Molecular Sieves Market - Forecast(2023 - 2028)

Molecular Sieves Market size is forecast to reach $5.6 billion by 2025, after growing at a CAGR of 5.3% during 2020-2025. Molecular Sieves industry is projected to augment due to increasing demand from oil and gas for processing, along with rising awareness for the treatment of hazardous organic materials in wastewater.  

 

Pelleted held the largest share in the Molecular Sieves market in 2019. The pellet molecular sieve has better properties than other shaped molecular sieves. The pelleted shape has very high water adsorption capacity and mechanical strength, and at the same time very low attrition loss. The main use is in air & associated gas drying; however, it can also be used favorably instead of activated alumina, where it requires a lower dew point. 

Zeolite held the largest share in the Molecular Sieves market in 2019. Zeolites have uniform size and precise structure. Common structures of the molecular sieves include porous glass, activated carbon, zeolites and clay. Zeolite molecular sieves are structures of highly crystalline silicate alumino which include elements such as sodium, potassium, magnesium and calcium. Such structures require selective particle size absorption, where particles of greater size cannot reach the porous structure. Its sieve-like shape also makes extensive use of it as an absorbent. Activated Charcoal Molecular carbon sieves are prepared by poly(vinylidene chloride) or sulfonated polymers (CarboxenTM) regulated pyrolysis. They consist of very thin, cross-linked graphite crystallites to produce a disordered cavity-opening structure. The activated charcoal molecular sieves (carbon) are microporous and have a high surface area, 200–1200m2 g− 1. These are mainly used to isolate inorganic gases, hydrocarbons C1–C3, and to distinguish small polar molecules, such as acid, formaldehyde, and hydrogen sulphide. These sieves are used in many industries including detergents, oil & gas, and water treatment for separation and adsorption. Increasing demand for detergents in liquid and powder detergents due to increased customer awareness of hygiene is expected to drive demand as a builder.

 

Oil & Gas industry dominated the Molecular Sieves market and is expected to grow at a CAGR of 12% during the forecast period owing to the increasing oil and gas activities across the world. Fluid-catalytic cracking (FCC) is one of the main oil refinery conversion technologies. At present, FCC produces much of the world's fuel, as well as a large fraction of propylene for the polymer market. A variety of oil refineries use different conversion technologies and even have more than one FCC unit in some refineries. The FCC plant is also a major manufacturer of propylene and, to a lesser degree, raw materials for petrochemical processes, as well as supplying gasoline. New developments in the availability of feedstocks, such as shale oil and gas and tight oil, the quest to increase the usage of renewable resources, as well as shifts in petrol demand, lead to a need to improve the selectivity of the FCC cycle. This progress has led to a renewed interest in new molecular sieves, hierarchically porous zeolites and stabilization of the zeolites used in FCC. The petroleum industry uses molecular sieves in the filtration process due to its high adsorption capacities. These sieves are used in dehydration and clean-up of gases, such as propane and butane. These desiccants are also used for the removal of mercaptans, H2S, CO2 and other natural gas particles. They are ideal for dehydration of natural gas containing aromatic compounds such as propane, methane, and ethanol. Humidity and other pollutants can corrode equipment and lead to inefficiencies in service and reduced quality of the product. The growth in exploration of oil and gas will support the growth of molecular sieves.

 

Asia Pacific dominates the Molecular Sieves market with a share of more than 48%, followed by North America and Europe. Rising demand from the detergent manufacturing sector coupled with growth in new application segment such as waste water treatment is expected to open up new market avenues in many Asia Pacific countries. The rise in government spending has also led to increased demand on the market for molecular sieves of zeolites. Due to strict government regulations for detergent applications North America and Europe are expected to showcase steady growth. The demand and supply of molecular sieves has declined in recent time due to COVID-19 pandemic. Between February and March 2020 the coronavirus pandemic forced lockdowns across Asia, paralyzing economic activity across the continent as factories shut down bringing production to a halt. The manufacturing industry tumbled because of COVID-19 which has led to economic slowdown and its effect on economy can be traced till end of year 2020. The manufacturing industry in APAC region will bounce back during forecast period which will help in growth of molecular sieves market. 

Molecular sieves are used in petroleum refineries, as they provide energy-efficient options to certain separation processes that involve heating of oil. Petroleum refining is a key element of the global energy system. Oil demand is has exceeded 100 million barrels per day (MMbd) in 2019. The United States is the major crude oil producer followed by Saudi Arabia, Russia and Canada. Crude oil production in the United States saw a substantial increase as oil discovery and extraction from its abundant shale reserves increased, causing a single country's largest ever annual rise. 

The cost of raw materials remains the top overall concern for Molecular Sieves. The cost of energy and raw materials has affected a niche market in the ethanol industry. Furthermore, the rising costs of chemicals, such as potassium chloride and sodium hydroxide is further fueling the cost of molecular sieve.  

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Molecular Sieves market. In 2019, the market of Molecular Sieves has been consolidated by the top five players accounting for xx% of the share. Major players in the BASF SE, Arkema S.A, Honeywell International Inc., Tosoh Corporation, KNT Group and others.