Albany, NY -- (SBWIRE) -- 03/01/2018 -- Local manufacturers with integrated operations have competitive advantage owing to the easy access to low-cost raw materials and lessened effect of volatility in raw material costs commonly observed in the global market.
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According to Transparency Market Research, the global ion exchange membrane market will exhibit a moderate 3.5% CAGR over the period between 2016 and 2024, rising from a valuation of US$868.8 mn in 2015 to US$1,178.2 mn by 2024.
In terms of material, inorganic membrane is the most commonly consumed ion exchange membrane, as it offers high selective separation of gases such as hydrogen and oxygen. The segment presently accounts for the dominant share in the global ion exchange membrane market and is expected to retain dominance over the forecast period as well. In terms of geography, Asia Pacific dominated the ion exchange membrane market in 2015. This trend is expected to continue during the forecast period due to the increasing demand for ion exchange membrane in industries such as pharmaceuticals, healthcare, electronics, and power generation.
Rising Usage across Water and Wastewater Treatment Industry to Drive Market
The key factors driving the global ion exchange membrane market include the widening scope of the global water and wastewater treatment industries and the vast rise in usage of ion exchange membranes in the industrial gas processing segment. Of these, the use of ion exchange membranes in the water and wastewater industries is expected to have a significant and lasting positive influence on the overall development of the global ion exchange market over the next few years.
Rising awareness regarding the importance of clean and pure water among masses, encouraging government efforts to ensure proper supply of the same, and stringent regulations regarding the treatment of industrial wastewater will boost the usage of ion exchange membranes in developing markets such as Asia Pacific and Middle East and Africa. The increased use of industrial gases across industries such as petrochemical, oil and gas, mining, power, and chemical is also expected to significantly drive the global demand for ion exchange membrane in the next few years.
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Concerns Regarding Contamination Caused by Ion Exchange Membranes to Restrain Market Growth
Studies have demonstrated that ion exchange membranes can themselves be a source of non-ionized organic contamination. Organics remaining after manufacture get carried on with new commercial grade ion exchange membranes, while organic fragments are shed by very old membranes as the polymer structure opens up due to decrosslinkage of the material. Such contamination may make ion exchange membranes unsuitable for many uses.