Segments - by Product Type (Ultrafiltration Membranes, Microfiltration Membranes, Gas Separation Membranes, Others), by Application (Water & Wastewater Treatment, Medical & Healthcare, Food & Beverage, Industrial Processing, Others), by End-User (Municipal, Industrial, Healthcare, Others)
The Polysulfone Hollow Fiber Membrane market was valued at USD 1.53 Billion in 2025 and is projected to reach USD 3.09 Billion by 2034, a CAGR of 8.2%.
| Market size (2025) | USD 1.53 Billion |
|---|---|
| Forecast (2034) | USD 3.09 Billion |
| CAGR (2026-2034) | 8.2% |
| Largest region | Asia Pacific |
| Segments covered | Product Type, Application, End-User |
| Key companies | Asahi Kasei Corporation, Toray Industries, Inc., Koch Separation Solutions, Pentair plc, MANN+HUMMEL Group |
This report is updated with the latest market data and insights as of June 2026. Base year: 2025 | Forecast period: 2026-2034
Across all regions, the polysulfone hollow fiber membrane market size reached USD 1.53 billion in 2025, reflecting robust demand across diverse industries. The market is set to expand at a CAGR of 8.2% from 2026 to 2034, with the market size forecasted to reach USD 3.09 billion by 2034. This growth is primarily driven by the rising adoption of advanced membrane technologies in water and wastewater treatment, medical applications, and industrial processing, alongside increasing regulatory emphasis on environmental sustainability and resource optimization worldwide.
The polysulfone hollow fiber membrane market is experiencing significant momentum due to its exceptional chemical resistance, thermal stability, and mechanical strength. These properties make polysulfone membranes highly suitable for demanding filtration and separation processes, particularly in the water and wastewater treatment sector. The global water crisis and stringent regulations on water quality have compelled municipalities and industries to invest in advanced filtration solutions, positioning polysulfone hollow fiber membranes as a preferred choice. Furthermore, the surge in industrialization, especially in emerging economies across Asia Pacific and Latin America, has intensified the need for reliable water purification and reuse systems, further accelerating market growth through 2034.
Another major growth driver is the expanding application of polysulfone hollow fiber membranes in the medical and healthcare sector. These membranes are widely used in hemodialysis, blood plasma separation, and other critical medical filtration procedures due to their biocompatibility and high permeability. The rising prevalence of chronic kidney diseases and the growing geriatric population globally are boosting demand for advanced dialysis equipment, thereby stimulating uptake of polysulfone hollow fiber membranes. Additionally, ongoing technological advancements, such as the development of next-generation membranes with enhanced selectivity and anti-fouling properties, are opening new avenues for market expansion. The integration of polysulfone MBR membrane solutions into hospital wastewater treatment systems is a further emerging trend driving adoption across the healthcare end-user segment.
The food and beverage industry also presents significant opportunities for the polysulfone hollow fiber membrane market. These membranes are increasingly utilized in processes such as milk protein concentration, juice clarification, and beverage sterilization, owing to their superior durability and ability to withstand harsh cleaning protocols. The rising global demand for safe, high-quality food and beverages, coupled with the industry's shift towards sustainable and efficient processing technologies, is catalyzing the adoption of polysulfone hollow fiber membranes. Moreover, the market is benefitting from the growing trend of integrating membrane filtration into existing production lines to enhance product quality and operational efficiency. Competing chemistries such as PES hollow-fiber membranes are also gaining attention in food processing, prompting polysulfone manufacturers to accelerate product differentiation efforts.
In the realm of water and wastewater treatment, ultrafiltration and microfiltration hollow fiber membranes have emerged as pivotal technologies. These membranes are integral in ensuring the removal of fine particulates, bacteria, and viruses, thereby delivering high-quality water suitable for various applications. The versatility of these membranes extends beyond water treatment, finding utility in sectors such as food and beverage, where they contribute to product safety and quality. Their ability to operate under varying conditions and maintain performance makes them indispensable in addressing the global challenge of water scarcity and pollution. As industries continue to prioritize sustainable practices, the demand for ultrafiltration and microfiltration solutions is expected to rise steadily through the forecast period, driving further advancements in membrane technology. The expanding role of high-performance poly(ether sulfone) derivatives is also influencing next-generation hollow fiber membrane design, with researchers blending materials to achieve superior flux and durability.
Regionally, Asia Pacific dominates the polysulfone hollow fiber membrane market, driven by rapid industrialization, urbanization, and significant investments in water infrastructure. Countries such as China, India, and Japan are witnessing heightened demand for advanced filtration technologies across municipal, industrial, and healthcare sectors. North America and Europe also represent substantial markets, supported by stringent environmental regulations and a strong focus on technological innovation. Meanwhile, the Middle East & Africa and Latin America are emerging as promising markets, fueled by increasing awareness of water scarcity issues and the need for efficient water management solutions. Historical data from 2019 to 2024 confirms a steady upward trajectory in all regions, setting a strong foundation for the 2025 base year market valuation of USD 1.53 billion.
The polysulfone hollow fiber membrane market by product type is segmented into ultrafiltration membranes, microfiltration membranes, gas separation membranes, and others. Ultrafiltration membranes hold the largest share at approximately 48.5% in 2025, attributed to their widespread use in water and wastewater treatment, as well as in medical and food processing applications. These membranes offer high selectivity and permeability, making them ideal for removing macromolecules, bacteria, and viruses from fluids. The growing global emphasis on clean water access and the need for efficient separation technologies in healthcare are propelling the demand for ultrafiltration membranes, particularly in regions facing water scarcity and rising healthcare needs.
Microfiltration membranes account for approximately 27.3% of the market in 2025 and are gaining traction, especially in the food and beverage and pharmaceutical industries. These membranes are effective in separating suspended solids and microorganisms from liquids, ensuring product safety and compliance with stringent quality standards. The increasing adoption of microfiltration in milk processing, beer clarification, and pharmaceutical manufacturing is driving segment growth. Additionally, advancements in membrane fabrication techniques are enhancing the performance and durability of microfiltration membranes, making them more attractive for a wide range of applications. Competing materials such as electrospun PVDF nanofiber membranes are emerging as alternative options in certain microfiltration applications, incentivizing polysulfone manufacturers to innovate further on pore uniformity and fouling resistance.
Gas separation membranes represent a growing segment, accounting for around 14.8% of the market in 2025. These membranes are used for the selective separation of gases such as oxygen, nitrogen, and carbon dioxide, finding applications in industries such as petrochemicals, natural gas processing, and air separation. The rising demand for energy-efficient and environmentally friendly gas separation technologies is spurring innovation in this segment. Furthermore, the increasing focus on reducing greenhouse gas emissions and improving process efficiency in industrial operations is expected to bolster the adoption of polysulfone-based gas separation membranes through 2034. The convergence of polysulfone chemistry with novel sulfonated polymer architectures, including work on sulfonated polyphenylene membranes, is informing next-generation gas transport membrane design.
Other product types in the market, representing approximately 9.4% of the 2025 market, include specialty membranes designed for niche applications such as solvent recovery, biotechnology, and chemical processing. These membranes are engineered to withstand aggressive chemical environments and deliver high selectivity for specific separation tasks. The growing trend of customization and the development of hybrid membrane systems are expanding the scope of polysulfone hollow fiber membranes in specialized industrial processes. As industries continue to seek tailored solutions for complex separation challenges, the demand for innovative membrane products is anticipated to rise steadily through 2034.
| Attributes | Details |
| Report Title | Polysulfone Hollow Fiber Membrane Market Research Report 2034 |
| By Product Type | Ultrafiltration Membranes, Microfiltration Membranes, Gas Separation Membranes, Others |
| By Application | Water & Wastewater Treatment, Medical & Healthcare, Food & Beverage, Industrial Processing, Others |
| By End-User | Municipal, Industrial, Healthcare, Others |
| Regions Covered | North America, Europe, APAC, Latin America, MEA |
| Base Year | 2025 |
| Historic Data | 2019-2024 |
| Forecast Period | 2026-2034 |
| Number of Pages | 298 |
| Number of Tables & Figures | 333 |
| Customization Available | Yes, the report can be customized as per your need. |
The application landscape of the polysulfone hollow fiber membrane market encompasses water and wastewater treatment, medical and healthcare, food and beverage, industrial processing, and others. Water and wastewater treatment remains the dominant application in 2025, driven by escalating concerns over water pollution, depleting freshwater resources, and stringent environmental regulations. Polysulfone hollow fiber membranes are extensively used in municipal and industrial water treatment plants for their ability to deliver high-quality permeate and withstand harsh operating conditions. The increasing adoption of membrane bioreactors (MBRs) and advanced filtration systems is further boosting the market in this segment, with investment in infrastructure across Asia Pacific and the Middle East & Africa particularly notable.
In the medical and healthcare sector, polysulfone hollow fiber membranes are integral to the production of hemodialyzers, blood plasma separators, and other critical medical devices. Their biocompatibility, high flux, and resistance to sterilization chemicals make them ideal for life-saving medical procedures. The rising incidence of chronic diseases such as diabetes and kidney failure, coupled with the growing aging population, is fueling demand for advanced medical filtration solutions. The global expansion of dialysis center networks and increasing home dialysis adoption are creating new demand channels. Additionally, heightened global focus on infection control and patient safety continues to support the use of reliable and biocompatible membrane solutions in healthcare facilities worldwide.
The food and beverage industry is another significant application area, where polysulfone hollow fiber membranes are employed for the clarification, concentration, and sterilization of various products. These membranes help ensure product safety and quality by removing contaminants, microorganisms, and unwanted particulates. The increasing consumer demand for high-quality, safe, and minimally processed foods is driving the adoption of membrane filtration technologies in this sector. Furthermore, the shift towards sustainable production practices and the need for energy-efficient processing solutions are encouraging food and beverage manufacturers to invest in advanced membrane systems, particularly in North America and Europe where regulatory and consumer pressures are most pronounced.
Industrial processing applications for polysulfone hollow fiber membranes include chemical processing, biotechnology, and electronics manufacturing. These membranes are used for the separation and purification of valuable compounds, solvent recovery, and the removal of impurities from process streams. The growing complexity of industrial processes and the need for high-purity outputs are propelling the demand for specialized membrane solutions. As industries continue to prioritize operational efficiency and environmental compliance through 2034, the role of polysulfone hollow fiber membranes in industrial processing is expected to expand, supported by continued innovation in membrane module design and system integration.
The polysulfone hollow fiber membrane market by end-user is categorized into municipal, industrial, healthcare, and others. Municipal end-users constitute the largest segment in 2025, primarily due to the widespread use of these membranes in public water supply and wastewater treatment facilities. Municipalities are increasingly adopting advanced membrane technologies to meet stringent water quality standards, address water scarcity challenges, and ensure the provision of safe drinking water to growing urban populations. Government funding programs and public-private partnerships in water infrastructure across Asia Pacific, North America, and Europe are key enablers of this segment's sustained leadership throughout the forecast period.
Industrial end-users represent a rapidly growing segment, fueled by the need for efficient water management, resource recovery, and pollution control in manufacturing and processing industries. Sectors such as chemicals, pharmaceuticals, food and beverage, and electronics are leveraging polysulfone hollow fiber membranes to enhance process efficiency, reduce operational costs, and comply with environmental regulations. The increasing focus on sustainable industrial practices and the adoption of circular economy principles are further stimulating demand for advanced membrane solutions in the industrial sector. The historical growth trajectory from 2019 to 2024 confirms strong momentum in this segment, with industrial end-user demand accelerating in line with global manufacturing expansion.
The healthcare sector is another important end-user of polysulfone hollow fiber membranes, particularly in medical device manufacturing and hospital settings. These membranes are used in a variety of medical filtration applications, including dialysis, blood separation, and sterile filtration. The growing burden of chronic diseases, rising healthcare expenditures, and ongoing advancements in medical technology are driving the adoption of high-performance membranes in this sector. The forecast period from 2026 to 2034 is expected to see continued growth in this segment, supported by demographic trends and expanding healthcare access in developing markets across Asia Pacific, Latin America, and Africa.
Other end-users of polysulfone hollow fiber membranes include research institutions, academic laboratories, and niche industrial segments. These users typically require specialized membrane products for research, pilot-scale testing, or unique processing applications. The trend towards collaborative research and development, coupled with the need for customized solutions, is fostering innovation and expanding the market reach of polysulfone hollow fiber membranes beyond traditional end-user segments. Emerging research into catalyst-support hybrid materials, including work adjacent to polysulfone-palladium catalytic support applications, is opening new specialty use cases for polysulfone-based fiber architectures.
The polysulfone hollow fiber membrane market presents a multitude of growth opportunities, particularly in the realm of water and wastewater treatment. As global water scarcity intensifies and environmental regulations become more stringent, there is a rising need for advanced, efficient, and sustainable filtration solutions. This creates ample opportunities for manufacturers to develop next-generation membranes with improved permeability, selectivity, and anti-fouling properties. The increasing adoption of membrane bioreactors and decentralized water treatment systems in urban and rural areas offers new avenues for market expansion through 2034. Companies that invest in research and development to address emerging filtration challenges and cater to evolving customer needs are well-positioned to capitalize on these opportunities. The growing body of research into advanced sulfone polymer chemistries, including poly(arylene ether sulfone) variants, is informing the development of polysulfone hollow fiber membranes with superior chemical durability and selectivity.
Another significant opportunity lies in the expanding application of polysulfone hollow fiber membranes in the medical and healthcare sector. The growing prevalence of chronic diseases, rising demand for advanced dialysis equipment, and increasing focus on infection control are driving the need for high-performance medical filtration solutions. The development of biocompatible and sterilizable membranes tailored for specific medical applications is expected to unlock new growth prospects for market players. Furthermore, the increasing trend of home-based healthcare and the integration of membrane technologies in portable medical devices present untapped opportunities for innovation and market penetration during the 2026-2034 forecast period.
Despite the promising outlook, the polysulfone hollow fiber membrane market faces certain restraining factors. One of the primary challenges is the high cost of membrane manufacturing and maintenance, which can limit adoption, particularly in price-sensitive markets. The complex fabrication processes, requirement for specialized raw materials, and need for regular cleaning and replacement contribute to the overall cost of ownership. Additionally, competition from alternative membrane materials such as polyethersulfone (PES), polyvinylidene fluoride (PVDF), and ceramic membranes poses a threat to market growth. These alternatives may offer specific advantages in terms of performance, durability, or cost-effectiveness in certain applications, potentially impacting the market share of polysulfone-based membranes. The emergence of advanced ionomer membranes, such as those based on perfluorosulfonic acid chemistry, is also creating competitive pressure in certain high-purity separation applications.
The Asia Pacific region dominates the global polysulfone hollow fiber membrane market, accounting for approximately 41.2% of the total market share in 2025, equivalent to approximately USD 630 million. The region's market is projected to grow at a CAGR of 9.1% from 2026 to 2034, outpacing other regions due to rapid industrialization, urbanization, and substantial investments in water infrastructure. Countries such as China, India, Japan, and South Korea are at the forefront of adopting advanced membrane technologies for municipal water treatment, industrial processing, and healthcare applications. The increasing focus on environmental sustainability and the need to address water scarcity issues are key factors driving market growth in this region. Historical data from 2019 to 2024 confirms Asia Pacific's sustained dominance and its accelerating share of global membrane investment.
North America is the second-largest market, with a market size of approximately USD 410 million in 2025, representing 26.8% of the global market. The region benefits from stringent environmental regulations, high technological adoption, and significant investments in research and development. The United States and Canada are leading contributors, with strong demand from the municipal, industrial, and healthcare sectors. The presence of established market players and ongoing advancements in membrane technology are further supporting market expansion in North America. The region is expected to maintain steady growth through 2034, driven by the need for sustainable water management, advanced medical filtration solutions, and increasing industrial water reuse mandates.
Europe holds a market share of 20.7%, valued at approximately USD 317 million in 2025, and is characterized by a mature market landscape with a strong emphasis on environmental protection and resource efficiency. Countries such as Germany, France, and the United Kingdom are prominent adopters of polysulfone hollow fiber membranes, particularly in water treatment and industrial applications. The region's focus on circular economy principles and the integration of innovative membrane technologies in various sectors are driving market growth. Europe's regulatory framework under the EU Water Framework Directive continues to stimulate investment in advanced filtration. Meanwhile, Latin America and the Middle East & Africa together account for the remaining 11.3% of the market in 2025, with growing investments in water infrastructure and increasing awareness of water and wastewater treatment solutions supporting market development in these regions. Latin America holds approximately 6.4% and the Middle East & Africa accounts for approximately 4.9% of the global total in 2025.
The global polysulfone hollow fiber membrane market is characterized by intense competition, with several established players and a growing number of new entrants vying for market share. The competitive landscape is shaped by factors such as technological innovation, product quality, pricing strategies, and the ability to offer customized solutions. Leading companies are focusing on expanding their product portfolios, investing in research and development, and forming strategic partnerships to strengthen their market position. The market also witnesses frequent collaborations between membrane manufacturers, research institutions, and end-users to drive innovation and address evolving industry needs in the 2026-2034 forecast horizon.
Product differentiation and technological advancements are key strategies employed by major players to gain a competitive edge in 2025 and beyond. Companies are investing in the development of next-generation polysulfone hollow fiber membranes with enhanced performance characteristics, such as higher permeability, improved fouling resistance, and greater durability. The adoption of advanced manufacturing techniques, including phase inversion optimization and nanotechnology integration, is enabling the production of membranes with superior properties tailored for specific applications. Additionally, market leaders are leveraging digital technologies and automation to optimize production processes, reduce costs, and improve product consistency across global manufacturing facilities.
Sustainability and environmental responsibility are increasingly influencing competitive dynamics in the polysulfone hollow fiber membrane market. Companies are prioritizing the development of eco-friendly membranes and sustainable manufacturing practices to align with global environmental goals and regulatory requirements. The integration of circular economy principles, such as recycling and resource recovery, is becoming a key differentiator for market players. Furthermore, the ability to provide comprehensive technical support, after-sales services, and training to end-users is emerging as a crucial factor in building long-term customer relationships and enhancing brand loyalty across all regional markets.
Some of the major companies operating in the global polysulfone hollow fiber membrane market include Asahi Kasei Corporation, Toray Industries Inc., Koch Separation Solutions, Synder Filtration Inc., Microdyn-Nadir GmbH, Pentair plc, Pall Corporation (Danaher), Veolia Water Technologies, and Evoqua Water Technologies LLC. Asahi Kasei Corporation is recognized for its extensive product portfolio and strong presence in the Asia Pacific region, while Toray Industries Inc. is renowned for its technological expertise and focus on membrane innovation. Koch Separation Solutions and Synder Filtration Inc. are prominent players in North America, offering a wide range of membrane solutions for industrial and municipal applications. Microdyn-Nadir GmbH and Pentair plc are key contributors in the European market, known for their commitment to sustainability and customer-centric approach. Veolia Water Technologies and Evoqua Water Technologies LLC maintain strong global positions with comprehensive portfolios of water and wastewater treatment solutions incorporating polysulfone hollow fiber membrane modules.
These companies are continuously investing in research and development to enhance their product offerings and address emerging market trends. Strategic mergers, acquisitions, and collaborations are common in the industry, enabling companies to expand their geographical reach and diversify their application portfolios. MANN+HUMMEL Group and Mitsubishi Chemical Group Corporation are also notable for their focus on specialty filtration markets, bringing deep polymer expertise and global distribution networks to bear on the polysulfone membrane segment. The competitive landscape is expected to remain dynamic through 2034, with ongoing innovation, regulatory changes, and shifting customer preferences shaping the future evolution of the polysulfone hollow fiber membrane market.
The Polysulfone Hollow Fiber Membrane market has been segmented on the basis of
Technological innovation is a powerful growth catalyst in the polysulfone hollow fiber membrane market. Advances in membrane fabrication, including nanotechnology integration, electrospinning, and blending with functional additives, are producing membranes with significantly enhanced anti-fouling properties, higher water flux, and improved selectivity. The development of surface-modified and composite polysulfone membranes is expanding their suitability for specialized medical and industrial applications. Digitalization and smart monitoring systems are being integrated into membrane filtration plants to enable real-time performance optimization and predictive maintenance. Research into next-generation hollow fiber spinning techniques is further reducing production costs and improving product consistency, supporting broader market adoption across all end-user segments.
The polysulfone hollow fiber membrane market faces several notable challenges. High manufacturing costs, driven by specialized raw materials and complex fabrication processes such as phase inversion, can restrict adoption in cost-sensitive developing markets. Membrane fouling remains a persistent operational issue, requiring regular cleaning and periodic replacement, which increases total cost of ownership. Intense competition from alternative membrane materials, including polyethersulfone, polyvinylidene fluoride, and ceramic membranes, poses a threat to market share. Additionally, supply chain disruptions affecting specialty polymer availability and fluctuating raw material prices can create margin pressure for manufacturers. Regulatory compliance across diverse regional markets adds further complexity for global market participants.
The global polysulfone hollow fiber membrane market features a competitive mix of established multinationals and specialized manufacturers. Key players as of 2025 include Asahi Kasei Corporation, Toray Industries Inc., Koch Separation Solutions, Pentair plc, MANN+HUMMEL Group, Mitsubishi Chemical Group Corporation, Synder Filtration Inc., Microdyn-Nadir GmbH, Pall Corporation (Danaher), 3M Company, Veolia Water Technologies, Toyobo Co. Ltd., Evoqua Water Technologies LLC, Shanghai SINAP Membrane Technology Co. Ltd., and Hangzhou Hualv Membrane Technology Co. Ltd. These companies compete on the basis of product performance, innovation, pricing, and global distribution capability.
Polysulfone hollow fiber membranes serve a diverse range of applications. Water and wastewater treatment is the leading application, encompassing municipal drinking water production, industrial effluent treatment, and advanced membrane bioreactor systems. In the medical and healthcare sector, these membranes are critical components in hemodialyzers, blood plasma separators, and sterile filtration devices. The food and beverage industry utilizes them for milk protein concentration, juice clarification, and beverage sterilization. Industrial processing applications include solvent recovery, biotechnology purification, and chemical separation. Gas separation for petrochemical and air separation uses represents a further growing application area.
Asia Pacific is the dominant region in the global polysulfone hollow fiber membrane market, accounting for approximately 41.2% of the total market share in 2025, equivalent to around USD 630 million. The region's leadership is driven by rapid industrialization, large-scale urbanization, and significant government investments in water infrastructure, particularly in China, India, Japan, and South Korea. The Asia Pacific market is forecast to grow at the fastest CAGR of 9.1% through 2034, outpacing other regions due to surging demand across municipal, industrial, and healthcare end-user segments.
The polysulfone hollow fiber membrane market is segmented into four main product types: ultrafiltration membranes, microfiltration membranes, gas separation membranes, and others. Ultrafiltration membranes hold the largest share at approximately 48.5% in 2025, owing to their widespread adoption in water treatment and medical applications. Microfiltration membranes account for around 27.3%, driven by strong uptake in food and beverage and pharmaceutical sectors. Gas separation membranes represent about 14.8% and are gaining traction in petrochemical and energy applications. Other specialty membranes make up the remaining 9.4%, serving niche biotechnology and chemical processing uses.
Polysulfone hollow fiber membranes are favored in water treatment due to their outstanding combination of chemical resistance, thermal stability, mechanical strength, and broad pH tolerance. These properties allow them to operate reliably under the demanding conditions typical of municipal and industrial water treatment facilities, including exposure to aggressive cleaning agents and varying temperature ranges. Their high permeability and superior selectivity enable efficient removal of bacteria, viruses, colloidal particles, and macromolecules, delivering high-quality permeate that meets rigorous drinking water and discharge standards. Their compatibility with membrane bioreactor configurations further enhances their appeal in advanced treatment systems.
The primary industries driving demand for polysulfone hollow fiber membranes in 2025 include water and wastewater treatment, medical and healthcare, food and beverage, and industrial processing. The water treatment sector remains the dominant consumer, propelled by tightening environmental regulations and the global push for clean water access. The healthcare sector is the fastest growing application area, fueled by rising chronic disease prevalence and expanding dialysis infrastructure. Food and beverage and industrial processing are also significant contributors, leveraging the membranes for clarification, sterilization, and separation tasks.
The polysulfone hollow fiber membrane market is projected to grow at a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2026 to 2034. At this pace, the market is expected to reach approximately USD 3.09 billion by 2034. This robust growth trajectory is driven by escalating global water scarcity concerns, broadening medical device applications, and ongoing technological innovation in membrane fabrication techniques.
As of 2025, the global polysulfone hollow fiber membrane market is valued at approximately USD 1.53 billion. This figure reflects strong and sustained demand across water and wastewater treatment, medical filtration, and industrial processing sectors worldwide. The market has demonstrated consistent year-over-year growth, underpinned by rising regulatory pressure on water quality, expanding healthcare infrastructure, and increasing industrialization in emerging economies.