Filters Market Trends, Size And Industry Analysis Till 2030

(MENAFN- Straits Research) Introduction

Filters are devices that separate solids from fluids by adding a medium through which only the fluid can pass. The rapidly increasing use of air purifiers to eliminate dangerous bacteria and viruses in homes, hotels, restaurants, airplanes, and train compartments is expected to open up new filters market expansion opportunities. The availability of raw materials such as paper, cotton, synthetic textiles and fibers, metals like iron and steel, adhesives, rubber, chemicals, and plastics significantly impacts the sector.

Market Dynamics Growing Need for Air Filtration Worldwide Drives the Global Market

Due to growing environmental concerns and rigorous regulatory requirements for industrial workstations, businesses have invested significantly in air filtering techniques and processes. Companies are under severe pressure to maintain the quantity of hazardous compounds they release into the air below the limitations established by the government and environmental organizations. Additionally, it is anticipated that growing consumer concerns about clean air will encourage the growth of the residential air filtration market over the forecast period.

Rising Demand for Water Treatment Techniques Creates Tremendous Opportunities

The increased depletion of water resources brought on by a growing population and contamination of surface and groundwater bodies has further pushed the use of water treatment technologies. Municipal corporations do not subject the water they distribute to homes to significant treatment operations due to capacity restrictions, financial difficulty, and the inability to carry out high-intensity water filtering.

Regional Analysis

Asia-Pacific is the most significant global filter market shareholder and is expected to grow at a CAGR of 6.30% during the forecast period. It is projected that the market for filters in the Asia-Pacific region will experience expansion on an exponential scale due to rapid industrialization and stringent criteria imposed by various governments to maintain environmental quality. As a result of the growth of various regional sectors, such as cement production, metal processing, chemical production, and power generation, it is anticipated that a sizeable quantity of pollutants will be discharged into the surrounding environment.

Europe is anticipated to develop at a CAGR of 3.60%, generating USD 23,165.29 million over the forecast period. It is projected that the filter market in Europe will continue to expand steadily due to the stringent emission regulations that the European Union created. The expansion of polluting industries in the country, such as the cement industry, the food and beverage industry, the metal processing industry, and the pharmaceutical industry, is likely to increase the urgency with which filtration processes must be put into place to stop pollutants from escaping into the surrounding environment. It is anticipated that the rising utilization of filtering equipment in the region will stimulate the expansion of the filter market over the forecast period.

Key Highlights

• The Total Addressable Market (TAM) for Filters was valued at
  USD 71.2 billion in 2021 . It is projected to reach
  USD 107.65 billion by 2030,
  growing at a
  CAGR of 4.70%
  during the forecast period (2022-2030).
• Based on product, the global filter market is bifurcated into ICE, air, and fluid filters. The ICE filter segment is the most significant shareholder and is anticipated to grow at a CAGR of 5.25% over the forecast period.
• Based on application, the global filter market is bifurcated into motor vehicles, consumer goods, industrial and manufacturing, and utilities. The motor vehicle segment owns the highest market share over the forecast period.
• Asia-Pacific is the most significant global filter market shareholder and is expected to grow at a CAGR of 6.30% during the forecast period.

Competitive Players

3M

Airex Filter Corp.

Koch Filter

Freudenberg Filtration Technologies SE & Co. KG

Donaldson Company Inc.

Camfil AB

Parker Hannifin Corp.

DENSO Corp

Recent Developments

Recent Developments

• November 2022 - A technology to convert air conditioners into cost-effective air purifiers was developed by a team of researchers at the Indian Institute of Technology (IIT), Kanpur. This invention is anticipated to benefit a lot of people because smog and pollution are serious problems in many cities, especially during the winter.
• April 2021 - To protect against car air pollution, Mann+Hummel announced intentions to deploy the first vehicle equipped with a high-efficiency particulate air (HEPA) filter.

Segmentation

By Product

ICC

Air

Fluid Filters

By Applications

Motor Vehicles

Consumer Goods

Industrial and Manufacturing

Utilities

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