The global pleated filter market size is expected to reach USD 14.22 million by 2025, growing at a CAGR of 4.8%, according to a new report by Grand View Research, Inc.Increasing demand for air filtration across the manufacturing industries is anticipated to propel the pleated filters market growth over the forecast period.
The factors such as growing environmental concerns and stringent regulatory framework have resulted in companies investing heavily in air filtration techniques and processes. In addition, the strict regulations and policies that govern the water treatment for both domestic and industrial waste-water is expected to promote the demand for pleated filters.
Buyers are expected to have low to medium bargaining power on account of use of pleated filters across a number of end-user industries. In addition, superior performance of the pleated filters is expected to attract the buyers towards the use of the product in comparison to the conventionally used filtration systems which is expected to benefit growth
Key players are notably investing in research and development activities and continuously launching new products and services in the market to enhance customer lifetime value, thereby leading to market growth. In addition, the companies are also involved in the development of new sustainable products and solutions offering improved efficiency and better value to the customers.
Further key findings from the report suggest:
- Air filters accounted for a market share of 50.9% in 2018 , owing to higher durability coupled with the wider surface area for filtration, thereby prompting its use in HVAC systems
- The industrial application segment is anticipated to witness a significant growth over the forecast period, growing at a CAGR of 5% from 2019 to 2025, owing to the rapid industrialization in the developing economies such as China, India, and Brazil
- The market for pleated filters in Asia Pacific is projected to grow at a CAGR of 5.8% from 2019 to 2025, due to the growing demand across the well developed electronic and chemical & petrochemicals industries
- The pleated filter market in China is expected to register a revenue of USD 3,867.7 million by 2025 on account of the increased adoption of the product in the growing food & beverage industry on account of superior product characteristics
- Key participants are taking efforts to increase market penetration & presence and offer expanded product offerings in the market segments.