NEW YORK, January 25, 2016 /PRNewswire/ --
The global filters market is expected to grow from $8,922.9 million in 2014, and reach $1,3601.9 million by 2020, growing with a CAGR of 7.3% during 2015 - 2020. The global filters market comprising industrial and automotive filters is driven by increasing industrialization and growth in the commercial vehicles market. The regulations regarding industrial and automotive emissions are becoming more stringent, which is consequently surging the demand for filters in the both the sectors. The demand for efficient filtration on the other hand has been promoting the sales of advanced filters, such as HEPA filters.
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The increasing population and urbanization in Asia-Pacific is expected to make it the global leader in global filters market by 2020. The increasing demand of bag and cartridge filters, mist collectors, and HEPA filters is expected to provide considerable growth opportunity for the global industrial filters market during the forecast period. The slowdown in passenger car sales in certain major automotive markets is obstructing the growth of the automotive filters market through original equipment manufacturer (OEM); however, the aftermarket sales have been offsetting the impact. The global market has witnessed consolidation during the recent past, which is reflected by several acquisitions taking place in the industry.
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The information and data in the publication "Global Filters Market Size, Share, Development, Growth and Demand Forecast to 2020" represent the research and analysis of data from various primary and secondary sources. A bottom-up approach has been used to calculate the global filters market by country, segment, type, and distribution channel. P&S Market Research analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
With the increasing competition in the market, the filtration companies are modifying their product portfolio to include offerings that are more advanced. For instance, Pall Corporation launched a 5 nm asymmetric nylon filter for semiconductor lithography processes. It is targeted to reduce filter start-up and toll downtime, and minimize chemical waste. Cummins launched a lube filters with its polymeric nanotechnology-based synthetic media, Nanotech. The lube will be used in Cummins' filter engines and will remove 98.7% of particles of dimension 12 microns. The introduction of products equipped with advanced technology is expected to positively impact the growth of the global filters market.
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The global filters market is consolidating with large numbers of mergers and acquisitions taking place. The year 2015 witnessed the announcement and completion of four acquisitions, out of which, three belonged to MANN+HUMMEL. The key competitors in the global filters market include MANN+HUMMEL, Affinia Group Inc., Cummins Inc., CLARCOR Inc., Donaldson Company Inc., Pall Corporation, Parker Hannifin Corporation, and Eaton Corporation Plc.
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