The market was valued at USD 3,128.47 billion in 2015 and is projected to reach USD 4,467.47 billion by 2021, at a CAGR of 6.12% during the forecast period.
Molecular sieves, due to their crystalline structure, possess high adsorption capacity and selectively adsorb molecules of specific sizes. They are used for removing impurities from many industrial gases and liquids. These sieves can be reused through regeneration, where the adsorbate molecules are removed from the molecular sieve bed by heating and purging with a carrier gas.
Molecular sieves find extensive use in the treatment of hazardous organic materials in wastewater and the rising awareness of treating ground water, is driving the market. Furthermore, the low crude oil prices are resulting in the increased production of petroleum-based products, thus increasing the demand for molecular sieves. However, this market faces certain drawbacks like a threat from chemical composites, enzymes, and other substitutes, which may act as a roadblock Molecular Sieves Market growth.
The molecular sieves market has been divided by the end-user industries into refining & petrochemicals, waste & water treatment, air purification, nuclear, agricultural products, automotive, cosmetics, detergents industry, heating & refrigeration industry, industrial gas production, petroleum refining & petrochemicals, plastics & polymers, and pharmaceutical industry. Molecular sieves are majorly used in petroleum refineries, where they provide energy-efficient options to certain separation processes. This segment is expected to witness the highest CAGR during the forecast period.
The global molecular sieves market, on the basis of shape, is segmented into pelleted, beaded, and powdered molecular sieves. By size, the market is segmented into microporous, mesoporous, and macroporous sieves. In the product type segment, the market is sub-segmented into carbon, clay, porous glass, silica gel, zeolites, and others. The zeolites segment dominates the global molecular sieve market in the product type, followed by carbon products.
The market has also been geographically segmented into Asia-Pacific, Europe, North America, South America, the Middle East and Africa. The Asia-Pacific region accounted for the highest share in the market in 2015 and is expected to witness the highest CAGR during the forecast period; due to the presence of fast developing economies, growing industrialization, and abundance of labor availability in the region.
The market is expected to grow rapidly due to the presence of opportunities, such as the development of anti-microbial zeolite molecular sieves. Moreover, the FDA approval for the use of these materials for various consumable purposes is opening new prospects for the global molecular sieves market.
The major companies dominating this market for its products, services and continuous product developments are: -
Key Deliverables in the Study