Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global air filters market size is anticipated to hit USD 23.83 billion by 2029 and exhibit a CAGR of 7.2% during the forecast period. The increasing demand from the automotive industry is expected to be a key growth driver for the market. Fortune Business InsightsTM has presented this information in its report titled, “Air Filters Market, 2022-2029”. The market size stood at USD 13.75 billion in 2021 and USD 14.68 billion in 2022. Additionally, the rising demand for reusable air filters is anticipated to offer lucrative growth opportunities for the market in the forthcoming years.
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Companies Profiled in the Market-
- DAIKIN INDUSTRIES. Ltd. (Osaka, Japan)
- Camfil (Stockholm, Sweden)
- MANN+HUMMEL (Ludwigsburg, Germany)
- PARKER HANNIFIN CORP (CLEVELAND, U.S.)
- Cummins Inc. (Columbus, U.S.)
- Donaldson Company, Inc. (Bloomington, U.S.)
- SPX Flow, Inc. (Charlotte, U.S.)
- Absolent Group AB (publ) (Lidköping, Sweden)
- Lydall Gutsche GmbH & Co. Kg (Fulda, Germany)
- Purafil, Inc. (Doraville, U.S.)
- Freudenberg Filtration Technologies SE & Co. KG (Weinheim, Germany)
COVID-19 Impact-
Air Filter Demand Soared due to Increasing Indoor Air Quality (IAQ) Concerns
The coronavirus pandemic has substantially fueled the market growth. The coronavirus is highly transmissible through the air. This created a high need for advanced air filters to eliminate the minute virus. The demand for air filters significantly rose during the pandemic, which bolstered the air filters market growth. Despite the supply chain disruptions and logistical hindrances, the market has expanded and will continue expanding in the forthcoming years.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.2 % |
| 2029 Value Projection | USD 23.83 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 14.68 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | By Type, End-User, Region |
| Growth Drivers | Increase in Demand across Automotive Industry to Brighten the Market Prospects |
| Growing Demand for Reusable Air Filters is Laying Foundation for Future Market Growth | |
| COVID-19 Pandemic to Boost Market Growth | |
| Pitfalls & Challenges | High Initial Installation and Maintenance Cost is Causing Hindrance to Market |
Segmentation-
On the basis of type, the market is segmented into baghouse filters, HEPA filters, dust collectors, cartridge filters, and others. On the basis of end-user, the market is trifurcated into industrial, commercial, and residential. Geographically, the market is classified into the Middle East & Africa, Latin America, North America, Europe, and the Asia Pacific.
Report Coverage-
- It assesses the various restraints and drivers of market’s growth.
- It provides a detailed analysis of critical market segments: type, application, and region.
- It features an analysis of the COVID-19 pandemic’s effect on the market.
- It incorporates SWOT Analysis and Porters' Five Forces Analysis for accurate prediction.
- It includes the latest industry developments.
Drivers & Restraints-
Expanding Automotive Industry to Promote Market Growth
The automotive industry is rapidly expanding, especially in countries such as India, China, and others. The rising demand for passenger and commercial vehicles due to improving income levels, increasing urbanization, and industrialization is likely to boost the demand for air filters and fuel the global air filters market growth. Moreover, the use of these air filters in aftermarket services is likely to complement the market growth.
Additionally, the rising demand for reusable air filters is anticipated to be a key trend stimulating market growth. The growing adoption of sustainable alternatives to reduce harmful emissions and improve indoor air quality are likely to favor market growth.
However, the high maintenance and initial costs of installing air filters may hinder the market growth.
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Regional Insights-
North America to Hold the Lion’s Share
North America is anticipated to attain the largest air filters market share during the forecast period. The expanding automotive industry and the growing adoption of preventive measures by the government in the region are likely to fuel the region’s market growth.
Asia Pacific is likely to exhibit the highest CAGR. The swift industrialization and urbanization across countries such as India and China are expected to boost the region’s market growth. China introduced its largest air purifier in January 2018.
Europe is predicted to witness substantial growth. The adoption of strict government initiatives in countries such as Spain, Germany, and Italy to improve air quality is likely to aid the region’s market growth.
Latin America and, the Middle East & Africa are expected to exhibit steady growth due to the demand for baghouse filters and dust collectors.
Competitive Landscape-
Key Players Emphasize Acquisitions to Amplify their Market Growth
The major market players emphasize acquisitions to amplify their global market presence. They adopt several ingenious strategies such as collaborations, mergers, new product launches, and others to magnify their growth. For instance, MANN+HUMMEL and Mercedes Benz collaborated in October 2021 to launch a “frontend module solution and underbody solution”.
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Industry Developments-
December 2021: Camfil USA Inc. unveiled its plans to establish a new production facility filters of air filtration in Kilgore, Texas by investing USD 50 million.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Air Filters Key Players Market Share Insights and Analysis, 2021
- Global Air Filters Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD Bn)
- Cartridge Filters
- Dust Collector
- HEPA Filters
- Baghouse Filters
- Others (Mist Filters, and others)
- By End-user (USD Bn)
- Residential
- Commercial
- Industrial
- Automotive
- Chemical
- Gas Turbines
- Semiconductors
- Pharmaceuticals
- Healthcare
- Others (Food & Beverage, and others)
- By Region (USD Bn)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
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