Gas Separation Membrane Set to Become Key Purification Method in Oil and Gas Processing, Market to Witness Demand Shock amid COVID-19, Concludes Fact.MR
Published : 20 May 2020 Industry: Chemical & Materials
The global gas separation membrane market is poised to witness a CAGR of ~8% during the forecast period (2020-2030). Gas separation membranes have emerged as a key processing and purification method in natural gas processing plants and refineries, generating ample opportunities for gas separation membrane manufacturers. Besides, chemical and petrochemical industries, power generation industry and biogas treatment plants also use gas separation membranes. This will result in additional demand in the forecast period. Efficacy in offering high purification in cryogenic plant to separate helium is also poised to expand the market growth during the forecast period.
COVID-19 outbreak has hampered almost all the market and swept over billions of dollars from economies across the globe. Due to disrupted activity in oil & gas industry and natural gas processing plants, demand for gas separation membranes has declined in first and second quarter of 2020. However, easing lockdowns in Asian and Middle East & African countries may balance demand-supply by the end of 2020.
Key Takeaways of Gas Separation Membrane Market Study:
- Surging demand for natural gas and shale gas crude oils are set to fuel market growth during the forecast period.
- On the basis of material, Polymeric Membrane is poised to remain the preferred material throughout the assessment period accounting for over three fourth of the market share by 2030.
- Hollow fiber construction is projected to create absolute $ opportunity worth ~ US$ 757 Mn by 2030.
- Nitrogen has driven the consumption of gas separation membranes, accounting for nearly one fourth of the global demand in 2019.
- On the basis of end use, the petrochemicals and oil & gas industry is poised to experience leading growth rate of ~8% during the forecast period.
- Europe is poised to remain a lucrative pocket in the global gas separation membrane market and is set to surpass market valuation of over US$ 1300 Mn in 2030.
“Increasing demand from niche applications like bio gas treatment plants and petrochemical industries are set to create remunerative opportunities for market players”, says the Fact.MR analyst.
Targeted Market Strategies by Market Players Set to Expand Global Footprint
The global gas separation membrane market is highly consolidated in nature in which Honeywell International Inc., Evonik Industries, Air products accounted for half of the global production in 2019. Market players have been involved in direct collaborations with end users to build vertical channels across the supply chain. Companies like Evonik Industries, Air products and Air Liquide Advanced Separations LLC have strategically enhanced their market position through collaborations, acquisitions and product launches. Players such as DIC Corporation have been offering spiral wound gas separation membranes to address the increasing demand for oxygen and nitrogen gas separation.
More Valuable Insights on Gas separation membrane Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global gas separation membrane market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the gas separation membrane market on the basis of material (polymeric membrane, inorganic membrane and metallic membrane), construction (hollow fiber, spiral wound and plate & frame), application (nitrogen, oxygen, acid gases, hydrogen, methane, carbon dioxide, and olefin – paraffin) and end use (chemical, petrochemical and oil & gas, food & beverages, power generation, pharmaceutical, pollution control and others) across six major regions.
About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR helps clients from all over the globe with their unique business intelligence needs and requirements of entire value chain of Chemical & Materials sector. A team of passionate analysts track the performance of the existing Chemicals & Materials as well as those that have just entered their product life cycle. With a repertoire of over 1,000 reports and 1 million plus data points, the team has analyzed Chemicals & Materials lucidly in 50+ countries for over a decade.