CHICAGO, July 18, 2019 /PRNewswire/ -- According to the new market research report "Gas Separation Membranes Market by Material type (Polyimide & Polyaramide, Polysulfone, and Cellulose Acetate), Application (Nitrogen Generation & Oxygen Enrichment, Carbon Dioxide Removal, and Hydrogen Recovery), and Region - Global Forecast to 2024" published by MarketsandMarkets, the gas separation membranes market is projected to grow from USD 846 million in 2019 to USD 1.1 billion by 2024, at a CAGR of 6.0%.
There is an increase in the demand for gas separation membranes for carbon dioxide removal application. The presence of a large number of reservoirs in South East Asian countries and the increasing demand for shale gas in North America are driving the gas separation membranes market.
Gas separation membranes are cost-efficient and easy to operate. Stringent regulations regarding plasticization of polymeric membranes are, however, restraining the growth of the gas separation membranes market.
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The polyimide & polyaramide segment is estimated to account for the largest share of the overall gas separation membranes market.
Polyimide & polyaramide material segment is the most widely used gas separation membrane. The market for this segment is also projected to register the highest growth during the forecast period. These membranes have high demand in gas separation processes owing to their superior permeability and stability. These membranes have good chemical and thermal stability and are stable without compaction up to 400?.
The vapor/vapor separation segment is the fastest-growing application of gas separation membranes.
The gas separation membranes market in the vapor/vapor separation application is projected to witness the highest growth during the forecast period. Increasing refining activities are driving the market for gas separation membranes market in vapor/vapor application segment. In this segment, gas separation membranes are used for vinyl chloride recovery from PVC manufacturing, vapor recovery during tank & drum filling, and hydrochlorofluorocarbons recovery from film drying process.
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APAC is estimated to lead the global gas separation membranes market in 2018.
APAC is estimated to be the largest gas separation membranes market owing to the high consumption in carbon dioxide removal application. The region is witnessing high economic growth rate, rising demand for sanitation and fresh water, increasing urbanization, and growing standard of living. China, India, Indonesia, and South Korea are some of the key gas separation membranes markets.
Government policies on manufacturing, emission control, and producing environment-friendly products are all contributing to innovations in gas separation membranes. Moreover, growing technological advancements in various applications, such as carbon dioxide removal and hydrogen recovery of gas separation membranes, are further driving the market in this region.
The key players in the Gas Separation Membranes Market include Air Products and Chemicals, Inc. (US), Air Liquide Advanced Separations (France), Ube Industries Ltd. (Japan), Honeywell UOP (US), Fujifilm Manufacturing Europe B.V. (Netherlands), Schlumberger Ltd. (US), DIC Corporation (Japan), Parker Hannifin Corporation (US), Membrane Technology and Research, Inc. (US), and Generon IGS, Inc. (US). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, investments, joint venture, and acquisition.
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Gas Separation Membranes Market by Material type (Polyimide & Polyaramide, Polysulfone, and Cellulose Acetate), Application (Nitrogen Generation & Oxygen Enrichment, Carbon Dioxide Removal, and Hydrogen Recovery), and Region - Global Forecast to 2024
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