Gas Separation Membranes Market worth $1.2 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 1, 2022 /PRNewswire/ -- According to the new market research report "Gas Separation Membranes Market by Material Type (Polyimide & Polyaramide, PS, CA), Application (N2 Generation & O2 Enrichment, HR, CO2 removal, Vapor/Gas Separation, Vapor/Vapor Separation, AD), Module (SW, HF) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Gas Separation Membranes Market size is projected to reach USD 1.2 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 6.7% during the forecast period.

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The overall increase in demand for gas separation membranes in carbon dioxide removal, oil and natural gas refining processes, and nitrogen gas production are driving the global gas separation membranes market. Membrane-based gas separation is more viable and cost-effective compared to traditional technologies such as absorption, distillation, compression-condensation, and others. Membrane technology is cost-effective, especially in syngas cleaning and conditioning, nitrogen production, and carbon dioxide capturing from flue gas as it does not require thermal energy and pressure cycling. The overall operating cost of gas separation membrane technology is much lower than conventional technologies.

Based on material type, polyimide &polyaramide segment is estimated to be the largest market in the overall gas separation membranes market in 2021.

The polyimide &polyaramide segment is the largest and is also projected to continue this trend till 2026. The key growth driver of the high consumption of this material type is owing to properties such as good permeation rates, good selectivity, high chemical and thermal stability, mechanical strength, and good film-forming properties. Polyimide &polyaramide gas separation membranes are used for separating one or more gases from a gaseous mixture as they exhibit good permeation rates with good selectivity.

Based on application, carbon dioxide removal is expected to be the largest gas separation membranes segment in 2021.

The carbon dioxide removal segment is the largest consumer of gas separation membranes. Carbon dioxide is commonly found in natural gas, and its separation is necessary to meet pipeline requirements or other specifications. Also, in carbon capture and storage (CCS) processes, carbon dioxide has to be separated from the exhaust gas streams before the subsequent transportation and storage. Membrane gas separation technology is one of the efficient solutions for carbon dioxide removal as it is more compact, energy-efficient, and possibly more economical than conventional technologies, such as solvent absorption.

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Based on region, APAC is projected to grow the fastest in the gas separation membranes market during the forecast period.

APAC is the fastest-growing market for gas separation membranes. This large market share is primarily attributed to increasing demand for natural gas, biogas, and other sustainable energy solutions in emerging economies, such as India, China, Indonesia, Malaysia, Vietnam, Singapore, and Thailand, in the region. Moreover, growth in population and increasing urbanization rate are also driving the industrial growth and energy demand. In addition, growth in industrialization, increasing demand due to changing demographics, and government initiatives to attract business investments in industries such as power, oil & gas, packaging, metal processing & fabrication, and electronics are also driving the market for gas separation membranes in the 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 Limited (US), DIC Corporation (Japan), Parker-Hannifin Corporation (US), Membrane Technology and Research, Inc. (US), and Generon, Inc. (US). These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment & expansions, agreement & collaboration, and mergers & acquisitions.

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https://www.marketsandmarkets.com/Market-Reports/membranes-market-1176.html

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