“The industrial filtration market is projected to grow at a CAGR of 6.50% from 2018 to 2023.”
The global industrial filtration market is estimated at USD 25.89 billion in 2018 and is projected to grow at a CAGR of 6.50% to reach USD 35.47 billion by 2023. This growth is primarily due to the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities. The restraints for this market are slowing the industrial growth in China and growth in renewable energy sources.
“The market for air filtration is expected to grow at the highest CAGR.”
The market for air filtration is expected to grow at the highest CAGR from 2018 to 2023. Strict government regulations to curb air pollution is expected to drive growth of the air-type industrial filtration market. Moreover, the demand for clean air in workplaces is gaining importance and is contributing to its development.
“Asia Pacific: The largest market for industrial filtration.”
Asia Pacific is expected to account for the largest market share of the global industrial filtration market in 2018. This trend is projected to continue until 2023. Emission regulations accompanied with the need for clean indoor air facilities is one of the major factors that drive this market. The growth in manufacturing, power generation, oil & gas, and food & beverage industries has a great influence in the economic development of the countries in the region. China accounted for the largest share of the industrial filtration market in Asia Pacific in 2017. Power generation is one of the major end-user industries for industrial filtration and is a critical element. Filtration is carried out in power plants either for filtration of boiler feed water, preventing the discharge of fly ash from the chimneys of coal or other sources of solid fuels or for maintaining the performance of turbines. Furthermore, there are strict regulations for emissions for which filtration plays a vital role. Almost all the countries in the region are investing in its manufacturing, power generation, process industry, and pharmaceuticals industry to advance its economic growth, which is likely to drive the growth of industrial filtration market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1: 48%, Tier 2: 38%, Tier 3: 14%
- By Designation: C–Level: 20%, Director Level: 35%, Others: 45%
- By Region: North America: 25%, Europe: 24%, Asia Pacific: 30%, South America: 8%, Middle East: 11%, and Africa: 2%
Some of the prominent players in the market include Alfa Laval (Sweden), Ahlstrom-Munksj? (Finland), Donaldson (US), Eaton (Ireland), Freudenberg (Germany), Mann+Hummel (Germany), Pall Corporation (US), and Parker Hannifin (US).
The report defines, describes, and forecasts the global industrial filtration market by type, installation, voltage, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues. It also covers various important aspects of the market.
Why buy this report?
- The report identifies and addresses key markets for industrial filtration market, which would help suppliers review the growth in the demand for the product.
- The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
- The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.