Demand for membrane filtration in the Asia-Pacific region is set to increase, driving growth in the market between now and 2018, a new study from U.S.-based BCC Research claims.
The total value of the membrane filtration market in the area is estimated to be $524 million in 2013 and is set to reach $927 million in 2018, the report said. Asia Pacific will hold 31.75 percent of the global membrane filtration market in 2013 and predictions are for its share to reach 35.11 percent in 2018, said Lance Leverette, analyst at BCC Research. In comparison to other geographical regions, the Asia-Pacific market is likely to grow at a higher rate than North America and Europe but will fall behind Latin America and the Middle East.
Globally, the membrane filtration market is expected to stand at $1.65 billion in 2013 and $2.64 billion in 2018, representing a five-year compounded annual growth rate of about 10 percent.
The major drivers for growth in the membrane filtration market are updated regulations, higher industry standards, rising consumer demand and aging systems that need replacement, BCC Research pointed out. However, it is possible that the ongoing economic challenges in many developed and developing markets might slow down the industry expansion. With the economy still unstable in many parts of the world, investment levels will remain subdued and this will result in fewer infrastructure and plant projects, Leverette commented.