Nonwoven Industrial Membrane Market Growth & Trends
The global nonwoven industrial membrane market size is expected to reach USD 1.6 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2020 to 2027. Growing demand from the food and beverage industry owing to the increasing use of membrane filtration technology for bottled water applications is expected to drive the market.
The market has observed an increasing inclination towards the use of industrial membranes from food and beverage companies. These companies prefer nonwoven industrial membranes due to their ability to improve the taste, salinity, and color of groundwater, municipal water, or surface water, which is expected to drive the product demand.
However, the market is projected to face a setback in the current year due to the COVID-19 outbreak in majority of the countries. The dampening manufacturing sector and trade disruptions between China and the US are a few major concerns that can negatively impact market growth.
The market is highly competitive due to the presence of multiple established firms in the market such as 3M, Toray Industries, Lyondell Inc, etc. These companies continue to invest heavily in their research and development activities and in technological advancements which keep the market highly competitive.
Nonwoven Industrial Membrane Market Report Highlights
- The spiral wound segment dominated the market with a revenue share of 36.7% in 2019 owing to its increasing application in wastewater treatment activities
- The pharmaceutical industry registered the highest demand for the non-woven industrial membrane and contributed USD 378.3 million in 2019. The segment growth is estimated to be driven by the increasing adoption of filtration technology for water treatment application in the pharmaceutical industry
- The food and beverage segment is anticipated to follow a significant growth and is estimated to reach USD 247.9 million by 2027, which can be attributed to increasing food and beverage production in emerging economies such as China and India
- North America accounted for revenue of USD 415.6 million in 2019. The regional demand is led by the U.S owing to the presence of various manufacturing companies in the country coupled with strict government regulations in the region
- Industry exhibits high competitive rivalry owing to increasing investments by key players to strengthen their product portfolio and following a competitive pricing pattern in the industry. With new players entering the market, the rivalry is projected to grow over the forecast period