The global hollow fiber membrane market share was estimated at $9.43 billion in 2019, and is likely to hit $16 billion by 2026, registering a CAGR of 9.4% between 2020 to 2026, suggests a report published by Global Market Insights Inc.
hollow fiber membrane market is expected to be driven by intensifying requirement for wastewater & water treatment plants worldwide. Rising dependency on freshwater sources combined with the need to treat industrial waste majorly across developing countries is expected to create multiple opportunities for hollow fiber membrane businesses.— The global
North America could emerge as a leading marketplace for hollow fiber membranes. As per the report, the North America region is projected to be accounted for around 25% of the global hollow fiber membrane industry share in the estimated timeframe. This estimated growth could mostly be favored by rising initiatives by the government to promote the waste management sector. Expansion in the biomanufacturing industry and growth in research & development activities may encourage new product development in North America.
The major companies functioning in the hollow fiber membrane market are Mitsubishi Chemical Corporation, Kuraray, TOYOBO, Asahi Kasei, Lenntech, DuPont, Pentair, and Toray. These companies are focusing on strategic initiatives like production capacity expansion, new product launches, and mergers and acquisitions for gaining a competitive edge in the market. For instance, Toray Industries, Inc. formed a joint venture with a South Korean filter and water purifier producer MCM Co., Ltd., in the year 2019. This strategy was said to help generate sales and assembly of filters in South Korea.
Growth drivers of hollow fiber membrane market are –
• Swelling awareness towards proper water management
• Increasing product demand in food & beverage industry
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Rising initiatives by governments for focusing on promoting waste management and wastewater treatments may enhance the requirement for the hollow fiber membranes. The ongoing pandemic could have an significant impact on the hollow fiber membrane businesses. Rising concerns over maintaining hygiene and safety could boost the requirement of freshwater.
Apart from this, countries facing water scarcity could escalate the construction of wastewater treatment plants, supporting hollow fiber membrane market outlook.
The pharmaceuticals & chemicals application segment is projected to witness around a 15% of the hollow fiber membrane market share. Advancements in personalized medical treatment along with rise in old age population is expected to expand segment size. While the ultrafiltration segment could showcase a 9% CAGR driven by its ability to capture suspended solids, algae, cryptosporidium, giardia, viruses, coliforms, bacteria, etc. These membranes fin application in the dairy sector for processing cheese whey to attain whey protein concentrate.
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Name: Arun Hegde
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Organization: Global Market Insights Inc.
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