The "Ultrafiltration Market was valued at USD 950.0 million in 2017 and is projected to reach USD 2,140.1 million by 2023, at a CAGR of 15.0% during the forecast period 2018 to 2023. In this study, 2017 has been considered as the base year while the forecast period that has been considered is 2018 to 2023.
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Increasing awareness regarding water & wastewater treatment
Water is a basic necessity for human existence and industrial development. Increasing population and expansion of industries increases the demand for water, which in turn, increases the need for ultrafiltration in water & wastewater treatment. Moreover, increasing concerns regarding wastewater discharge and drinking water quality is also driving the ultrafiltration technology market, globally.
Industrial segment projected to grow at highest CAGR during forecast period
Based on application, the industrial treatment segment is projected to grow at the highest CAGR from 2018 to 2023. Ultrafiltration is widely used in various industries such as food & beverage, pharmaceutical, chemical & petrochemical, and textile industries. The technology is used for water treatment and manufacturing processes. In addition to this, the presence of stringent regulations in various countries for effluent discharge is also a major factor for the large size of this segment. The R&D departments of manufacturing companies are carrying out research to widen the application areas of ultrafiltration, which is expected to drive the ultrafiltration market during the forecast period.
APAC ultrafiltration market projected to grow at highest CAGR from 2018 to 2023
The ultrafiltration market in the APAC region possesses immense potential for growth. Increasing awareness of water and wastewater treatment and rising scarcity of fresh water are expected to fuel the demand for ultrafiltration during the forecast period. China, India, and Japan are some of the key countries in the region contributing significantly towards the growth of the ultrafiltration market in the APAC region.
Some of the key players in the ultrafiltration market are DowDuPont Inc. (US), Hyflux Ltd. (Singapore), Inge GmbH (Germany), Toray Industries, Inc. (US), GE Water & Process Technologies (US), Hydranautics (US), and Pentair plc (US), among others. Partnerships, agreements & collaborations was the major growth strategy adopted by the market players between 2015 and 2018 to enhance their regional footprint and meet the growing demand for ultrafiltration in the emerging economies.
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