Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Filters Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 29, 2021 (GLOBE NEWSWIRE) -- The Global Filters Market is expected to grow at a CAGR of around 4.8% from 2020 to 2027 and reach the market value of over US$ 95.5 Mn by 2027.
The construction of several wastewater treatment facilities in the region is expected to drive significant growth in filter demand in Central and South America over the forecast period. This is due to rising levels of water pollution in countries such as Brazil, Argentina, and Uruguay. Furthermore, the use of filters in Brazil's expanding mining industry to reduce emission levels is expected to fuel regional market growth.
Market Dynamics
Because of the government's emphasis on water treatment schemes for the construction of water treatment facilities, the global market is expected to grow. This is due to factors such as a lack of clean drinking water, an increasing population, and contamination of ground and surface water bodies. The market is expected to be driven by the global automotive industry's growth as a result of factors such as rising population and disposable income, particularly in developing regions such as Asia Pacific, the Middle East and Africa, and Central and South America Filters are used in a variety of automotive applications, including oil intake, cabin air filtration, and emission filtration.
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Segmental Outlook
The global filters market is segmented based on product and application. Product is segmented as fluid filters, ICE filters, and air filters. By application, the market is segmented as motor vehicles, consumer goods, utilities, industrial & manufacturing, and others.
ICE filters led the market and accounted for the vast majority of market share for the global growth of the filters market. The use of ICE filters is expected to increase in the coming years as a result of the increasing adoption of a start-stop system for automatic shutdown and restart of internal combustion engines in order to reduce engine idling time, emissions, and fuel consumption. Furthermore, advancements in the automotive industry such as electric and hybrid vehicles are expected to boost the growth of the ICE filters segment.
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The fluid filters segment, on the other hand, is expected to be driven by governments' increasing investments in the construction of water treatment plants to provide safe water for various residential, commercial, and industrial applications. Furthermore, the widespread use of fluid filters in a wide range of applications, such as cold sterilization of beverages and pharmaceuticals, petroleum refining, and dairy processing, is expected to drive market growth.
Motor vehicles dominated the market, accounting for the lion's share of the global filters market. The use of filtration equipment in a variety of consumer goods, such as water filters, air purifiers, and air conditioners, is expected to drive market growth in the coming years. Furthermore, the production of portable air purifiers by companies such as Dyson, Philips, and Molekule is expected to propel the consumer goods segment.
Competitive Landscape
Some of the leading competitors are 3M, Airex Filter Corporation, Koch Filter, Freudenberg Filtration Technologies SE & Co. KG, Donaldson Company, Inc., The Camfil Group, Parker-Hannifin Corporation, DENSO Corporation, Clark Air Systems, Spectrum Filtration Pvt. Ltd., and among others.
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Some of the key observations regarding the filters industry include:
- In February 2021, Johnson Controls announced the launching of a new product namely, "ENVIRCO IsoClean CM Portable HEPA Air Cleaning System". The newly launched product is from Koch Filter. IsoClean CM provides the optimum combination of efficient HEPA air cleaning with multiple air changes per hour to continually improve indoor air quality (IAQ) and help minimize the spread of airborne pathogens including COVID-19.
- In April 2021, Donaldson Company, Inc., announced a new product launch namely, "Filter Minder® Connect® solution". The newly launched product is now available for monitoring fuel filters and engine oil conditions on heavy-duty engines. Filter Minder system components can be installed on equipment in minutes and the solution integrates into existing on-board telematics and fleet management systems.
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