The market was negatively impacted by COVID-19 in 2020. The pandemic has shattered the oil demand and sunk prices, and it is posing a significant risk for those involved in oil extraction and processing. Many molecular sieve manufacturers and raw material manufacturers extended the closure of all their operations at their manufacturing locations. The production may only restart on receiving further directions from government authorities.

- Over the short term, major factors driving the growth of the market studied include rising awareness for the treatment of hazardous organic materials in the wastewater.

- On the flip side, the threat from chemical composites, enzymes, and other substitutes and the impact of the COVID-19 pandemic is expected to hinder the growth of the market.

- The development of anti-microbial zeolite molecular sieves is likely to act as an opportunity in the future.

- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.

Key Market Trends

Petroleum Refining and Petrochemicals Segment to Dominate the Market

- Molecular sieves are majorly used in the petroleum refining industry. Ethanol is the backbone of the automotive industry and a major contributor to the world economy.

- During distillation process, the end products are 95% pure ethanol and rest 5% water. This 5% of water is adsorbed by molecular sieve material to achieve 99% pure ethanol.

- The dehydration of cracked gasses and olefin streams is basic to abstain from solidifying or the development of hydrates, amid cryogenic handling. Molecular sieves are used to remove water and other contaminants from these olefin streams. Molecular sieves are used for following petrochemical applications such as dehydration and purification of ethylene, propylene, butadiene, and other feedstock, dehydration and purification of cracked gases and liquids, naphtha feed dehydration, and drying hydrogen gas for acetylene converters.

- Zeolites are used as catalysts in the refining of crude oil into finished petroleum products. Because of their high selectivity, zeolite catalysts are often the most efficient and cost-effective methods, particularly in upgrading refinery streams into high-octane gasoline blending stock.

- According to BP PLC, the global crude oil production has increased from 3,976.9 million metric ton in 2010 to 4,484.5 million metric ton in 2019. However, the crude oil prices are going down owing to COVID-19 impact which is anticipated to impact the market.

- India has around 330 distilleries, which can produce over 4.8 billion liters of rectified spirits (alcohol) per year. Of this total, about 166 distilleries have the capacity to distill 2.6 billion liter of ethanol (denatured and undenatured) to be used in fuel, industrial chemicals, and beverages.

- All the above-mentioned factors, in turn, are expected to have an impact on the market studied during the forecast period.

Asia-Pacific Region to Dominate the Market

- In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. However, due to the onset of COVID-19 in 2020, the economic growth of China has reduced to 1.9% and is expected to witness recovery in 2021.

- China is one of the fastest emerging economies and is one of the biggest production houses in the world today. The country’s manufacturing sector is one of the major contributors to its economy. The Government of China expects the share of gas in total energy consumption to reach up to 14%, by the end of 2030.

- India has been one of the largest producers of soaps and detergents, globally. The soap manufacturing industry is one of the oldest industries operating in the FMCG sector in India, and it accounts for more than 50% of the consumer goods sector. As per recent data, there are approximately five million retail outlets selling soaps in the country, out of which 3.75 million operate in rural areas.

- Water The Council on Energy, Environment & Water (CEEW), in association with the 2030 Water Resources Group, is planning to improve wastewater management in India, along with increasing private investments to build wastewater treatment plantspurification is expected to register a decent increase during the forecast period, owing to various government initiatives.

- Japan is the world’s third largest cosmetics market. Japan has more than 2,500 cosmetics manufacturers, of which Shiseido and Kao rank 7th and 9th, respectively, among global cosmetics companies. Additionally, cosmetics for sensitive skin, as well as natural or organic cosmetics, have been registering strong growth in recent times.

- In South Korea, the production capacity of ethylene has also been rising, with the increasing investments to set up new ethylene plants. With the rising olefin production in the country, the production of olefin derivatives, such as polyethylene and polypropylene, is also likely to increase.

- However, the COVID-19 pandemic has caused significant disruptions in the domestic market. This pandemic has heavily impacted the manufacturing sector in the region during 2020.

- Therefore, the abovementioned factors are expected to aid the demand for molecular sieves in the Asia-Pacific region in the coming years post recovery.

Competitive Landscape

The global molecular sieves market is fragmented in nature. Some of the major players in the market include Honeywell International Inc, Arkema, ZEOCHEM AG, W. R. Grace & Co.-Conn., and Tosoh Corporation, among others.

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