Global Ion Exchange Membrane Market: Snapshot
The use of ion exchange membranes has become much more diverse in the past few years, leading to the increased demand for membranes with unusual properties. The diverse set of requirements for ion exchange membranes has led to the development of a variety of ion exchange membranes with newly functionalized properties. Apart from the traditional applications of ion exchange membranes, such as desalting of solutions and electrodialysis concentration, non-traditional uses in several fields have also started gaining increased recognition.
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Transparency Market Research states that the global ion exchange membrane market was valued at US$868.8 mn in 2015 and is likely to reach US$1,178.2 mn in 2024, expanding at a CAGR of 3.5% over the period between 2016 and 2024.
Inorganic Membranes to Continue to be Most Preferred Material Type
In terms of material, inorganic membranes are the most commonly consumed ion exchange membrane, as they offer high selective separation of gases such as hydrogen and oxygen. In 2015, the segment of inorganic membranes accounted for nearly 34% of the overall market and is expected to see a slight rise in its overall share in the global market by 2024. Inorganic membranes find extensive usage in the industrial gas processing sector.
The segment of hydrocarbon membranes, another high-growth segment in the global market, is expected to increase at a healthy pace during the forecast period and account for over 25% if the overall market by 2024. The high demand for hydrocarbon membranes is attributed to their extensive usage as chemical resistant barriers for a wide range of pollutants, especially hydrocarbons. Hydrocarbon membranes are also used for separating pollutants such as industrial chemicals, toxic waste, and natural and radioactive gases.
Thanks to Rising Use in Water and Wastewater Treatment, Asia Pacific to Retain Dominance
Asia Pacific accounted for more than 38% of the global ion exchange membrane market in 2015. Increasing demand for ion exchange membrane across a wide range of industrial applications has been the prominent factor driving the ion exchange membrane market in the region. The vast rise in population and the resultant demand for clean water will lead to the increased consumption of ion exchange membranes across water and wastewater treatment markets in the region.
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Consumption of ion exchange membrane was high in China in Asia Pacific in 2015. China was also one of the key producers and consumers of ion exchange membrane in the world in the said year. Rising population and increasing awareness regarding wastewater treatment were the key factors driving the market in the country. India and other countries in the ASEAN region are also anticipated to provide substantial growth opportunities for the ion exchange membrane market in the next few years.
North America and Europe collectively held more than 40% of the total consumption of ion exchange membrane in 2015. The ion exchange membrane market in these regions is anticipated to exhibit stable growth during the forecast period. The North America market for ion exchange membranes is expected to witness a slight decline in its share in the global market by 2024. From accounting for over 25% in 2015 to an estimated 24.6% by 2024, the North America ion exchange membrane market will suffer from the lack of new growth opportunities over the period between 2016 and 2024.
Some of the key companies operating in the global ion exchange membrane market are The Dow Chemical Company, Lanxess, 3M, Ion Exchange Ltd., ResinTech Inc., and General Electric Company.
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