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″, 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.
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Browse 67 market data Tables and 27 Figures spread through 124 Pages and in-depth TOC on “Ultrafiltration Market”
Increasing awareness regarding water & wastewater treatment
Water is a basic necessity for human existence and industrial development. Increasing population and expansion of industries increases the demand for water, which in turn, increases the need for ultrafiltration in water & wastewater treatment. Moreover, increasing concerns regarding wastewater discharge and drinking water quality is also driving the ultrafiltration technology market, globally.
The scarcity of pure water has provided opportunities for use of ultrafiltration membranes in brackish water purification. High purity standards and stringent regulations regarding drinking water and industrial wastewater discharge are leading to increased water and wastewater treatment activities on a large scale. In the US, it is mandated by the law that citizens should be given clean and abundant water. The EU’s bathing water standards policy has rules for safeguarding public health with clean bathing water and so on. All these policies are set to increase water & wastewater treatment processes across the world. This is driving the growth of the global ultrafiltration market.
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 market is projected to grow at the 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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