Air Filters Market Size to Hit USD 23.83 Billion by 2029 | Fortune Business Insights
According to Fortune Business Insights, the global air filters market is projected to grow from USD 14.68 billion in 2022 to USD 23.83 billion in 2029, at CAGR of 7.2% during forecast period. Camfil USA Inc.’s establishment of new air filtration manufacturing facility in Texas to incite development: Fortune Business Insights
/EIN News/ -- Pune, India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global air filters market size was valued USD 13.75 billion in 2021. The market is expected to reach USD 23.83 billion by 2029. This growth is attributed to factors such as increasing demand from the automotive industry, and the rising demand for reusable air filters which anticipated to offer lucrative growth opportunities for the market in the forthcoming years. Fortune Business Insights has presented this information in its report titled, “Air Filters Market, 2022-2029”.
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.
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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.
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.
The air filters market encompasses the production of filters utilized in a variety of applications, including HVAC systems, automotive, and industrial processes. This market has experienced growth due to heightened awareness of indoor air quality and the expansion of industries such as construction, automotive, and healthcare.
The Asia-Pacific region is forecasted to be the leading market for air filters, driven by the rapidly growing industrial sector and urbanization in countries like China and India. Nevertheless, the market faces challenges such as high raw material costs, heightened competition, and environmental regulations. To maintain a competitive edge, companies in the air filters market are investing in the development of new, high-efficiency filters and broadening their product portfolios to cater to various industries.
The air filters market is also expected to benefit from advancements in technology, such as nanofiber technology and the utilization of smart filters. The growing demand for energy-efficient and environmentally-friendly products will further contribute to market growth.
Additionally, the rising demand for reusable air filters is anticipated to be a key trend stimulating the 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 market growth.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/air-filters-market-101676
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”.
List of Key Market Players-
- 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)
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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
- North America 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 Country (USD Bn)
- U.S.
- By Type
- Cartridge Filters
- Dust Collector
- HEPA Filters
- Baghouse Filters
- Others (Mist Filters, and others)
- By Type
- Canada
- By Type
- Cartridge Filters
- Dust Collector
- HEPA Filters
- Baghouse Filters
- Others (Mist Filters, and others)
- By Type
- U.S.
Continued...
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