Covina, May 16, 2023 (GLOBE NEWSWIRE) -- Molecular Sieve Market Overview:
Molecular Sieves are crystalline metal alumino-silicates material which has molecules with uniform size & structure. Molecular sieve has a three-dimensional interconnecting network of silica and alumina tetrahedral
Growing demand from oil & gas industries has given positive impact on target market growth. Technological innovation and increasing awareness for the treatment of hazardous organic materials in the wastewater is another boosting factor for the growth of the Molecular Sieve market.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2032 |
| Forecast Period 2022 to 2029 CAGR | 4.7% |
| 2029 Value Projection | USD 6.5 BILLION |
| Base Year | 2022 |
| Market Size in 2022 | USD 4.0 BILLION |
| No. of Pages | 172 |
| Segments covered | Product Type, Distribution Channel, Region |
| Growth Drivers | Increasing demand from the oil and gas industry |
| Growing demand for petrochemicals |
What are the Recent News in Molecular Sieve Market?
- In June 2022, Welker Inc., launched new Molecular Sieve Probes which are designed for mercury removal units (MRU) and dehydration units (DHU) at LNG and natural gas processing plants.
- In December 2019, HEATEX launched new Enthalpy wheels with molecular sieve as an adsorption material and provides high humidity transfer. New launched wheels are also called as “Hygroscopic Wheels”.
Driving Factors:
Molecular sieves are materials with highly porous structures that can selectively adsorb molecules based on their size and shape. The molecular sieve market is driven by various factors, including:
- Increasing demand for molecular sieves in the oil and gas industry: Molecular sieves are widely used in the oil and gas industry for the separation and purification of gases, liquids, and chemicals. With the growing demand for oil and gas, the demand for molecular sieves is also increasing.
- Rising demand for molecular sieves in the pharmaceutical industry: Molecular sieves are used in the pharmaceutical industry for the purification and separation of active pharmaceutical ingredients (APIs) and other chemicals. The increasing demand for pharmaceutical products is driving the growth of the molecular sieve market.
- Growing demand for molecular sieves in the petrochemical industry: Molecular sieves are used in the petrochemical industry for the separation and purification of various chemicals and gases. The increasing demand for petrochemical products is driving the growth of the molecular sieve market.
- Increasing use of molecular sieves in the food and beverage industry: Molecular sieves are used in the food and beverage industry for the removal of moisture, gases, and other impurities. With the growing demand for packaged food and beverages, the demand for molecular sieves is also increasing.
- Growing demand for molecular sieves in the automotive industry: Molecular sieves are used in the automotive industry for the removal of moisture and other impurities from air conditioning systems. With the increasing production of vehicles, the demand for molecular sieves is also increasing.
Overall, the molecular sieve market is driven by the increasing demand for purification and separation technologies across various industries.
Market Competitive Landscape:
- Axens
- BASF SE
- Cabot Corporation
- CarboTech AC GmbH
- Clariant
- Dalian Absortbent Co. Ltd.
- Desicca Chemicals
- Graver Technologies
- Hengye Molecular Sieve Co. Ltd.
- Arkema
Analyst View:
Presence of major key players and growing demand for Molecular Sieve from emerging economies has become a key factor in target market growth. Growing strategic partnerships and launch of new product has driven the market growth. The innovation of nano-size zeolite molecular sieves for the medical oxygen concentration can create an opportunity for the Molecular Sieve market growth over the forecast period.
Regional Insights:
The molecular sieve market is segmented into various regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America and Europe are mature markets for molecular sieves, with a high adoption rate of advanced technologies. The increasing demand for molecular sieves in the pharmaceutical and petrochemical industries is driving the growth of these markets. The presence of key players in these regions, such as UOP LLC, Zeolyst International, and Arkema Group, is also contributing to the growth of the market.
- Asia Pacific is expected to witness significant growth in the molecular sieve market due to the increasing demand for molecular sieves in the oil and gas, pharmaceutical, and food and beverage industries. The rapid industrialization and urbanization in countries such as China and India are also contributing to the growth of the market. Moreover, the availability of low-cost labor and raw materials in these countries is attracting investments from key players in the market.
- Latin America and the Middle East and Africa are expected to witness moderate growth in the molecular sieve market due to the growing demand for molecular sieves in the oil and gas industry. The increasing investment in the oil and gas sector in these regions is expected to drive the growth of the market.
Overall, the molecular sieve market is expected to witness significant growth across all regions due to the increasing demand for purification and separation technologies in various industries.
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Market Drivers and Restrains:
Market Drivers:
The molecular sieve market is driven by various factors, including:
- Increasing demand for molecular sieves in the oil and gas industry: The growing demand for oil and gas has led to an increasing demand for molecular sieves for the separation and purification of gases, liquids, and chemicals in the oil and gas industry.
- Rising demand for molecular sieves in the pharmaceutical industry: The increasing demand for pharmaceutical products is driving the growth of the molecular sieve market as they are widely used in the purification and separation of active pharmaceutical ingredients (APIs) and other chemicals.
- Growing demand for molecular sieves in the petrochemical industry: The petrochemical industry is witnessing significant growth, which is driving the demand for molecular sieves for the separation and purification of various chemicals and gases.
- Increasing use of molecular sieves in the food and beverage industry: The demand for packaged food and beverages is increasing, which is driving the growth of the molecular sieve market as they are used for the removal of moisture, gases, and other impurities.
- Growing demand for molecular sieves in the automotive industry: The increasing production of vehicles is driving the demand for molecular sieves for the removal of moisture and other impurities from air conditioning systems.
- Technological advancements in the molecular sieve industry: The development of advanced molecular sieves with improved selectivity and efficiency is driving the growth of the market.
- Increasing environmental regulations: The increasing environmental regulations regarding the emission of gases and pollutants are driving the demand for molecular sieves for the removal of impurities from gases and liquids.
Overall, the molecular sieve market is driven by the increasing demand for purification and separation technologies across various industries and the development of advanced technologies in the molecular sieve industry.
Market Restraints:
The molecular sieve market faces several restraints, including:
- High cost of production: The production of molecular sieves involves high capital and operational costs, which can limit the adoption of molecular sieves in some industries.
- Availability of alternatives: There are several alternative technologies available for separation and purification, such as adsorption, membrane filtration, and distillation, which can limit the adoption of molecular sieves in some applications.
- Competition from substitutes: The competition from substitutes such as silica gel, activated carbon, and alumina can limit the growth of the molecular sieve market.
- Environmental concerns: The production and disposal of molecular sieves can have negative environmental impacts, which can limit their adoption in some applications.
- Lack of awareness: The lack of awareness about the benefits and applications of molecular sieves can limit their adoption in some industries.
- Supply chain disruptions: The COVID-19 pandemic has caused disruptions in the global supply chain, which has affected the production and distribution of molecular sieves.
Overall, the molecular sieve market faces several restraints that can limit its growth, including high production costs, competition from substitutes, and environmental concerns.
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