New York, May 16, 2023 (GLOBE NEWSWIRE) -- The global gas separation membranes market size is likely to reach a valuation of US$ 1 billion by 2023. It is further estimated to surpass US$ 1.7 billion by the end of the forecast period 2023 to 2033.
Persistence Market Research (PMR) mentions that the global gas separation membranes industry is anticipated to showcase a CAGR of 5.9% during the forecast period. In the historical period between 2018 and 2022, the market witnessed a decent CAGR of 7.2%.
Gas separation membranes are highly energy-efficient. Their use can significantly reduce energy costs associated with gas separation processes. It might help companies to lower their overall operating costs and propel demand.
With rapid industrialization and globalization of the economy, there is an urgent need for highly efficient separation techniques. New techniques can help to meet the increasing demand for gases such as nitrogen, oxygen, and carbon dioxide. Gas separation membranes can fulfil this demand, and this is expected to bolster growth.
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Gas separation membranes provide a more sustainable and cost-effective solution for separating and capturing gases than traditional separation methods. This factor is anticipated to push gas separation membrane demand.
Gas separation membranes have applications in several industries, including oil & gas, chemical, and healthcare. Their use in these industries is expanding, further driving the demand for these membranes. These advanced membranes have improved separation efficiency, selectivity, and durability. Such beneficial properties would make them more attractive for industrial applications.
Several industrial processes require the purification of gases to pass stringent quality control regulations. It is considered to be essential for maintaining product standard and safety.
Gas separation membranes are an efficient and cost-effective solution for gas purification. Their demand is hence projected to flourish across industries such as food & beverage, pharmaceuticals, and semiconductors.
The shale gas revolution has transformed the energy landscape over the last few years. Gas separation membranes are a crucial component in the processing of shale gas. With growing demand for natural gas, sales of gas separation membranes used in shale gas processing are also increasing.
The key players include Evonik Industries AG, FUJIFILM Corporation, DIC Corporation, Air Liquide SA, Atlas Copco Group AB.
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Key Takeaways from the Gas Separation Membranes Market Report:
- In terms of application, the carbon dioxide removal is projected to showcase a CAGR of 6.1% from 2023 to 2033.
- The United Kingdom gas separation membranes market is likely to witness a CAGR of around 5.7% from 2023 to 2033.
- The United States is estimated to be valued at US$ 323 million by 2033.
- The global gas separation membranes market size is projected to witness steady growth at a CAGR of 5.9% from 2023 to 2033.
- Based on material type, the polyimide & polyaramide segment is estimated to exhibit a CAGR of 6.2% during the assessment period.
“Rapid industrialization and growing need for energy-efficient gas separation methods is driving global demand for gas separation membranes in sectors like chemical and healthcare. Market players are expected to find significant growth opportunities in creating products that cater specifically to the shale gas industry.” – says a leading analyst at Persistence Market Research (PMR)
Competitive Landscape
Renowned companies in the global gas separation membranes market are investing in research & development to create new and improved products. They are aiming to launch novel membranes with higher selectivity, lower energy consumption, and improved durability.
They are also working on developing membranes that can operate at higher temperatures and pressures. These features can eventually help improve their efficiency and applicability to a wider range of industrial processes.
A few other firms are forming strategic partnerships & collaborations with local companies and research institutions to share knowledge, expertise, and resources. This would allow them to develop innovative technologies faster and expand their product offerings.
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For instance,
- In March 2023, at Schörfling am Attersee located in Austria, Evonik created a cutting-edge hollow-fiber spinning facility for the manufacturing of gas separation membranes. The company would be able to meet the consistently increasing need for SEPURAN membranes in applications. A few of these include biogas, nitrogen, hydrogen, and natural gas.
- In December 2022, the British Board of Agrément (BBA) unveiled its latest Gas Membrane Approved Installer Scheme. The manufacturer/supplier of BBA-certified items and specialized installers are brought together by this industry's first recognized installer scheme. It has a license and audit system that gives consumers insurance-backed guarantees.
More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the gas separation membranes market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals segments segmented in terms of material type (polyimide & polyaramide, polysulfone, cellulose acetate and others) application (carbon dioxide removal, nitrogen generation & oxygen enrichment, hydrogen recovery, vapor/vapor separation and others), end use (oil & gas, chemical, electric Power, food & beverage and others), and region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa) from 2023 to 2033.
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