The report "Ultrafiltration Market by Type (Polymeric, and Ceramic), Module (Hollow Fiber), Application (Municipal, And Industrial (Food & Beverage Processing, Chemical & Petrochemical Processing, Pharma Processing)), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Ultrafiltration Market is projected to grow from USD 1,064.0 million in 2018 to USD 2,140.1 million by 2023, at a CAGR of 15.0% from 2018 to 2023.
Increasing awareness of water & wastewater treatment and requirement of selective separation for meeting water quality standards are the major drivers for the Ultrafiltration Market. In addition, stringent environmental regulations in many countries are also expected to drive the Ultrafiltration Market during the forecast period.
Polymeric segment to lead Ultrafiltration Market during forecast period
Based on type, the polymeric segment is projected to lead the Ultrafiltration Market during the forecast period. Polymeric type is estimated to have accounted for the largest market share due to its easy availability and cost-efficiency. These membranes are also suitable for various applications such as municipal and industrial treatment application. Ceramic is expected to be the fastest-growing type segment of membranes due to high porosity, high permeability, defined pore size, and good mechanical properties.
Industrial segment projected to grow at highest CAGR during forecast period
Based on application, the industrial treatment segment is projected to grow at the highest CAGR from 2018 to 2023. Ultrafiltration is widely used in various industries such as food & beverage, pharmaceutical, chemical & petrochemical, and textile industries. The technology is used for water treatment and manufacturing processes. In addition to this, the presence of stringent regulations in various countries for effluent discharge is also a major factor for the large size of this segment. The R&D departments of manufacturing companies are carrying out research to widen the application areas of ultrafiltration, which is expected to drive the Ultrafiltration Market during the forecast period.
APAC Ultrafiltration Marketprojected to grow at highest CAGR from 2018 to 2023
The Ultrafiltration Market in the APAC region possesses immense potential for growth. Increasing awareness of water and wastewater treatment and rising scarcity of fresh water are expected to fuel the demand for ultrafiltration during the forecast period. China, India, and Japan are some of the key countries in the region contributing significantly towards the growth of the Ultrafiltration Market in the APAC region.
Some of the key players in the Ultrafiltration Market are DowDuPont Inc. (US), Hyflux Ltd. (Singapore), Inge GmbH (Germany), Toray Industries, Inc. (US), GE Water & Process Technologies (US), Hydranautics (US), and Pentair plc (US), among others. Partnerships, agreements & collaborations was the major growth strategy adopted by the market players between 2015 and 2018 to enhance their regional footprint and meet the growing demand for ultrafiltration in the emerging economies.
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