Gas Separation Membrane Market worth $1.6 billion by 2030 Globally, at a CAGR of 7.4%, says MarketsandMarkets™

Chicago, May 01, 2024 (GLOBE NEWSWIRE) -- The Global Gas Separation Membrane Market is projected to grow from USD 1.0 billion in 2023 to USD 1.6 billion by 2030, at a CAGR of 7.4% from 2023 to 2030, as per the recent study by MarketsandMarkets™. The major factors propelling the gas separation membrane market include the increasing demand for membranes in carbon dioxide removal. However, a significant challenge in this market is the plasticization of polymeric membranes in high-temperature applications. Nonetheless, there are opportunities for market growth, such as the rising focus on clean energy sources like hydrogen and natural gas, which has led to an increasing demand for efficient gas separation technologies. Additionally, the development of mixed matrix membranes presents further opportunities for advancement in the industry.

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Browse In-Depth TOC On "Gas Separation Membrane Market”

217 - Market Data Tables
56 - Figures
266 - Pages

List of Key Players in Gas Separation Membrane Market:

1. Air Liquide (France)
2. Air Products and Chemicals, Inc. (US)
3. UBE Corporation. (Japan)
4. Honeywell UOP (US)
5. FUJIFILM Manufacturing Europe B.V. (Netherlands)
6. SLB (US)
7. DIC Corporation (Japan)
8. PARKER HANNIFIN CORPORATION (US)
9. Membrane Technology and Research, Inc. (US)
10. Generon (US)

Drivers, Restraints, Opportunities and Challenges in Gas Separation Membrane Market:

1. Drivers: Environmental regulations and stringent emission standards.
2. Restraints: Plasticization of polymeric membranes in high-temperature applications.
3. Opportunity: Rising demand for clean energy.
4. Challenges: Upscaling and commercializing new membranes.

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Key Findings of the Study:

1. Polyimide and polyaramide segment are projected to be the fastest growing type, in terms of value, during the forecast period.
2. Hollow fiber segment is the second fastest growing segment by module, in terms of value, during the forecast period.
3. Asia Pacific is fastest growing market since region for gas separation membrane during the forecast period, in terms of value.

Polyimide & polyaramide gas separation membranes have exceptional chemical compatibility and heat resistance, making them suitable for challenging operational environments. Their exceptional gas separation capabilities, specifically in the removal of carbon dioxide, are attributed to their distinctive structure and composition. Polyimide and polyaramide exhibit the capacity to efficiently purify gases, making them valuable in the petrochemical sector, where there is a rising demand for its goods. The increasing demand for environmentally friendly solutions across various industries such as chemical processing, oil & gas, and waste management, fuels the expansion of the gas separation membrane market.

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Since material type, the polyimide & polyaramide type segment is expected to lead the market in terms of value in 2023. Polyimide & polyaramide have excellent thermal stability and can withstand a wide range of temperatures without undergoing significant degradation. These membranes boast robust mechanical strength and durability, crucial for managing pressure differentials and mechanical stresses inherent in gas separation operations. The growth of polyimide & polyaramide membranes market is driven by strict environmental regulations, emissions reduction, and increasing demand for clean energy across emerging countries and developing economies. This helps to minimize the release of greenhouse gases and other pollutants.

Based on application, the carbon dioxide removal segment accounted for the largest share in the gas separation membrane market. Reducing carbon dioxide emissions globally is a vital effort to counteract climate change. High-emission industries, including electricity generation and manufacturing processes, face growing demands to minimize their ecological impact through reduced carbon footprint. Gas separation membranes play a pivotal role in capturing CO2 emissions at their origin. The significance of CO2 removal in addressing climate change and advancing environmental sustainability has positioned gas separation membranes, especially those tailored for CO2 capture and purification, as essential technologies across diverse industries and applications. This importance is anticipated to further increase as the world seeks to reduce greenhouse gas emissions and move towards a more sustainable future.

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