Overview:
The industrial filters market is expected to reach US$ 5.79 Bn in 2030, growing at a CAGR of 5.09% during the forecast period from 2023 to 2030. Industrial filters find its applications in many industries such as food & beverages, mining, chemical, pharmaceutical, and power etc. They are used for cleaning and treating industrial oil, liquid, gases and water and also for removing dust and dirt in chemical and pharmaceutical industries and several others. Therefore industrial filters are used to keep environment clean and reduce wear and tear of machinery. Rapid industrialization coupled with growing urbanization has risen the demand for industrial filters which in turn is expected to drive the industrial filters market during the forecast period.
Globally there is rapid growth in industrialization. It influenced the growth of power generation and mining industry. This has demanded sustainable development for environmental cause. Industrial filters can be used for processed water, waste water treatment and for clean air and oil filtration. This has influenced the market of industrial filters in recent years.
Rapid industrialization also turning urbanization at fast rate. As of 2018, around 4.196 Bn people (55.2% of total world population) is accounted as urban population. Rapid urbanization has rising demand for clean energy, pure water, and increased food supply. In these industries, industrial filters are mainly used for filtration of water, oil and for clean air. Growth of automotive and food & beverages industries has influenced the demand for industrial filters which in turn driving the industrial filters market globally.
Filters with Liquid Media recorded the Largest Market Share in 2020
In 2020, liquid media filters registered the largest share in the market. It accounts more than 35% share in industrial filters market. It finds its applications in industries such as food & beverages, pharmaceuticals, power, chemical, and mining, etc., among others. In addition, strict laws for treating industrial and municipal waste have also influenced the demand for liquid filters.
Furthermore, degrading air quality along with global warming have forced countries to form laws for reducing air pollution. Government initiatives (such as UK’s “Clean Air Strategy, 2019”) for improving air quality also encouraged the demand for air filters. It is expected that the market share of air filters to speed up during the forecast period.
Asia Pacific Garnered Largest Market Share in 2020
In 2020, Asia Pacific led the industrial filters market worldwide. The region is expected to witness considerable growth during the forecast period. Asia is the fastest-growing economic region. Rapid industrialization in countries such as China, India and countries of ASEAN group has triggered the demand for industrial filters in Asia Pacific. In addition to this, strict environment laws for waste management (such as India’s “Waste Management Rules, 2016”) are supporting the demand for industrial filters in Asia Pacific.
Competitive Insights
Major players profiled in industrial filters market include Pall Corporation, Alfa Laval AB, 3M, Eaton Corporation Plc, Mann+Hummel Group, Cummins Filtration Inc., Ahlstrom-Munksjo Oyj, ClearEdge Filtration Group Corporation, Nordic Air Filtration, Fibertex Nonwovens A/S, Sefar AG, Freudenberg Filtration Technologies, and Sandler AG, etc. among others. These companies are adopting several strategies such as acquisition and new product launch for gaining larger market share. For instance, in February 2018, Fibertex Nonwovens A/S has acquired DUCI, the nonwoven manufacturer of Brazil. This acquisition will help the company to grow its business in South American automotive market. Moreover, in July 2018, Pall Corporation has introduced their new filter rated at 5 nm with PTFE media. PTFE media is ideal for lithography solvent. The new filter offers improved pressure drop and cleanliness properties than older lithographic filter material.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Filters market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Media
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End-use Industry
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
