The global industrial filters market is expected to witness a growth of 6.09% CAGR across the forecast period of 2019 to 2027.
Product Insights :
Industrial filters are among the most crucial components used in pharmaceutical & chemical industries in order to ensure optimum quality of the products. Rapid industrialization in Asia Pacific and other regions of the world along with stringent environment norms for treatment of industrial waste is driving the market growth. By 2027, the industrial filters market is expected to reach at US$ 5.03 Bn, expanding at a CAGR of 6.09% across the forecast period of 2019 to 2027.
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Moreover, with rising population, rapid urbanization of the major cities is happening all over the world. Along with this, changing lifestyle of people where fast food, ready-to-eat food, processed food and convenience food are in high demand. These factors have assisted for the growth of food and beverages industry worldwide. This growth also influenced the demand for industrial filters. In 2018, food and beverages industry accounted the largest share of industrial filters market.
In terms of geography, Asia-Pacific has the largest share in industrial filters market in 2018. It accounts more than 40% share of the market and it is expected to remain dominant during the forecast period. The region is home to about 4.3 Bn people which is about 60% of world population and it is rising at a robust rate. Growing population has increased the food and beverages industry in the region. This has influenced the industrial filters market in Asia Pacific. Furthermore, nearly 60% of the young population of the world lives in Asia Pacific. This young population is driving the automotive industry in the region which in turn influencing the industrial filters market in Asia Pacific.
Competitive Insights:
Some of the major players profiled in industrial filters market includes 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 players are adopting various strategies such as acquisition and infrastructure modernization to increase their market share.
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Filters with Liquid Media recorded the Largest Market Share in 2018
In 2018, liquid media filters have registered the largest share in 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 to this, strict laws for treating industrial and municipal waste has 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 2018
In 2018, Asia Pacific led the industrial filters market worldwide. The region is expected to witness a 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.
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