Molecular Sieves Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The molecular sieves market was valued at USD 3,739.47 billion in 2017 and is projected to reach USD 4,729.83 billion by 2023, with a CAGR of 6.12% during the forecast period (2018 - 2023). The growth is largely fuelled by strong growth in petroleum refining, petrochemicals, wastewater treatments, and detergent industries.
Soaring Demand in Petroleum Refining & Petrochemicals Industry
Molecular sieves are mostly used in petroleum refineries, where they provide energy-efficient options to certain separation processes that involve heating of oil. For
purification purposes, they are majorly used for water treatment and air purification. As desiccants, they are used to remove impurities from many industrial gases and liquids. They can be reused through regeneration, where the adsorbate molecules are removed from the molecular sieve bed, by heating and purging with a carrier gas.
The market is expected to grow rapidly due to the presence of opportunities, such as the development of anti-microbial zeolite molecular sieves. Apart from that, the FDA approval for the use of these materials in food items has opened new prospects for the global molecular sieves market.However, this market faces certain drawbacks, like threat from chemical composites, enzymes and other substitutes, which may act as a roadblock to the market growth.
Asia-Pacific Region to Lead the Market
Asia-Pacific turned out to be the largest, as well as fast growing market with a market share of 40.52% in 2017 and CAGR of 6.91% during the forecast period. Being a hub to some of the fastest developing economies, growing industrialization, and abundance of labor availability, are some of the reasons for the size and fast pace of development in this region.The Universal Oil Products LLC (Honeywell International Group) is the largest producer of the molecular sieves throughout the world, followed by CECA (Arkema) and Tosoh Corporation.
Key Developments in the Market-
- March 2018- Solvay launches VAC-PLY™ VMS3, which is a next-generation multi-layer microporous vacuum channel for resin infusion
- February 2018- Calgon Carbon operated as a separate subsidiary of Kuraray. The Functional Materials Company includes the Methacrylate Division and Medical Division
Major Players -Honeywell, Arkema, Zeochem, Grace, Tosoh Corporation, Axens, BASF, and Clariant among others.
Reasons to Purchase the Report
- To understand the impact of end-user applications on the market
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- To understand the dominating technology in the market
- Countries expected to witness the fastest growth during the forecast period
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet in excel
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