The report on the Gas Separation Membrane Market provides a bird’s eye view of the current proceedings and the impact on the COVID-19 pandemic. Further, the report ponders over the various factors that are likely to impact the overall dynamics of the Gas Separation Membrane Market once the COVID-19 pandemic subsides. The current trends, growth opportunities, restraining factors, and drivers are discussed in the report in detail.
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The global gas separation membrane market is poised to witness a CAGR of ~8% during the forecast period (2020-2030). Gas separation membranes have emerged as a key processing and purification method in natural gas processing plants and refineries, generating ample opportunities for gas separation membrane manufacturers. Besides, chemical and petrochemical industries, power generation industry and biogas treatment plants also use gas separation membranes. This will result in additional demand in the forecast period. Efficacy in offering high purification in the cryogenic plant to separate helium is also poised to expand the market growth during the forecast period.
COVID-19 outbreak has hampered almost all the market and swept over billions of dollars from economies across the globe. Due to disrupted activity in oil & gas industry and natural gas processing plants, demand for gas separation membranes has declined in first and second quarters of 2024. However, easing lockdowns in Asian and Middle East & African countries may balance demand supply by the end of 2024.
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Key Takeaways of Gas Separation Membrane Market Study:
- Surging demand for natural gas and shale gas crude oils are set to fuel market growth during the forecast period.
- On the basis of material, Polymeric Membrane is poised to remain the preferred material throughout the assessment period accounting for over three fourth of the market share by 2030.
- Hollow fiber construction is projected to create absolute $ opportunity worth ~ US$ 757 Mn by 2030.
- Nitrogen has driven the consumption of gas separation membranes, accounting for nearly one-fourth of the global demand in 2019.
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- On the basis of end-use, the petrochemicals and oil & gas industry is poised to experience a leading growth rate of ~8% during the forecast period.
- Europe is poised to remain a lucrative pocket in the global gas separation membrane market and is set to surpass a market valuation of over US$ 1300 Mn in 2030.
“Increasing demand from niche applications like biogas treatment plants and petrochemical industries are set to create remunerative opportunities for market players”, says the Fact.MR analyst.
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Targeted Market Strategies by Market Players Set to Expand Global Footprint
The global gas separation membrane market is highly consolidated in nature in which Honeywell International Inc., Evonik Industries, Air products accounted for half of the global production in 2019. Market players have been involved in direct collaborations with end-users to build vertical channels across the supply chain. Companies like Evonik Industries, Air Products and Air Liquide Advanced Separations LLC have strategically enhanced their market position through collaborations, acquisitions and product launches. Players such as DIC Corporation have been offering spiral wound gas separation membranes to address the increasing demand for oxygen and nitrogen gas separation.
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