Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Hollow Fiber Membranes Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Material, Filtration Type and End-Use Industry,” the hollow fiber membranes market size is expected to grow from US$ 4.72 billion in 2022 to US$ 9.98 billion by 2030; it is estimated to record a CAGR of 9.8% from 2022 to 2030. The report highlights key factors driving the hollow fiber membranes market growth along with the analysis of the key players operating in the market and their developments.
Hollow Fiber Membranes Market: Competition Landscape
Pentair; Dow Chemical Company; Asahi Kasei Corporation; Repligen Corporation; Toray Industries; GE Water & Process Technologies; Nitto Denko Corporation; Koch Membrane Systems; Sartorius AG; and Toyobo Co. Ltd. are among the key players operating in the global hollow fiber membranes market. Market players focus on providing high-quality products to fulfill customer demand. They also invest in research and development activities and focus on launching new products.
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Hollow fiber membrane market is growing rapidly driven by the swelling demand for water and wastewater treatment solutions across the globe. Hollow fiber membranes are used in various applications such as water treatment, gas separation, and medical devices. The market is anticipated to grow substantially owing to the increasing need for clean water and the growing population. These membranes are used in various applications, including water treatment, gas separation, and medical devices.
The water treatment segment dominates the market due to the increasing demand for clean water from the residential, industrial, and agricultural sectors. Using hollow fiber membranes in water treatment helps remove impurities, bacteria, and viruses from water, making it safe for consumption. Gas separation is also expected to grow substantially in industries such as petrochemical, chemical, and oil & gas. The medical devices segment is also expected to grow due to the rising demand for dialysis machines and oxygenators.
The report includes the segmentation of the global hollow fiber membranes market as follows:
The global hollow fiber membranes market is divided based on material, filtration type, and end-use industry. Based on material, the hollow fiber membranes market is segmented into polymeric [PS/PES, polyvinylidene fluoride (PVDF), and others], and ceramic. Based on filtration type, the hollow fiber membranes market is segmented into microfiltration, and ultrafiltration. Based on end-use industry, the hollow fiber membranes market is segmented into water treatment, biotechnology, pharmaceutical, food and beverage, and others. By geography, the global hollow fiber membranes market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America hollow fiber membranes market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific hollow fiber membranes market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America hollow fiber membranes market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Hollow Fiber Membranes Market
The COVID-19 pandemic adversely affected economies and industries in numerous countries due to lockdowns, business shutdowns, and travel restrictions. The chemicals industry was severely affected by disruptions in supply chains and shutdowns of production plants in the initial phases of the pandemic. This led to disruptions in the global supply chain due to factory shutdowns, transportation restrictions, and labor shortages. This turmoil hindered the availability of raw materials and components, leading to reduced supply and increased operating costs for the manufacturers of hollow fiber membranes. The COVID-19 pandemic led to an expanded demand for certain products, such as pharmaceuticals, healthcare supplies, and essential consumer goods.
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