Filters Market Size Is Likely To Reach A Valuation Of Around USD 110.82 Billion By 2024: Grand View Research inc.

Filters Market Size Is Likely To Reach A Valuation Of Around USD 110.82 Billion By 2024: Grand View Research inc.

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According to report published by Grand View Research,The increasing demand for low emission control vehicles and implementation of stringent regulations to curb rising pollution levels are expected to remain key driving factors for global filters market.

According to a report, “Filters Market Size, Share & Trends Analysis Report By Product, (Fluid Filters, ICE Filters, Air Filters), By Application (Motor Vehicles, Utilities, Industrial), By Region, And Segment Forecasts, 2018 – 2024″.The global filters market is expected to reach USD 110.82 billion by 2024, The increasing demand for low emission control vehicles and implementation of stringent regulations to curb rising pollution levels are expected to remain key driving factors for global filters market.

Regulatory norms supporting the filters market growth across various European countries such as the UK, France, Spain, Italy, and Germany coupled with stringent environmental emission guidelines followed in the U.S. are also anticipated to benefit the industry growth. Regulations governing the supply of purified drinking water are expected to drive the demand for fluid filters over the next six years. Increasing automobile production particularly in emerging economies of China, India, Thailand, and Indonesia have also contributed towards the market development. Key companies have been focusing on these high growth markets for future expansions. 

Key Takeaways from the report:

  • The global filters market was valued at USD 63.35 billion in 2015 and is expected to reach USD 110.82 billion by 2024, growing at a CAGR of 6.4%from 2016 to 2024

  • IC engine segment emerged as the most dominant filter product consumed globally and accounted for 44.5% of total market revenue in 2015. Positive outlook of automobile industry on account of favorable government policies particularly in Asia Pacific and Latin America is expected to drive this segment over the forecast period.

  • Motor vehicles emerged as the leading application and accounted for 51.4% of total market revenue in 2015. Stringent regulations to curb harmful emission generated from automobiles has prompted the demand for filters in the automotive industry. Consumer goods are expected to witness the highest growth of 7.4% from 2016 to 2024.

  • Asia Pacific was the leading regional market and accounted for 38.4% of global revenue in 2015.Asia Pacific is also expected to remain the most lucrative region in terms of growth on account of rising manufacturing activities and the growing automotive industry, particularly in China and India.

  • Some leading companies operating in the global filters market include Donaldson Company, Clarcor Incorporated, Affinia Group Intermediate Holdings, Parker-Hannifin Corporation, Cummins, BRITA GmbH, Pall Corporation, and MANN+HUMMEL.

U.S. filters market

Application Insights

Utility applications segment is presumed to experience robust growth due to several factors. These factors include government initiatives to aid increasing urbanization and industrialization, particularly in the developing regions such as Asia Pacific and Central & South America. Change in customer lifestyle, as well as living standards, are key reasons that are presumed to assist the market growth in the near future.

Change in customer buying patterns and rise in awareness related to domestic air & water filtration benefits are expected to play a key role in shaping the future demand. Increasing market penetration due to ardent steps taken by industry participants is another key factor anticipated to positively impact the market over the forecast period.

Increasing urbanization coupled with rising disposable income is expected to propel the demand for motor vehicles over the forecast period. This trend in turn is presumed to benefit the demand for overall filters market over the forecast period. Stringent regulatory framework and growing environmental awareness are also projected to significantly impact the motor vehicles application market.

Global filters market

Other applications, which include wine filtration, and medical applications are presumed to witness significant growth in the near future. Microfiltration is widely used in wine industries to remove contaminants such as bacteria, particulates, crystals and yeasts to provide stabilization and fine quality of wine. Strong demand from the medical & pharmaceutical industry couple with heavy demand for wine & wine products are key factors expected to positively impact the market in the near future.

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Regional Insights

Stringent regulations and standards set by governments and related associations, coupled with growing environmental concern are presumed to play a critical role in aiding the industrial & manufacturing filter application in the near future. Such stringent regulatory framework has prompted companies to invest in premium filtration techniques across all their operations. Rapid urbanization and industrialization, particularly in the developing regions, is expected to offer ample market growth opportunities.

The shift in automobile manufacturing companies in India, China, and Thailand due to tax incentives & labor costs is anticipated to surge the demand for strainers over the forecast period. Rapid industrialization coupled with urbanization is also expected to aid the growth of filters in the regional market. 

Growth in automotive segment is expected to propel the market demand for Germany. In 2015, German automobile industry produced 15 million vehicles, which is estimated to be 19% of the total world production. 

Environment and Climate Change Canada and Transport Canada regulate emissions from internal combustion engines in Canada. Under the Canadian Environmental Protection Act 1999 (CEPA 1999) [3288], Environment Canada has the authority to regulate emissions from on-road engines, as well as from most categories of off-road engines.

Grand View Research has segmented the filters market on the basis of product, application and region:

Global Filters Product Outlook (Revenue, USD Million, 2014 – 2024)

  • Fluid

  • IC Engine

  • Air

Global Filters Application Outlook (Revenue, USD Million, 2014 – 2024)

  • Motor vehicles

  • Consumer applications

  • Utilities

  • Industrial & manufacturing

  • Others

Global Filters Regional Outlook (Revenue, USD Million, 2014 – 2024)

  • North America

    • U.S.

    • Mexico

    • Canada

  • Europe

    • Germany

    • UK

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East and Africa

    • South Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunity.

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