtration technology and movement toward the circular economy model will stimulate the overall market growth rate over the study period.
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Key companies operating in the hollow fiber membrane industry are Asahi Kasei, Lenntech, Mitsubishi Chemical Corporation, DuPont, Kuraray, Pentair, TOYOBO, and Toray. Key strategies adopted by manufacturers include strategic mergers & acquisitions, new product development and production capacity expansion. In 2019, Toray Industries, Inc. formed a joint venture with MCM Co., Ltd., a South Korean water purifier and filter producer. The strategy aims to increase the sales and assembly of filters in South Korea.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
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Source: Global Market Insights Inc.