The latest report by IMARC Group, titled “Oil Filter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global oil filter market reached a value of more than US$ 3 Billion in 2016. An oil filter is designed to remove contaminants and impurities from engine oil, lubricating oil, hydraulic oil or transmission oil. If the oil is left unfiltered for a long time, it can get saturated and contaminate the oil which can damage the bearing surfaces of an engine. Therefore, it is necessary to use oil filter as it helps to protect the engine from damaging and provide an unhindered motion to the automobile. Moreover, it leaves no oil residue, is easy to replace and contains recyclable materials.
Highlights of the global oil filter market:
- Increasing demand for automobiles and vehicles in the developing regions is expected to be the major driver.
- Asia Pacific represents the biggest market, holding the majority of the total global share.
- On the basis of import and export trends, the United States represents the biggest importer while Germany is the leading exporter of oil filter.
Rising demand for passenger and commercial vehicles coupled with inflating income levels in the emerging regions such as China, Mexico, India, Korea, etc. is one of the major factors bolstering the market growth. Moreover, due to extensive use of tractors in the agricultural field, they require proper maintenance and timely replacement for their smooth operation. This is contributing towards the surging demand for oil filters in the sector. Further, general awareness among the consumers and government initiatives to reduce the emission of greenhouse gases from automobiles is expected to propel the growth of the oil filter market. According to the report, the market is anticipated to reach a value of around US$ 4 Billion in 2022, projecting a CAGR of nearly 5% during 2017-2022.
The market has been segregated on the basis of end-use into passenger cars, commercial vehicles and two wheelers. Region-wise, Asia Pacific accounts for the majority of the global share, representing the leading market. Some of the other major markets include North America, Europe, Middle East and Africa, and Latin America. On the basis of import trends, the United States holds the largest share, whereas Germany represents the biggest exporter. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players include Ahlstrom, Clarcor, DENSO, MAHLE and Mann+Hummel.
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The report by IMARC Group has examined the global oil filter market on the basis of:
- Passenger Cars
- Commercial Vehicles
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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