LOS ANGELES, May 14, 2020 (GLOBE NEWSWIRE) -- The global air filters market is anticipated to grow at a CAGR of around 7.5% during the forecasting period 2020 to 2027 and to reach around US$ 9.6 Bn by 2027.
North America is expected to account for major revenue share in the global market due to high demand from various end use industries such as automotive, chemical, pharmaceutical, etc. in addition, presence of players operating in the country coupled with introduction of new products is another factor expected to further support the growth of the target market in this region.
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With the changing environmental conditions, stringent government regulation related to environmental pollution is resulting in demand for air filters from automotive manufacturers. Auto manufacturers are deploying the air filter in the facilities in order to control the particles over 10 microns. Auto manufacturing facilities conducts various operations and the employees are exposed to various chemicals which would adversely impact their health. In order to lower the health problems and safety of the employees demand for air filter from automotive industry is increasing.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to high government is spending on the development of pharmaceutical industry. Pharmaceutical industry is witnessing rapid advancements in developing countries. Government is focused on improving the present infrastructure with the ongoing drug discovery activities and high government investment is augmenting the sector growth. Pharmaceutical manufacturer are focused on the overall safety of the employees which is resulting in demand for air filters. Players are deploying air filters that are designed to provide high performance adsorption of toxic contaminants by the manufactures in the facility for the safety purpose.
In addition, major players' approach towards developing countries due to easy availability of raw material and low cost labor is expected to further support the growth of target market in this region.
Air filters are widely used to remove pollen, dust, and bacteria from the high demand of these filters from various industry vertical such as chemical, pharmaceutical, automotive, etc. is a major factor expected to drive the growth of global air filters market.
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Rapid industrialization in developed and developing counties is resulting in increasing construction and fabrication activities which is another important factor positively impacting the market growth. Government is spending high on the development of infrastructure which is increasing the demand for air filter at the fabrication units as they produce inordinate amounts of dust.
In addition, high investment by the public and private players for R&D activities, coupled with innovative product offerings in order to attract new customers and enhance the profit ratio is another factor expected to impact the market growth positively.
Rising environmental concern and players approach towards lowering the carbon footprints is resulting in demand for air filters. Air filters provide an effective way to improve the indoor air quality. Industry manufacturers are focused on lowering the energy consumption and with the deployment of advanced HVAC control system is another factor expected to increase demand for air filters.
However, high cost associated to maintenance and fluctuating raw material prices are increasing the end product cost which are some major factors expected to hamper the growth of the global market.
Technological advancements by the major players, coupled with product development activities are some factors expected to create new opportunities for players over the forecast period. In addition, increasing merger and acquisition activities in order to increase the product portfolio and enhance the customer base is another factor expected to support revenue traction of the target market.
- In 2018, Camfil Group partnered with Salvador Escoda that supplies products for air conditioning, ventilation, heating, water, renewable energy, gas, electricity, refrigeration and isolation. This agreement will help the company to expand their presence in Spain.
The global market is segmented in to type, application, demand, and end use. The demand segment is bifurcated into OEM and replacement. Among the application the HVAC segment is expected to account for significant revenue share in the global market.
Players operating in the global air filters market are Mann & Hummel Group, Affinia Group Inc., Sogefi S.P.A., Mahle Group, Hengst SE & CO. KG, Donaldson Company Inc., Ahlstrom Corporation, Acdelco Corporation, Denso Corporation, and Cummins Inc.
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