Segmentation by Material Type (Polyimide and Polyaramide, Polysulfone, Cellulose Acetate, and Others); and by Application (Nitrogen Generation & Oxygen Enrichment, Carbon Dioxide Removal, and Hydrogen Recovery) – Global Demand Analysis & Opportunity Outlook 2030
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On the basis of geographical analysis, the global gas separation membranes market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth and occupy the largest share over the forecast period on the back of the increasing demand for sanitation and fresh water, and rising demand for carbon dioxide removal from reservoirs. In addition, rapidly growing urbanization, improvement in standards of living and escalating need to remove carbon dioxide from reservoirs are also predicted to boost the region’s market growth in the coming years. As per the United Nations, Asia was home to 54 percent of the world’s total urban population in 2018. The level of urbanization in Asia reached 50 percent that year. Moreover, the market in Europe is anticipated to grab a notable share in the market during the forecast period ascribing to the strict government laws regarding carbon dioxide emissions and intensifying use of biogas in the region.
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The global gas separation membranes market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global gas separation membranes market includes the following segments:
By Material Type
By Application
Growth Drivers
Challenges
December 2018- Air Products and Chemicals announced that it will build a largescale gas separation unit to produce liquid oxygen, nitrogen and argon. The expansion is expected to provide reliable liquid industrial gas options for distributors and local customers.
September 2018- Honeywell declared the acquisition of Ortloff Engineers, Ltd., a leading developer of specialized technologies for sulfur recovery and natural gas processing.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are growing demand for membranes in carbon dioxide separation processes and high cost-effectiveness of gas separation membrane technology.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Ans: Technical disadvantages over other gas separation technologies are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing demand for sanitation and fresh water, and rising demand for carbon dioxide removal from reservoirs in the region.
Ans: The major players in the market are Air Products and Chemicals Inc., Membrane Technology and Research Inc., Generon IGS, Inc., Air Liquide S.A., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by material type, application, and by region.
Ans: The carbon dioxide removal segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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