Pune, July 11, 2024 (GLOBE NEWSWIRE) -- The Industrial Filtration Market Size is projected to reach USD 54.35 billion by 2032 and grow at a CAGR of 5.61% over the forecast period of 2024-2032.
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Market Players Covered in this Report:
- Alfa Laval
- Freudenberg Group
- Cummins Inc.
- Eaton Corporation
- Filtration Group Corporation
- Sidco Filter Corporation
- Donaldson Company Inc.
- Camfil
- Pall Corporation
- MANN+HUMMEL
The rising demand for healthy and organic food products drives the Market growth.
Growing adoption of healthier and organic food items embracing the growth of industrial filtration market. The health and welfare of the millennial generation is a growing source of worry. According to the survey indicates that, around more than, 56% of consumers would rather buy organic food than conventional goods. The food processing companies have been driven by this aspect to incorporate organic raw materials into their processed food items. Such food products must have a low residual content and be pure, which is accomplished by under-processing, which includes several filtration techniques to lower the concentration of contaminants. Further opening up potential opportunities for the market is the requirement that producers of these food products adhere to laws governing the treatment of their effluent.
Moreover, Globally, environmental standards and regulations are becoming more and more popular as a way to lessen the effects of industrial emissions. These standards promote the adoption of conservation methods, the reconfiguration of manufacturing procedures, and the use of non-toxic materials. Additionally, they promote reusing rather than discarding goods, which lowers pollution. The first two regions in the world to pass environmental laws were North America and Europe. Large-scale industrial installations are required by law to seek permits for operations and maintenance in order to manage pollution.
For instance, in order to increase the efficiency of HVAC (heating, ventilation, and air conditioning) systems and enhance indoor air quality, Woosh raised USD 1.3 million in a pre-seed fundraising round in April 2022.
Hence this above-mentioned factor and other several factors have contributed to the growth of the market over recent years.
Industrial Filtration Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 35.37 billion |
| Market Size in 2032 | USD 54.35 billion |
| CAGR (2024-2032) | 5.61% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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“Growing Innovation in the Healthcare Industry drives the Industrial Filtration market growth.
The transformational advancement in the pharmaceutical and life sciences industry has led to the extension of human life by providing a better productive life consequently areas such as research and medical research, which are consumed by this filtration technology use, using microfiltration technology such as microfiltration instead of chemical technology to keep their products safe and clean. Moreover, the key players are also focused on the expansion of the usage of filtration in the healthcare industry. For instance, In April 2023, Ultrafilter Medical opened a new facility with an investment of USD 2.57 million in the filter manufacturing facility. This expansion helped the company to increase its presence in the market.
Segmentation Analysis
by Type
Based on type segment filtration type held the largest market share around 64% in 2023. Due to the rising health consciousness people and improved better standard of living rise the market demand. In a similar vein, major global players and governments are collaborating with environmental groups to create regulations aimed at reducing harmful emissions.
by Filter Media
Based on filter media, activated carbon segment have significant growth with the rising focus on using reusable media and hence, it gains the largest market share. Heat and chemical treatment can readily regenerate activated carbon in-situ, making it a desirable material for use in applications requiring continuous filtration. The section of the market that deals with activated carbon is anticipated to grow significantly due to the growing emphasis on employing reused media.
by End-user
Based on the end-user healthcare industry held the largest market share around 32.24%. Due to the growing need for high purity raw materials in both liquid and gaseous forms, the healthcare sector is anticipated to occupy the greatest share of the market. Additionally, the current Covid-19 pandemic is expected to significantly increase attention to healthcare throughout the projection period, which will propel the growth of this market.
Key Market Segmentation
by Type
- Air
- Liquid
by Filter Media
- Metal
- Filter Papers
- Fiberglass
- Nonwovens Fabric
- Activated Charcoal
by End-User
- Chemical and Petrochemicals
- Food and Beverage
- Power Generation
- Metals and Mining
- Healthcare
- Pulp and Paper
- Others
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Regional Landscape:
North America led the industrial filtration market with the highest revenue share of around 32.45% in 2023. The need for industrial filtration in North America is rising as a result of significant investments made by local businesses to comply with regulations imposed by organizations like the EPA and WHO. Additionally, the growing healthcare and power generation sectors in the area support market expansion. Global demand for semiconductors and microelectronics has surged due to rapid digitization.
Due to its central location in the mining, pharmaceutical, food and beverage, and electronics sectors, Asia Pacific held the second largest share in the market. Growing environmental concerns are fuelling the demand for industrial filtration as a result of the rapid industrialization occurring in developing nations such as China, Japan, India, and others.
Recent Developments
- In June 2023, Sinosteel Corporation and Metso signed a contract for the supply of seven Larox FFP2512 pressure filtration systems.
- In 2023, At the Frankfurt ISH, ANN+HUMMEL presented solutions for clean air in buildings. Building managers can reduce energy costs by focusing on energy-efficient air filters with an A+ energy rating. More air filters with an A+ grade is offered by MANN+HUMMEL in the Eurovent filter classes than by any other vendor.
Key Takeaways:
- The Industrial Filtration Market growth will increase due to the growing usage in various application in food and beverage, power generation, metals and mining, healthcare, pulp and paper, others.
- North America held the largest market share and has a significant growth in the upcoming time.
- The decision made by big firms to increase their production plant investments will have a significant effect on the growth of the market as a whole.
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