Hollow Fiber Membrane Market size worth over $16 billion by 2026
Published Date: December 10, 2020 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research study published by the Global Market Insights, Inc., the Hollow Fiber Membrane Market size is expected to exceed USD 16 billion by the end of 2026. Improvisation in wastewater treatment methods along with rapid commercialization of this technology will play a crucial role in industry development over the forecast time period.
Proliferation of HFM in the food & beverage sector will accelerate the hollow fiber membrane market growth in the coming years. Rising income levels and improvement in economic conditions of developing countries are driving the sales of packaged food products. Food & beverage manufacturing plants consume large amounts of water during cooking & cleaning processes. In the past, food & beverage plants were utilizing chlorination for disinfecting wastewater.
However, the use of chorine byproducts as disinfectants in certain food products is harmful, creating a path for membrane filters in the food processing industry. Membrane filtration technology also uses water as a food ingredient and for treating effluents, sludge, & grease, further limiting the usage of freshwater resources significantly. These factors will drive hollow fiber membrane market demand during the forecast period.
The hollow fiber membrane market will be restricted depending on the penetration rate of other waste treatment technologies. Rising water scarcity and increasing water consumption from industrial & consumer sectors have propelled the development of wastewater management around the globe.
Some of these technologies are thermal hydrolysis, industrial sludge treatment chemicals, solar photocatalytic wastewater treatment, and microbial fuel cells, which are becoming popular among end-users. Additionally, growing preference for low-cost technologies, such as Advanced Oxidation Processes (AOPs) and treatment in anaerobic tanks by small to medium-scale companies will deteriorate the hollow fiber membrane market growth over the forecast time period.
Browse key industry insights spread across 180 pages with 127 market data tables & 32 figures & charts from the report, “Hollow Fiber Membrane Market By Filtration Type (Microfiltration, Ultrafiltration, Reverse Osmosis), By Membrane Material (Polymer, Ceramic), By End-user (Water & Wastewater Treatment, Food & Beverages, Biotechnology, Pharmaceuticals & Chemicals), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Reverse osmosis will account for less than 10% share in hollow fiber membrane market throughout the forecast timeframe. This is mainly contributed to lower affinity to utilize hollow fiber membrane modules by RO manufacturers. RO membrane requires frequent replacement over usage and large surface-area-to-volume ratio, which are major reasons behind their least share in the global industry. However, increasing demand for wastewater treatment will accelerate growth in the global hollow fiber RO membrane industry in the coming years.
The ceramic segment will witness 8.9% CAGR over the forecast time period. These products are extensively utilized in liquid filtration in the food, chemical, & pharmaceutical industries and bioengineering processes. Apart from this, ceramic hollow fiber membrane is also used for acid & caustic purification, laundry wastewater recycling, beer clarification, cold disinfection of skimmed milk, and emulsified oily water separation. The proliferating global food & beverage sector will propel the hollow fiber membrane market segment growth by 2026.
Biotechnology segment will accelerate at a tremendous rate
The biotechnology segment will foresee over 9.5% CAGR in hollow fiber membrane industry in forecast timeframe. Trending HFM usage in bioreactors owing to their compactness, economies of scale, and high efficiency in virus production will increase segment growth.
Europe will generate more than USD 2.5 billion by the end of 2026. Regulatory landscape and large-scale wastewater treatment capacities in the region will propel regional growth in forecast timeframe. The industry is highly fragmented with top companies accounting for lower shares in the overall sector. This is majorly attributed to the presence of a large number of small to medium-scale companies worldwide. However, strategic acquisitions and partnerships will play crucial role in maintaining the hollow fiber membrane market share of key participants over the forecast period.
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