Reverse Osmosis (RO) Membrane Market worth $5.2 billion by 2024 | Key Players include Toray, Dow Water & Process Solutions, Hydranautics, Lanxess, Koch Membrane System, Toyobo, and LG Chem

According to recent market research "Reverse Osmosis (RO) Membrane Market by Material Type (Cellulose-Based and Thin Film Composite Membranes), End-use Industry (Desalination Systems, RO Purification Systems, and Medical Devices & Diagnostics), and Region - Global Forecast to 2024", The global RO membrane market size is estimated to be USD 2.6 billion in 2019 and is projected to reach USD 5.2 billion by 2024, at a CAGR of 11.7% from 2019 to 2024.

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Increased global scarcity of freshwater and escalating demand for clean water are driving the market for RO membranes. The mandatory regulations and programs initiated by different governments globally are also propelling the demand for the RO membranes. The high growth potential and need for desalination in emerging markets and untapped regions provide new growth opportunities for the market players. The RO membrane market is expected to witness a lot of technological changes, which will be reflected in the form of longer membrane life and lower replacement rate.

Desalination systems is the largest segment of the RO membrane market.

Desalination systems are estimated to be the largest application segment in the RO membrane market in terms of value. This dominance is mainly due to the high demand for clean and freshwater worldwide, population growth, industrial development, pollution of natural water resources, and rapid climate change. Seawater desalination technology is reliable and designed for large-scale production of potable water, thus resolving the issues pertaining to water scarcity of many countries.

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The global RO membrane market size is projected to reach USD 5.2 billion by 2024 from USD 2.6 billion in 2019, at a CAGR of 11.7%. The growth of this market can be attributed to the increasing water scarcity, the rise in demand for fresh water, and the growing number of desalination plants across the globe. The Middle East and North Africa region holds the largest share in the RO membrane market owing to the increasing government investments in desalination plants. Asia Pacific is projected to be the fastest-growing market due to the rising demand for potable water in developing economies for drinking and agriculture and other industries.

Dow Water & Process Solutions (US) Hydranautics (Japan), Toray Industries, Inc. (Japan), General Electric (US), and Toyobo Co., Ltd. (Japan) have been profiled in this report. These companies have adopted both, organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the RO membrane market.

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Dow Water & Process Solutions (US) is one of the leading companies in the RO membrane market. The company is actively focusing on acquisitions and collaborations for increasing its business and revenue. It has acquired RO businesses of other market leaders to strengthen its product portfolio and expand market reach. Dow Water & Process Solutions is also buying smaller membrane companies to expand into the brine recovery and MBR/wastewater businesses. For instance, the company signed a trademark licensing agreement with SPC ECOSOFT Ltd. (Ukraine) as part of the ingredient branding program focused on the residential segment. This has helped the company in expanding its customer base.

Toray Industries Inc. (Japan) has gained a strong foothold in the RO membrane market. It is focusing on organic growth and has enhanced its product portfolio through various growth strategies, such as expansions and joint ventures, to meet the growing demand from customers. Toray's ROMEMBRA (RO) and TORAYFIL (UF) membrane technologies have been selected for a new seawater desalination facility in Brazil, which will be the largest in the country.

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