SAN FRANCISCO, April 5, 2021 /PRNewswire/ -- The global filters market size is expected to reach USD 101.88 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.7% from 2021 to 2028. The growing demand for filters from the automobile industry to reduce the emission levels owing to the regulations by several agencies, such as the U.S Environment Protection Agency (EPA) and Department of Energy (DOE), is expected to drive the market over the forecast period.
Key suggestions from the report:
By product, air filters are expected to exhibit the fastest CAGR of 6.1% from 2021 to 2028 on account of the high product penetration in air filtration products, such as air purifiers
The motor vehicles application segment dominated the market in 2020 owing to the extensive product use in the automobile industry to reduce the fuel consumption levels and the rapid growth of the automobile industry
Asia Pacific is estimated to exhibit the fastest CAGR over the forecast period owing to the growing product demand in industries, such as chemicals, power generation, metal processing, and cement, to reduce the greenhouse gas emissions
The demand for filters is expected to be hampered owing to the COVID-19 pandemic in 2020. Lockdowns in major countries led to the temporary closure of various industries and automobile production units to limit the spread of the virus
The companies are emphasizing the development of new sustainable products to offer improved efficiency and better value to the customers. Extension of products and service offerings to customers is also one of the primary strategies employed by the companies
The market is expected to witness significant growth over the forecast period owing to the rise in product demand from the water and wastewater treatment industry. The governments across various developing countries are emphasizing the development of water treatment infrastructures to provide safe water to their citizens for various purposes, such as drinking, sanitation, and cooking.
The increasing concerns regarding clean air are also anticipated to boost the growth of the air filtration industry over the forecast period. The rise in disposable income, rapid urbanization, and health concerns have resulted in people investing significantly in air purifier systems for domestic use. This shift in consumer behavior is expected to positively impact the market growth over the forecast period.
The industry exhibits a large number of established players controlling a significant market share. Key players are focused on research and development activities for the development of new products and services in the market to enhance their service offerings, thereby attaining business growth in the market.
Grand View Research has segmented the global filters market on the basis of product, application, and region:
Filters Product Outlook (Revenue, USD Million, 2017 - 2028)
Filters Application Outlook (Revenue, USD Million, 2017 - 2028)
Industrial & Manufacturing
Filters Regional Outlook (Revenue, USD Million, 2017 - 2028)
Nonwoven Filter Media Market – Global nonwoven filter media market size was estimated at USD 2.2 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027.
Automotive Air Filters Market – Global automotive air filters market size was valued at USD 3.9 billion in 2018, exhibiting a CAGR of 4.8% over the forecast period. Rising product demand from the automotive industry owing to stringent government regulations for vehicle emission is estimated to fuel the market growth.
Pleated Filters Market – Global pleated filters market size was estimated at USD 10,262.4 million in 2018, growing at a CAGR of 4.8% over the forecast period. The demand for the product is anticipated to grow with the rising demand for waste-water treatment from the residential and industrial segments.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.