Microfiltration Membrane Market Revenue To Exceed $7,000.00 Million by 2030
From $2,885.57 million in 2019, the global microfiltration membrane market value is expected to surge to $7,517.38 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will exhibit a CAGR of 9.0% from 2020 to 2030 (forecast period). The market is being driven by the burgeoning requirement for microfiltration technologies for industrial wastewater treatment, surging pharmaceutical industry, and growing adoption of the microfiltration membrane technology in the food and beverage industry.
The discharge of agricultural and industrial waste into water bodies negatively impacts the quality of water bodies. As per the fourth World Water Development Report, around 70% of the wastewater that was treated in 2017 was done in high-income countries. Environmental deterioration because of inadequate or negligible wastewater treatment poses a major threat to economic or human activity. Thus, in order to mitigate the degradation of the environment, the governments of several countries, including the U.S., are taking various measures for raising public awareness about the far-reaching effects of water scarcity and water contamination.
This is subsequently fueling the adoption of microfiltration technologies, as they are being increasingly required for meeting the soaring need for clean water. Besides, the expanding pharmaceutical industry is also propelling the advancement of the microfiltration membrane market. Witnessing the potential of the industry, many major pharmaceutical companies are making huge investments in research and development (R&D) projects to yield improved results. Microfiltration membranes, such as polyvinylidene fluoride (PVDF), polypropylene (PP), and polyethersulfone (PES), are heavily used in the pharmaceutical industry, owing to their excellent retention characteristics, high flow-rate, and low-protein binding traits.
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Depending on material type, the microfiltration membrane market is divided into polypropylene, polytetrafluorethylene, PVDF, polyether sulphone, polyimide, polyether ketone, and cellulose categories. Out of these, the PVDF category is predicted to contribute the highest revenue to the market in the forthcoming years. PVDF membranes are heavily used for the treatment of general and industrial water, on account of their ability to easily separate particles from liquid streams or air. In addition, these membranes offer high-flow rates for mobile phase and solvent-based applications.
Across the globe, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the microfiltration membrane market in the coming years. This is ascribed to the growing requirement for fresh water in developing nations of APAC, such as Vietnam, Thailand, India, and China. In addition, the increasing support being provided by the governments of several countries for the treatment of industrial wastewater is also predicted to create lucrative growth opportunities for the market players in the upcoming years.
The players operating in the microfiltration membrane market are focusing on strategic measures in order to bolster their presence in the industry. For example, MICRODYN-NADIR GmbH, which is a water treatment business unit of MANN+HUMMEL GmbH, announced in January 2018 that it has acquired OLTREMARE SpA, which is a producer of membrane elements and located in Fano, Italy. With this acquisition, MICRODYN-NADIR GmbH expanded its business and started providing several more membrane filtration products to its customers around the world.
Hence, it is safe to say that the demand for microfiltration membrane technologies will surge sharply in the coming years, primarily because of the increasing requirement for treating industrial wastewater treatment and booming pharmaceutical industry across the world.
SOURCE: P&S Intelligence
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