PUNE, India (April 3, 2017) -- The worldwide membranes market will be worth $11.95 billion by 2021, according to a new report by market research firm MarketsandMarkets.

MarketsandMarkets estimate the market was worth around $7.32 billion (USD) in 2016.

According to the report, growth in the North American and Asian-Pacific pharmaceutical and industrial sectors is largely driving the market growth. The Asia-Pacific region is the fastest growing membranes market, most notably in China and India.

Waster and wastewater treatment remains the largest application segment of the market, though the medical and pharmaceutical sector is expected to grow significantly. According to the report:

"The water & wastewater treatment segment accounted for the largest market share in 2015 due to the increasing usage of membranes for microbial removal, desalination of sea water, sewage treatment, wastewater treatment in chemical industries, processing of natural mineral water, production of potable water, and treatment of brackish water. The medical & pharmaceutical segment is projected to grow at the highest CAGR, in terms of value, during the forecast period."

MarketsandMarkets reports polymeric membranes accounted for the largest market share in 2015, due to their "easy availability and cost-efficiency."