An SK IE Technology employee checks a separator, in this photo provided by SKIET on Aug. 5, 2022.
SEOUL, July 18 (Korea Bizwire) — The share of South Korean companies in the production capacity of the North American and European separation membrane market is expected to exceed 70 percent by 2030, a report showed Monday.
South Korean separation membrane makers, including SK IE Technology Co. (SKIET), W-Scope Chungju Plant Co. (WCP), and LG Chem Ltd., will account for 75 percent of the market’s production capacity in 2030, according to the report by market tracker SNE Research.
SKIET and WCP are projected to have floor-based annual production capacities of 3.8 billion and 3.4 billion square meters, respectively, with estimated market shares of 33 percent and 29 percent.
Ranking third, Japan’s Asahi Kasei Corp. is forecasted to have a share of 16 percent, equivalent to 1.8 billion square meters.
However, SNE Research notes that Japanese separation membrane makers have relatively low productivity and take a conservative approach to overseas markets.
Thus, it remains uncertain whether they will successfully enter foreign markets as planned.
LG Chem’s annual production capacity is expected to reach 1.5 billion square meters. Last year, the company announced a joint venture plan in Europe with Japanese chemical giant Toray Industries Inc.
Chinese separation membrane makers are projected to have a combined production capacity of 1.1 billion square meters, accounting for less than 10 percent of the market share.
Due to the U.S. Inflation Reduction Act (IRA), the entry of Chinese manufacturers into the North American market is effectively blocked, limiting their product sales to the domestic market in China.
Kevin Lee (kevinlee@koreabizwire.com)
