According to a report by Grand View Research, Inc.; the filters market is predicted to reach a valuation of USD 110.82 billion by 2024. Stringent government regulations to reduce industrial waste and harmful emissions from vehicles and industrial waste to control rising air pollution can amplify demand for filters. These filters can remove contaminants and solid particulates from air and fluids.
High demand for automobiles owing to increasing population can impel growth of the market filters in near future. Increasing adoption of nanotechnology coupled with continuous development of new and innovative products may also stimulate market growth. Favorable government policies to reduce carbon emissions are anticipated to propel market growth in the next few years. Expanding industrialization and urbanization can further spur market expansion. Growing awareness regarding domestic water and air filtration benefits coupled with changing buying patterns of customers are expected to impel market during the forecast period (2014 to 2024).
High initial capital investments involved in manufacturing filters is predicted to remain major hindrance for market players. In addition, fluctuations in prices of filters can also obstruct growth of the filters market during next few years.
Full Research Report On Filters Market Analysis: https://www.grandviewresearch.com/industry-analysis/filters-market
Continuous research and development activities to create innovative products and novel applications are anticipated to develop lucrative opportunities for manufacturers. In addition, reducing capital expenditure, expanding distributorship, and commencement of large-scale industrial operations can further develop abundant opportunities for market players.
The filters market can be segregated on the basis of product, application, and region. Based on product, the market can be divided into air, IC engine, and fluid filters. In the coming years, ICE filters are expected to witness significant growth owing to rising demand for motor vehicles and passenger cars.
Based on applications, market can be segmented into consumer goods, motor vehicles, utilities, industrial & manufacturing applications. In the coming years, motor vehicles segment is anticipated to contribute well to revenue owing to rising demand for energy-efficient vehicles coupled with growing environmental concerns. In addition, utility applications can also witness robust growth owing to supportive government initiatives to aid industrialization and urbanization.
Regional segmentation includes Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. In North America, the market can expand remarkably in the coming years owing to high demand for automobiles and rising disposable income. In addition, increasing number of original equipment manufacturer (OEM) activities owing to presence of leading automotive manufacturers in the region can further propel market growth.
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In Europe, the market is expected to grow at a steady pace during next few years owing to huge product demand from automobile industry in the region. In addition, increasing disposable income and growing concerns regarding water and air quality can impel market growth in the next few years. In 2015, German automobile industry manufactured 15 million vehicles, which is predicted to hold around 19% of the global production.
In Asia Pacific, the filters market is likely to witness significant growth in the coming future owing to penetration of automobile industry in the region due to labor costs and tax benefits. In addition, urbanization coupled with rising industrialization is likely to spur growth of the market.
In Central &South America, the market is predicted to grow slowly in near future owing to economic crisis and currency devaluation in the region. The affected automobile industry is expected to emerge out from this economic slump in the coming future. This may further impel the regional expansion over the forecast period.
In Middle East and Africa, the filters market is presumed to witness growth owing to high prevalence of oil refineries and automotive industry in the region. Oil-rich countries such as Saudi Arabia and Kuwait are expected to develop high demand for oil filters to offer high-quality oil. In addition, high demand for advanced filters from automotive industry to produce energy-efficient luxury cars can intensify demand for air filters in the region.
Some of the leading companies in the market for filters are Cummins, Inc.; Parker Hannifin Corporation; MANN+HUMMEL; Donaldson Company, Inc.; and Affinia Group Intermediate Holdings, Inc. Most manufacturers are expected to showcase forward integration characteristics spread across distributing and manufacturing processes throughout value chain.
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