Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global filters market size stood at USD 94.80 billion in 2021. The market is projected to grow from USD 100.52 billion in 2022 to USD 145.18 billion by 2029, exhibiting a CAGR of 5.4% between 2022-2029. The rise can be attributed to the growing deployment of the product across various industries including chemicals & materials, automotive, food & beverage, metal & mining, and others. This information is provided by Fortune Business Insights™ in its research report, titled “Filters Market, 2022-2029”.
Industry Development:
July 2022 – Evoqua Water Technologies completed the acquisition of Smith Engineering, Inc. to expand its portfolio of high purity water treatment systems.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.4% |
| 2029 Value Projection | USD 145.18 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 94.80 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 131 |
| Segments covered | By Product Type, By Application and By Region |
| Growth Drivers | Increasing Consumer Awareness Regarding Air Pollution to Drive the Market Growth |
| High Initial Cost of Investment and High Replacement Cost to Impede Market Growth |
COVID-19 Impact:
Increased Sales of Air Filters Due to Growing Usage in Tackling the Airborne Spread of the Virus
The coronavirus pandemic affected the sales of water filters considering the restrictions on client site access and short-term customer site closures. However, the pandemic led to an upsurge in the sales of air filters. This was mainly driven by their increasing adoption in indoor settings for tackling the airborne spread of the COVID-19 virus.
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Drivers and Restraints:
Surging Consumer Awareness Regarding the Hazards of Air Pollution to Propel Industry Expansion
The filters market growth is expected to record lucrative growth over the forecast period. The rise can be attributed to the soaring installation of filtration systems across retail stores, offices, super-specialty malls, and industrial facilities across various regions.
However, the market share is likely to be hindered by high cost of replacement and installation of these systems.
Report Coverage:
The report provides an in-depth analysis of the major factors influencing industry expansion over the forecast period. Some of the additional aspects of the report comprise the key steps taken by leading market participants for consolidating their industry position. It further gives an insight into the significant trends that are expected to propel business growth over the forthcoming years.
List of Key Players Present in the Market
- DAIKIN INDUSTRIES, Ltd. (Japan)
- EATON CORPORATION plc (Ireland)
- DuPont (U.S.)
- MANN + HUMMEL (Germany)
- PARKER-HANNIFIN CORP (U.S.)
- Donaldson Company, Inc. (U.S.)
- Camfil (Sweden)
- Freudenberg Filtration Technologies SE & Co. KG (Germany)
- Lydall Gutsche GmbH & Co. KG (Germany)
- Cummins Inc. (U.S.)
- Evoqua Water Technologies LLC (U.S.)
- Veolia Water Technologies (France)
- 3M (U.S.)
- K&N Engineering, Inc. (U.S.)
- Bry-Air (India)
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Segments:
Air Filter Segment to Record Appreciable Growth Driven by Rising Dependency on Electric-Powered Devices
On the basis of product type, the market is fragmented into water, air, and gas. Of these, the air segment is estimated to expand at a commendable rate throughout the forecast period. The surge is being driven by the rising dependency on electric-powered devices and the heavy use of conventional vehicles.
Oil & Gas and Power Segment to Register Considerable Expansion Impelled by Increasing Product Application
Based on application, the market is categorized into metal & mining, food & beverage, pharmaceuticals/medical, chemicals & materials, automotive, oil & gas and power, and others. The oil & gas and power segment is slated to record substantial growth over the estimated period driven by rising application of air, water, and gas filters in this sector.
On the basis of geography, the market is fragmented into three regions, North America, Europe, and Asia Pacific.
Regional Insights:
North America to Lead Owing to Presence of Distinguished Manufacturers
The North America filters market share is set to register commendable growth throughout the estimated period. The rise is being impelled by the presence of distinguished global manufacturers within the region.
The Asia Pacific region is slated to record appreciable CAGR over the forecast period. The surge can be credited to the escalating demand for potable drinking water.
Competitive Landscape:
Leading Companies Strike Partnership Deals to Strengthen Market Position
Major companies are focused on the adoption of various initiatives including mergers, acquisitions, and product developments for consolidating their market position. Some of the other initiatives include an increase in research activities and growing participation in trade conferences.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Global Filters Market Key Players Market Share Insights and Analysis, 2021
- Global Filters Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type (USD)
- Air Filters
- Water Filters
- Gas Filters
- By Application (USD)
- Food & Beverage
- Chemicals & Materials
- Oil & Gas and Power
- Pharmaceuticals/Medical
- Metal & Mining
- Automotive
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Filters Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type (USD)
- Air Filters
- Water Filters
- Gas Filters
- By Application (USD)
- Food & Beverage
- Chemicals & Materials
- Oil & Gas and Power
- Pharmaceuticals/Medical
- Metal & Mining
- Automotive
- Others
- By Country (USD)
- U.S.
- Canada
- Europe Filters Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type (USD)
- Air Filters
- Water Filters
- Gas Filters
- By Application (USD)
- Food & Beverage
- Chemicals & Materials
- Oil & Gas and Power
- Pharmaceuticals/Medical
- Metal & Mining
- Automotive
- Others
Continued…
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FAQ’s
How big is the Filters Market?
The global Filters Market size was estimated at USD 94.80 billion in 2021 and is expected to reach USD 100.52 billion in 2022
What is the Filters Market growth?
The global Filters Market is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2029 to reach USD 145.18 billion by 2029
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