The industrial filtration market is projected to reach a market size of USD 35.47 billion by 2023, growing at a CAGR of 6.50% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for industrial filtration, followed by North America. This trend is expected to continue until 2023. The growth of the industrial filtration market is driven by the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.
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The major strategies adopted by leading market players include new product developments, mergers & acquisitions, investments & expansions, contracts & agreements, joint ventures, and partnerships & collaborations. New product developments was the most commonly adopted strategy from January 2014 to February 2018. Mergers & acquisitions was the second-most widely followed strategy during the same period. Two of the leading market players are highlighted in the section below.
Parker Hannifin is one of the leading manufacturers of industrial filtration equipment and offers its products to a wide variety of mobile, industrial, and aerospace markets. It conducts its operation through 2 business segments, namely, diversified industrial and aerospace systems. Parker Hannifin offers industrial filtration through its diversified industrial segment, which accounted for 81.0% of the total net sales in 2017. The industrial segment is further classified into 5 business subsegments, namely, engineered material group, filtration group, fluid connectors group, instrumentation group, and motion systems group. This segment offers its products to both OEMs and distributors that serve the replacement markets in manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery, and equipment industries. The filtration group product portfolio includes filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases. Parker Hannifin operates in 50 countries and its manufacturing, service, sales, distribution, and administrative facilities are located in 41 states within the US and in 49 other countries. It markets its products through direct sales employees, independent distributors, and sales representatives. The company adopted organic growth strategy as one of its key business strategies to expand its business and regional presence. For instance, in February 2018, the company opened a new industrial filter test laboratory and customer experience facility. The laboratory will provide quantitative methods for determining the performance of pulse-cleaned filters and perform tests in accordance with ANSI/ASHRAE 199-2016.
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The industrial filtration market, Alfa Laval provides engineering solutions and products on the basis of its 3 key technologies: heat transfer, separation, and fluid handling. Its products are used in various end-use industries and applications such as power plants, aboard ships, oil & gas, mining, wastewater treatment, comfort climate and refrigeration, and mechanical engineering. Alfa Laval conducts its operations through 3 business segments, namely, process technology, marine & diesel, and equipment. The process technology business segment offers products for industrial filtration. The process technology segment offers solutions in the areas of heat transfer, separation or fluid handling to enhance the efficiency of their processes and boost their capacity. The main end-use industries in this segment include energy & processes, water & waste treatment, food & life science, and service. Alfa Laval has a strong presence in nearly 100 countries with 42 major production units (22 in Europe, 10 in Asia, 8 in the US, and 2 in Latin America). Its sales and aftermarket organization operate in more than 100 countries either directly or in collaboration with external partners. New product development was one of the key business strategies adopted by the company to prosper in its business. In 2017, the company introduced a new generation of decanter centrifuges. The decanter centrifuges can be used for slurries or sludge in the feed and can process many kinds of slurries, ranging from food to abrasive minerals, sticky to dusty, and light- to heavy-density materials.
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