LOS ANGELES, May 10, 2021 (GLOBE NEWSWIRE) -- The Global Industrial Filters Market is expected to grow at a CAGR of around 6.3% from 2020 to 2027 and reach the market value of over US$ 6,732.5 Mn by 2027.
Asia Pacific is anticipated to register largest market share for the global industrial filters market
In the global industrial filters market, APAC is the most profitable region. Because of the region's growing population, various industries are expanding. The industrial filters market in APAC is expanding as a result of rising industrialization and urbanization. Stringent government regulations in the region governing the emission and treatment of industrial waste are also propelling the industrial filters market.
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Market Dynamics
Rising industrialization and urbanization, combined with stringent regulations governing industrial waste emission and treatment. Furthermore, the need for a safe working environment in industrial facilities is a driving force in the industrial filters market. The rising demand for renewable energy sources, on the other hand, is a major impediment to the growth of the industrial filters market.
Furthermore, the increasing use of industrial filters in a variety of applications has resulted in manufacturers' preference for strategic growth initiatives such as new product launches. For example, Ahlstrom-Munksjö announced the launch of Extia 1000 in November 2018, a highly durable filtration media designed to extend filtration lifetime for Air Pollution Control applications, thereby protecting people and the environment. The product is expected to increase filtration lifetime by more than 40%, allowing customers to extend the time between filter changes by more than 40%. Furthermore, 3M introduced the Filtrete Smart Air Filter, the first Bluetooth-enabled HVAC air filter for home use.
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The growing demand for filtration in end-use industries is driving the global industrial filters market. This expansion is attributed to rapid industrialization and urbanization, as well as the implementation of stringent regulations governing industrial waste emission and treatment. Furthermore, the use of industrial filters reduces wear on systems and their components, such as turbines and motors, preventing downtime and lowering spare part costs.
Segmental Outlook
The global industrial filters market is segmented based on type and end-user. By type, the market is classified into liquid filter media and air filter media. Liquid filter media is further segregated as woven fabrics, non-woven fabrics, and mesh. Air filter media is further segmented as fiberglass, activated carbon, and others. By end-user industry, the market is segmented as food & beverage, metal & mining, chemical, pharmaceutical, power generation, and others (textile and pulp & paper).
Competitive Landscape
Some of the leading competitors are Valmet Corporation, Lydall Inc., 3M, Ahlstrom-Munksjo, Clear Edge Filtration Group, Nordic Air Filtration, Fibertex Nonwoven, Sefar AG, Freudenberg Filtration Technologies, and Sandler AG.
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Some of the key observations regarding the industrial filters industry include:
- In September 2018, Lydall Inc., announced the acquisition of Interface Performance Materials. On the same day, the Company also amended its existing credit facility, increasing it to $450 million principally to fund the transaction and provide additional capacity to support organic growth programs, fund capital investments, and continue pursuits of attractive acquisitions that will drive profitable growth.
- In October 2018, Fibertex Nonwoven announced investment in a nonwovens production line for filter media, a nanofibre line to be used in combination with additional value-adding capabilities. In addition to the new production line, which uses a range of polymers such as PU, PVDF, and PA and is able to tailor them for a wide range of different applications, Fibertex Nonwovens has also invested in new lab facilities, new converting and post-processing lines for e.g. plasma treatment, giving the products quite unique permanently hydrophobic properties. Fibertex Nonwovens has also invested in a new custom-built state-of-the-art nonwovens filtration substrate line. Capable of producing filtration substrates with different filtration properties, the new line meets the requirements for unique filtration solutions of the future.
- In February 2017, Freudenberg Filtration Technologies announced the addition of a new state-of-the-art cabin air filter production line to its U.S. manufacturing facility in Hopkinsville, Kentucky. With this multi-million dollar investment, the company confirmed its commitment to the U.S. automotive market.
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