Press release
Hollow Fiber Membranes Market Strategies 2024-2033: Segments, Analysis, Trends, Opportunities, and Insights
Hollow Fiber Membranes Market Size
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According to The Business Research Company's, The hollow fiber membranes market size has grown rapidly in recent years. It will grow from $10.97 billion in 2023 to $12.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased demand for clean water, rapid industrial growth, expansion of the biotechnology sector, increased application in water and wastewater treatment, and increase in population.
The hollow fiber membranes market size is expected to see rapid growth in the next few years. It will grow to $17.88 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to increasing agriculture output, growing demand in the food and beverage industry, increasing global water scarcity issues, increasing number of diseases, and rising biotechnology and chemical industries. Major trends in the forecast period include technological innovations, medical advancements, advancements in membrane material, integration with smart technologies, and focus on energy efficiency solutions.
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Market Drivers and Trends:
The demand for water and wastewater treatment solutions is expected to propel the growth of the hollow fiber membrane market going forward. Water and wastewater treatment solutions refer to the technologies, systems, and services designed to manage and treat water and wastewater effectively, ensuring the quality and safety of water for various industrial, commercial, and municipal applications. The water and wastewater treatment solutions feature industrial expansion, rising global water scarcity, and increasing awareness of the health impacts of contaminants in water. Hollow fiber membranes are used for water and wastewater treatment solutions to address and improve the quality of the treatment of freshwater (water treatment) and the cleaning of used water (wastewater treatment) to remove contaminants and ensure it meets health and safety standards for consumption, industrial use, and safe discharge into the environment. For instance, in March 2023, according to the Central Statistics Office, an Ireland-based government agency, the number of registered domestic wastewater treatment systems in Ireland increased by 1.2% to 487,423 in 2022, from 481,694 in 2021. Therefore, the demand for water and wastewater treatment solutions is driving the growth of the hollow fiber membrane market.
Major companies operating in the hollow fiber membranes market are developing innovative products with advanced technologies, such as large membrane area technology, to enhance the efficiency and capacity of filtration processes. Large membrane area technology refers to designing and packaging membrane modules to achieve significant membrane surface areas compactly and efficiently. For instance, in November 2021, Toray Industries Inc., a Japan-based company specializing in manufacturing industrial products, developed a hollow fiber ultrafiltration membrane module. This hollow fiber ultrafiltration membrane module reduces CO₂ emissions in food and beverage manufacturing and biotechnology purification processes. The new module uses Toray's high-strength hollow fiber membrane technology and large membrane area technology, reducing the number of modules needed, halving space requirements, and potentially lowering cleaning and equipment costs by more than 20%.
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Major Key Players of the Market:
Veolia, LG Chem, 3M Company, Mitsubishi Chemical Group Corporation, Sumitomo Electric Industries Ltd., Asahi Kasei Corporation, Toray Industries Inc., Evonik Industries AG, Parker Hannifin Corporation, DuPont de Nemours Inc., Kuraray Co. Ltd., GEA Group, Sartorius AG, Pentair, UBE Corporation, Toyobo Co. Ltd., Pall Corporation, Hydranautics, Applied Membranes Inc., Koch Separation Solutions, Synder Filtration Inc., SpinTek, Memstar Corporation, JIUWU HI-TECH Membrane Technology, Daicen Corporation
Hollow Fiber Membranes Market 2024 Key Insights:
• The hollow fiber membranes market size is expected to see rapid growth in the next few years. It will grow to $17.88 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%.
• Demand For Water And Wastewater Treatment Solutions To Drive Growth Of Hollow Fiber Membrane Market
• Advanced Hollow Fiber Ultrafiltration Membrane Module
• Asia-Pacific was the largest region in the hollow fiber membranes market in 2023
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