What are the factors contributing in Hollow Fiber Membranes Market growth? DowDuPont, Toray, Asahi Kasei, Mitsubishi Chemicals, Toyobo, Microdyn Nadir, Lenntech, Pentair, Koch Membranes, LG Chemicals, Kuraray, Evonik
Hollow fiber membrane systems are known to be extremely efficient when filtering water, making them ideal for use in water purification systems, thereby making them readily commercial, propelling the hollow fiber membranes market growth further.
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Moreover, with the effects of climate change amplifying, the most immediate & significant impact of this would be on the world’s hydrologic cycle. Global warming severely impacts rainfall, in what form and where, which directly affects the availability of water supply for irrigation, drinking, generating electricity & supplying different industries. In this context, the global hollow fiber membranes industry would garner significant gains, owing to the increasing number of government initiatives that address the issue of water conservation & help enhance process efficiencies across different industrial sectors.
The global waste water as well as water treatment industry is one of the biggest and the most rapidly growing application niches for the global HFMs market. A majority of the industry demand comes from the global chemical industries as they face extremely daunting regulatory challenges on a frequent basis when treating the waste water effluents output.
Over the previous two decades, massive environmental initiatives have been coming up across the United States & Europe, which have resulted in a number of stringent environmental regulations being imposed on the chemical industries’ industrial emissions, thereby creating significant opportunities for the global hollow fiber membranes market.
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These regulations have made it imperative for industry players to increase their investments in cleaner technologies as well as treatment technologies that are significantly more efficient than their conventional counterparts. Moreover, the initiatives have already prompted several chemical firms to install modern effluent treatment systems that address the recently enforced regulations of the country they operate out of or the nation they conduct trade with.
These factors have enabled the waste water & water treatment industry to account for a significant proportion of more than 46% of the global HFMs market share in 2017. The hollow fiber membranes industry share from the water and waste water applications would be further depicting an impressive CAGR of 9% over 2018-2025, claims a report by Global market Insights, Inc.
Water is an extremely crucial commodity for the food & beverages industry for a plethora of different operations ranging from irrigation, sanitation & cleaning to actual food preparation & processing operations like heating and cooling. Through an economic & ecologic perspective, water reuse is rapidly becoming of great importance inside the various processing operations across the food & beverages industry.
Recycled water significantly contributes to reduction of costs and also alleviates the burgeoning demands that are made on the industry’s water supply. World governments, while backing this initiative, have implemented several regulations to ensure that the quality of the recycled water stays at a permissible level, thereby ensuring sustained market growth.
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The European food & beverages industry is known to be one of the world’s largest manufacturing sectors. The food & drinks industry of Europe is a major contributor to the continent’s economy, with an annual turnover of more than €1,109 billion, and ranks ahead of numerous other manufacturing industries, including the continent’s booming automotive industry.
Moreover, Europe is also experiencing a cultural shift where the preservation & reparation of the environment is being given significant importance with numerous governments introducing conservation initiatives & making investments in different industries that promote & contribute to the EU environment goals. These factors would be majorly responsible for expediting the Europe hollow fiber membranes market in the years to come.
Based on these aforementioned trends, it would be favorable to state that the global hollow fiber membranes industry has placed itself in an extremely lucrative position for attracting massive investments. In fact, according to Global Market Insights, Inc., hollow fiber membranes industry size is slated to surpass the USD 6,144.8 million remuneration mark by 2025.
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