Reverse Osmosis (RO) membrane market worth $5.2 billion by 2024
market report,membranes,water treatment,wastewater treatment
According to the new market research report "Reverse Osmosis (RO) Membrane Market by Material Type (Cellulose-Based and Thin Film Composite Membranes), End-use Industry (Desalination Systems, RO Purification Systems, and Medical Devices & Diagnostics), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global RO Membrane Market size is estimated to be USD 2.6 billion (S$3.6 billion) in 2019 and is projected to reach USD 5.2 billion (S$7.2 billion) by 2024, at a CAGR of 11.7% from 2019 to 2024.
Increased global scarcity of freshwater and escalating demand for clean water are driving the market for RO membranes. The mandatory regulations and programs initiated by different governments globally are also propelling the demand for the RO membranes. The high growth potential and need for desalination in emerging markets and untapped regions provide new growth opportunities for the market players. The RO membrane market is expected to witness a lot of technological changes, which will be reflected in the form of longer membrane life and lower replacement rate.
Desalination systems are the largest segment of the RO membrane market
Desalination systems are estimated to be the largest application segment in the RO membrane market in terms of value. This dominance is mainly due to the high demand for clean and freshwater worldwide, population growth, industrial development, pollution of natural water resources, and rapid climate change. Seawater desalination technology is reliable and designed for large-scale production of potable water, thus resolving the issues pertaining to water scarcity of many countries.
Thin film composite membrane is estimated to be the largest material type segment of the RO membrane market during the forecast period
Based on material type, thin film composite membrane leads the market due to its significant flow rate per unit area that allows high filtration performance in municipal water treatment and desalination. Owing to the implementation of stringent government regulations regarding water discharge from industries and setting up of water reuse and recycling plants across the region, the demand for thin film composite membranes is expected to witness high growth.
Asia Pacific is estimated to be the fastest-growing market for RO membranes during the forecast period
Asia Pacific is estimated to be the fastest-growing market for RO membranes. The growth is attributed to the growing demand for water from end-use industries such as municipal water treatment, power generation, chemicals, oil & gas, and mining. Water contamination is a severe issue in the Asia Pacific region due to increased environmental deterioration, high soil erosion, occasional flood, increasing pollution level, and other issues, especially in China, India, and Japan.
The key players profiled in the Reverse Osmosis (RO) Membrane Market report include Toray (Japan), Dow Water & Process Solutions (US), Hydranautics (US), Lanxess (Germany), Koch Membrane System (US), Toyobo (Japan), and LG Chem (South Korea).