Latest Report On Filters Market By Grand View Research Suggest Growth At CAGR Of 6% Till 2020

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New Market Research Reports Title Global Filters Market Analysis Size And Segment Forecasts To 2020 Has Been Added to Report Database

The filters market is projected around USD 88.3 billion by 2020. It had a prior estimated turnaround of USD 55.7 billion in 2013. Environmental concerns due to contamination from construction and industrial amenities are the major market propeller. The market would grow significantly at 6% CAGR from 2014 to 2020 (forecast period).

Production of automobiles coupled with stringent emission norms in North America and Europe should also drive the market. Rapid infrastructural developments in Latin America and Asia Pacific will play a key role for expansion across these regions. Substitutes (developed by companies) to filters are a market challenge. Investing in technologies for better & efficient filters can create opportunities for the filters market.

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IC engine, air, and fluid filters are the market products. IC engine was the largest segment in 2013, surpassing 44% shares. Demand for automobiles in Asia Pacific can spur regional growth. Fluid filters would be the fastest growing product (7.3% CAGR) over the forecast period. Regulations regarding purified drinking water should ensure demand for fluid filters in the coming years. Air filters are estimated to experience about 7% CAGR during 2014 to 2020.

Motor vehicles, industrial & manufacturing, consumer, and utility are applications of the filters market. Motor vehicles were the largest segment, accounting for 51.5% shares in 2013. They stood more than USD 25 billion the same year and should continue their reign in the six years ahead. New automobile innovations like cabin air and diesel emission filters can assist this application.

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Industrial & manufacturing was the second largest filters market application in 2013. It earned over USD 10 billion that year. The segment will exhibit a growth rate of 6.7% in the future. Consumer applications could record around 6.7% CAGR during the forecast period. Concerns with respect to residential tap-water supply ensure demand for these applications. Utility would reach more than USD 17 billion by 2020.

Asia Pacific could be the fastest growing filters market in the coming six years. Low tax incentives and cheap labor in China, Thailand, Indonesia, and India will see regional automobile manufacturers shift their base to these nations. Europe was the second largest market and valued over USD 14 billion in 2013. North America accounted for 20% of the global shares that year. It can grow at about 6.1% CAGR in the forecast period.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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