Filters Markets Report 2024-2028 & 2033: Asia-Pacific To Account For More Than Half Of New Filter Demand

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The "Filters market 2024-2033" report has been added to ResearchAndMarkets.com's offering.

Global demand for filters is projected to expand 4.4% annually to $112 billion in 2028

The study presents global filter demand by market (motor vehicles, motorcycles, other transportation equipment, manufacturing, consumer, utilities, off-road equipment, and all other markets). Data are provided in US dollars.

In real terms, filter demand will improve significantly from its performance during the 2018-2023 period, when it was negatively affected by the pandemic's impact on a variety of filter end users and the temporary implementation of China's Zero-COVID policy, which adversely affected some of that country's manufacturing industries.

This industry analyzes the $90 billion global market for filters. It presents historical supply and demand data (2013, 2018, and 2023) and forecasts (2028 and 2023), as well as annual data for the 2020-2027 period. Value demand by product data is shown for ICE filters (oil filters, air intake filters, fuel filters, cabin air filters, transmission filters, and all other ICE filters), fluid filters (fluid power filters, water treatment filters, and all other fluid filters), and air filters (panel and pocket filters, fabric air pollution filters, and all other air filters).

The study also evaluates company market share and competitive analysis on industry competitors, including Atmus (formerly part of Cummins), Corning, Daikin, Danaher, Donaldson, Filtration Group, Mahle, MANN+HUMMEL, NGK Insulators, Parker-Hannifin, Tenecco, and 3M. It presents market share data for both the ICE filter market, and the air and fluid filter market.

Electric Vehicles Offer Obstacle to Filter Sales Despite Increasing ICE Vehicle Production

Motor vehicles represent the largest global market for filters, and they are expected to account for more than 25% of absolute demand gains. From 2020 to 2022, motor vehicle production was negatively impacted by pandemic-related supply chain issues and a global chip shortage, with production finally reaching pre-pandemic levels in 2023. Going forward, the motor vehicle industry is expected to see its output steadily rise. This in turn will boost demand for internal combustion engine (ICE) filters. In addition, an increase in the global motor vehicle parc will support increased demand for replacement filters.

Despite the relative health of these underlying indicators, the ongoing shift to electric vehicles will continue to serve as a restraint against stronger growth in this market. While they do offer some opportunities for filter suppliers - specifically cabin air filters, which are generally larger in electric vehicles - the absence of fuel, air intake, and oil filters in these vehicles is a more significant impediment to sales.

Global Manufacturing Outlook

The global manufacturing sector is a very important market for filters. A wide range of them are used by industrial enterprises around world. For example, some filters are needed during the production process, while others are needed to prevent the spread or infiltration of harmful by-products. OEM sales are important, but the aftermarket accounts for much of global filter demand in the manufacturing sector.

The use of industrial filters has grown rapidly across the Asia/Pacific region and many developing areas over the last decade. The adoption of new product standards and other regulations has encouraged a shift toward more advanced manufacturing filters.

Through 2028, global manufacturing value added is projected to grow 3.2% annually to $32.6 trillion, a slight improvement over the 2018-2023 rate of growth. Nearly 70% of gains will be concentrated in the Asia/Pacific region. North America and Western Europe will account for 7% and 6% of growth during the forecast period, respectively.

Going forward, filter sales will be driven by:

• Improving conditions in the global motor vehicle industry, the single largest end use market for filters
• Concerns over air and water pollution, spurring greater investment in filtration devices among utilities, businesses, and consumers

In addition, market value will be boosted by increasing demand for advanced filtration technologies in mature markets - spurred on by the adoption of new regulations - and the ongoing transition to more advanced filter types in developing filter markets.

The Asia-Pacific Region to Account for More than Half of New Filter Demand

Between 2023 and 2028, Asia/Pacific is projected to account for 52% of global gains; with the two largest regional markets featuring favorable growth prospects:

• Following its recovery in 2023 after a difficult 2022 that resulted from the country's Zero-COVID policy, the immense Chinese filter market is expected to continue to grow at a healthy rate as key end-use markets perform well; consumer filters spending rises; and the Chinese government continues to strengthen environmental regulations.
• Demand for filters is expected to accelerate in India, the region's second largest market. In addition to strong economic and manufacturing growth, the country faces many environmental challenges, ranging from air pollution to water and soil contamination, which will drive demand for wide ranges of new and existing filtration technologies.

Companies Featured

• Atmus (formerly part of Cummins)
• Corning
• Daikin
• Danaher
• Donaldson
• Filtration Group
• Mahle
• MANN+HUMMEL
• NGK Insulators
• Parker-Hannifin
• Tenecco
• 3M

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