Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Gas Separation Membrane Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global gas separation membrane market size is estimated to be USD 1.86 billion in 2023 and is projected to reach USD 2.47 billion by 2028, growing at a CAGR of 5.87% during the forecast period (2023 - 2028).
Key Market Highlights
The primary factors driving the market growth include the rising demand for membranes in carbon dioxide separation operations and stringent government regulations governing greenhouse gas (GHG) emissions. However, challenges such as plasticization of polymeric membranes in high-temperature applications and upscaling and adoption of new membranes have hampered market growth. Nevertheless, the development of mixed matrix membranes (MMM) and polymeric membranes, along with expanding applications, is expected to create new opportunities in the market.
Market Trends
The report highlights that the application of nitrogen generation and oxygen enrichment is expected to dominate the gas separation membrane market. These processes are integral in the chemical industry for isolating required products and recovering reactants. The increasing demand for nitrogen and oxygen in the industrial sector, such as in steel production, is driving the growth of gas separation membrane modules.
Regional Dominance
The Asia-Pacific region is the largest market and is predicted to be the fastest-growing market for gas separation membranes throughout the projection period. The region's growth is driven by increasing industrialization, demand for carbon dioxide removal from reservoirs, sanitation and freshwater needs, urbanization, and higher living standards. China's significant investments in increasing refining capacity and India's growing power industry are also contributing to the market's expansion in the region.
Key Players include:
- Air Liquide Advanced Separations
- Air Products and Chemicals Inc.?
- DIC Corporation
- Evonik? Industries AG
- Fujifilm Corporation?
- Generon
- Honeywell International Inc.?
- Linde PLC
- Membrane Technology and Research Inc.?
- Parker Hannifin Corp?.
- SLB (schlumberger)
- Toray Industries Inc.
- UBE Corporation
For more information about this report visit https://www.researchandmarkets.com/r/lejuue
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