Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “HVAC Filters Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Global HVAC Filters Market is expected to grow at a CAGR of around 5.2% from 2020 to 2027 and reach the market value of over US$ 8,976.5 Mn by 2027.
North America has dominated the market in the past and is expected to do so again during the forecast period for the global HVAC filters market. This is due to the region's rapid growth in the pharmaceutical industry and the rising prevalence of chronic health diseases such as diabetes, high blood pressure, and cancer. The growing number of workers experiencing health problems as a result of pharmaceutical dust particles emitted during spraying, mixing, blending, encapsulating, coating, and other processes in drug manufacturing should encourage pharmaceutical manufacturers to incorporate highly efficient filtration techniques, such as HVAC filters, into their manufacturing process. Rising product demand from healthcare facilities, as well as the rapid spread of infectious diseases like COVID-19, is raising awareness about the importance of cleanliness and hygiene.
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Asia Pacific, on the other hand, is expected to have the fastest growing CAGR during the forecast period. China, Japan, India, South Korea, Indonesia, Australia, and the rest of APAC comprise the APAC HVAC market. APAC is expected to maintain its market dominance in the coming years. The region's growing population, industrialization, and urbanization are the primary drivers of the region's HVAC filters market. The rise of China as a global manufacturing powerhouse has increased the demand for HVAC filters. The region's production of these products is boosted by low labor costs and easy access to raw materials.
Market Dynamics
Increased cases of allergies, asthma, headaches, cough, sinusitis, and other chronic respiratory disorders among consumers as a result of poor air quality are likely to drive up demand for HVAC filters. Furthermore, the increasing circulation of toxic compounds in factory air is directing factory owners' attention toward the implementation of effective preventive measures to protect the health of their factory workers. Stringent regulations and policies put in place by governments around the world to ensure efficient air filtration and maintain air quality should encourage the use of HVAC filters. Rising demand for energy-efficient air filtration systems is expected to drive up demand for HVAC filters. The high installation cost of HVAC filters, on the other hand, is poised to reduce consumer acceptance, particularly among low-income developing nations around the world. Furthermore, HVAC filters must be cleaned and maintained on a regular basis, usually more than once a month. To some extent, the difficulty in removing all layers of electrostatic air filters for cleaning and maintenance is impeding the growth of the HVAC filters market.
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Segmental Analysis
Passive fire protection market is segmented based on product and application. By product, the market is segmented as cementitious materials, intumescent coatings, fireproofing cladding, and others. Based on application, the market is segmented as oil & gas, construction, industrial, warehousing, and others
Market Segmentation
The global HVAC filters market is segmented based on material, technology, and end-use. By material, the market is segmented as fiberglass, synthetic polymer, carbon, and metal. By technology, the market is segmented as HEPA, electrostatic precipitators, activated carbon, and others (UV filtration and ionic filtration). Based on end-use, the market is segregated as building & construction, pharmaceutical, food & beverage, automotive, and others (electronics & semiconductors and livestock).
Some of the leading competitors are 3M, Parker-Hannifin Corporation, The Camfil Group, MANN+HUMMEL, American Air Filter Company, Inc., Donaldson Company, Inc., Ahlstrom-Munksjö Oyj, and among others.
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Some of the key observations regarding the HVAC filters market include:
- In March 2021, Parker-Hannifin Corporation announced a new product launching namely, "BHA® TotalPleat™". The newly launched product is the aftermarket replacement filter is a cost-effective alternative to the PowerCore® filter pack for the Donaldson PowerCore® CP dust collector. Parker’s proprietary MERV 15 TotalPleat™ filter provides significant advantages over the PowerCore® design; specifically, customers report longer filter life.
- In September 2018, MANN+HUMMEL announced the launching of its new brand name, "OurAir" brand for the Indian market. The products are based on smart devices, where air quality monitors, filters, purification, and ventilation systems, integrate with the OurAir digital platform. The launch in India also coincided with the official announcement of the accreditation of both the OurAir air quality monitors and digital platform by RESET, the world’s first sensor-based and performance-driven building standard and certification program.
- In November 2019, Hempel announced the launching of a new product namely, Hempafire Optima 500. The newly launched product is specifically designed to improve the productivity of HVAC Filters coating applications. The newly launched product reduces the number of coats required and the processing time required to apply.
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