Filters Market Size is expected to reach at USD 111.9 Billion by 2030, registering a CAGR of 4.8%, Owing to Growing demand in Automobile Industry
Acumen Research and Consulting recently published report titled “Filters Market, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, Sept. 28, 2022 (GLOBE NEWSWIRE) — The Global Filters Market Size accounted for USD 74.6 Billion in 2021 and is estimated to achieve a market size of USD 111.9 Billion by 2030 growing at a CAGR of 4.8% from 2022 to 2030.
Filters Market Statistics
- Global filters market revenue was worth USD 74.6 billion in 2021, with a 4.8% CAGR from 2022 to 2030
- According to study, passenger cars will emit around 3 billion metric tons of carbon dioxide globally by 2020
- Asia-Pacific market leads with more than 42% filters market share in 2021
- North America region is projected to expand at a CAGR of 5% from 2022 to 2030
- Among type, the hospital segment has captured 60% of total market share in 2021
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Filters Market Report Coverage:
|Filters Market Size 2021||USD 74.6 Billion|
|Filters Market Forecast 2030||USD 111.9 Billion|
|Filters Market CAGR During 2022 – 2030||4.8%|
|Filters Market Analysis Period||2018 – 2030|
|Filters Market Base Year||2021|
|Filters Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, And By Geography|
|Filters Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||3M, Koch Filter, Airex Filter Corporation, Donaldson Company, Inc., Freudenberg Filtration Technologies SE & Co. KG, Parker-Hannifin Corporation, The Camfil Group, Clark Air Systems, DENSO Corporation, and Spectrum Filtration Pvt. Ltd.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Filters Market Dynamics
Continued growth from the transportation sector for reducing emissions as a result of restrictions imposed by many agencies, including the United States Environmental Protection Agency (EPA) as well as the Ministry of The environment, is likely to drive the filters market during the projected period. Due to the increasing increase in the treatment of the water and sewage industry, the market is likely to grow significantly. Authorities in several developing nations are focusing on the construction of water treatment infrastructure in order to supply safe water to their inhabitants for a variety of reasons, including sanitation, drinking, and cooking.
Filters are utilized in numerous automobile applications, such as cabin air filtration, oil intake, and emission filtration. The government’s concentration on the treatment of wastewater plans for the development of treatment facilities is anticipated to grow the global filters market value. This is owing to a shortage of clean drinking water, a population increase, and contaminants in surface and groundwater sources. The worldwide automotive industry’s growth, as a result of factors such as growing population and disposable income, is predicted to boost the filters market trend, especially in emerging regions such as Asia-Pacific, the Middle East and Africa, and Latin America.
Filters Market Growth Factors
- Rapid industrialization and urbanization
- Growing demand from the automobile sector
- Increasing emphasis on reducing industrial emissions
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Filters Market Segmentation
The global filters market has been segmented by Acumen Research and Consulting based on product, and application. By product, the market is separated into air filters, fluid filters, and ICE filters. In terms of product, the ICE filters dominate the industry and contributed to the majority of the market share for global filter growth. The implementation of a start-stop technology for autonomous closure and restarting of internal-combustion engines in order to decrease engine loitering time, pollutants, and fuel consumption is expected to boost the use of ICE filters in the upcoming decades. Moreover, advances in the automotive industry, such as hybrid and electric vehicles, are projected to propel the ICE filters category forward.
Moreover, according to the filters market forecast, the fluid filters segment is expected to hold significant market shares in the coming years. Government investments in the development of wastewater treatment plants to supply clean water for different commercial, residential, and industrial purposes are likely to drive the fluid filter market. Furthermore, the extensive usage of fluid filters in a variety of applications, including cold sterilization of beverages and medicines, petroleum refineries, and milk and cheese processing, is likely to fuel the filters market growth.
In terms of application, the market is further categorized into motor vehicles, utilities, consumer goods, industrial & manufacturing, and others. Motor vehicles held the largest market share, accounting for the vast majority of global filter sales. In the future years, the usage of filtration equipment in a number of consumer goods, including air purifiers, water filters, and air conditioners, is likely to fuel market expansion. Furthermore, firms such as Philips, Dyson, as well as Molekule are likely to boost the consumer goods market.
Filters Market Regional Overview
The global filters market is separated into several geographic regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to filters industry analysis, Asia-Pacific will lead the market in 2021. This is due to growing industrialization combined with rigorous environmental rules imposed by municipal governments. Increasing levels of atmospheric pollution and rising environmental concerns are expected to encourage the use of filtration systems and water filtration procedures, pushing market expansion.
Besides that, the region’s construction of multiple wastewater treatment facilities is predicted to drive a significant rise in filter demand in South and Central America throughout the projection period. Water contamination is on the rise in countries such as Argentina, Brazil, and Uruguay. Furthermore, the adoption of filters to minimize emissions levels in Brazil’s increasing mining industry is predicted to fuel regional market expansion.
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Filters Market Players
Some of the prominent filters market companies are 3M, Donaldson Company, Inc., Parker-Hannifin Corporation, Airex Filter Corporation, Freudenberg Filtration Technologies SE & Co. KG, The Camfil Group, Clark Air Systems, DENSO Corporation, Koch Filter, and Spectrum Filtration Pvt. Ltd.
Filters Market Strategies
- In February 2021, Johnson Controls has introduced a new device called the “ENVIRCO IsoClean CM Portable HEPA Air Cleaning System.” Koch Filter has a new product on the market. IsoClean CM combines effective HEPA air cleaning with numerous air changes per hour to continuously enhance indoor air quality (IAQ) and assist reduce the transmission of airborne diseases such as COVID-19.
- In April 2021, Donaldson Company, Inc. has announced the release of a new product called “Filter Minder Connect solution.” The newly released tool may now be used to monitor the quality of gasoline filters and engine oil in heavy-duty engines. Filter Minder system components are easily installed on equipment and connect with existing onboard telematics or fleet management systems.
Questions Answered By This Report
- What was the market size of Filters Market in 2021?
- What will be the CAGR of Filters Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Filters Market?
- Which region held the largest share in Filters Market in 2021?
- What are the key market drivers of Filters Market?
- Who is the largest end user Filters Market?
- What will be the Filters Market value in 2030?
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The Global Melt-Blown Polypropylene Filters Market is expected to witness the growth of 8.4% CAGR during the coming years and the market is estimated to capture worth USD 3.3 Billion by 2026.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
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