Pune, india, Sept. 18, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global Air Filters Market size was valued at USD 14.68 billion in 2022. The market is anticipated to grow from USD 15.69 billion in 2023 to USD 25.69 billion by 2030, exhibiting a CAGR of 7.3% over the estimated period. The expansion is being driven by the rising formulation of customer-driven marketing strategies by key market players. Fortune Business Insights™ provides this information in its research report, titled “Air Filters Market, Forecast 2023-2030”.
Industry Development:
December 2021 - Camfil USA, Inc. announced the plan to build a new manufacturing facility for Air Filtration in Kilgore, Texas. The company is working closely with Kilgore Economic Development Corporation and Site Selection Group, LLC, and plans to invest USD 50.0 million in the facility.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.3% |
| 2030 Value Projection | 25.69 billion |
| Base Year | 2022 |
| Air Filters Market Size in 2022 | 14.68 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 120 |
| Segments covered | By Type, End-User, and Geography |
Drivers and Restraints:
Demand Growing Throughout the Automotive Sector, Improving Market Prospects
The installation of filters in all vehicles is in high demand due to the expansion of the automotive sector, which ultimately drives up prices. Trends like car kilometers driven, parking spaces, and in-vehicle filters have an impact on growth. In addition, these filters are in high demand in the automotive sector due to their advantages for aftermarket services. In order to clean internal combustion engines and increase efficiency while protecting vehicle engine components from dangerous dust particles, filters are mostly used. An air filter works to filter the air that the engine inhales over the course of several strokes. These factors are expected to increase the global air filters market share.
However, the initial high investment and maintenance costs of these products may impede the air filters market growth.
COVID-19 Impact:
Growing Air Filter Installation in the Face of COVID-19 to Support Market Growth
The COVID-19 pandemic had a negative impact on a number of businesses. Due to the increased value placed on clean air, the air filter market within the HVAC system industry is one of the less impacted markets. The American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) claims that standard 52.2 low-efficiency filters are unlikely to clean the air since they have less than eight minimum efficiency reporting values (MERV). That is a result of its incorrect installation setup. To reduce the spread of COVID-19, ASHRAE has advised a two-step air filtration procedure.
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Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Air Filters Market Segmentation Analysis:
Clean Atmospheric air is Required to Display highest CAGR for HEPA filters
Based on type, the market is segmented into cartridge filters, HEPA filters, dust collectors, baghouse filters, and others, including mist filters. Due to the demand in the commercial, residential, and industrial sectors, HEPA filters are expected to grow rapidly over the projection period. With its implanted cutting-edge diffusion processes, it has the unique capacity to lure atoms.
Air Filter Requirements Were Increased Throughout Manufacturing Facilities to Show Highest CAGR for Industrial Segment
Based on the end-user, the market can be divided into residential, commercial, and industrial. Due to the increasing need for manufacturing facilities, demand in the industrial sector is predicted to increase dramatically. These filters safeguard delicate manufacturing processes in the industrial sector by reducing the dangers of microbial and molecular contamination.
Regional Insights:
North America Dominates the Market Due to Progress in Automotive Industry
Due to the expansion of the automobile industry in the region, North America held the largest market share. The U.S. Government's increased use of preventive measures to address the problems brought on by air pollution from manufacturing industries also increases demand for these filters.
Due to the fast industrialization and urbanization taking place in China, India, and other nations, the Asia Pacific region is predicted to have the greatest CAGR. Air pollution is getting worse in China, India, and other nations as a result of rising industrialization and urbanization. Governments are implementing many steps to prevent air pollution.
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Competitive Landscape:
Major Companies Concentrate on Boosting Their Market Places with Cutting-Edge Product Offerings
Major players are concentrating on purchasing mid-sized businesses in order to increase their global reach. For instance, Daikin Industries, Ltd. subsidiaries AAF and Nippon Muki Co. Ltd. are concentrating on creating product portfolios for use in engineering sectors, industries, buildings, and other areas. Moreover, market players are producing efficient filters at reduced production costs.
A List of Key Manufacturers Operating in the Global Market:
- Daikin Industries, Ltd. (Japan)
- Camfil (Sweden)
- MANN+HUMMEL (Germany)
- Parker Hannifin Corp (U.S.)
- Cummins, Inc. (U.S.)
- Donaldson Company, Inc. (U.S.)
- SPX Flow, Inc. (U.S.)
- Absolent Group AB (publ) (Sweden)
- Lydall Gutsche GmbH & Co. Kg (Germany)
- Purafil, Inc. (U.S.)
- Freudenberg Filtration Technologies SE & Co. KG (Germany)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Supportive 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 Market Key Players Market Share Insights and Analysis, 2022
- Global Air Filters Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- Key Findings
- By Type (USD Bn)
- Cartridge
- Dust Collector
- HEPA Filters
- Baghouse Filters
- Others (Mist Filters, etc.)
- By End-User (USD Bn)
- Residential
- Pleated Air-Filters
- Fiberglass Air-Filters
- Others
- Commercial
- Pleated Air-Filters
- Fiberglass Air-Filters
- Others
- Industrial
- Residential
- By Industry (USD Bn)
- Automotive
- Chemical
- Gas Turbines
- Semiconductors
- Pharmaceuticals
- Healthcare
- Others (Food, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Type (USD Bn)
- Key Findings
Continued….
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