The HVAC filters market is projected to grow at a CAGR of 5.1% between 2019 and 2024
The HVAC filters market is estimated to be USD 6.0 billion in 2019 and is projected to reach USD 7.7 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. Increasing demand for HVAC systems, growing awareness about indoor air quality, and stringent government regulations for efficient filtration are the main factors that have led to the growth the HVAC filters market. Rising environmental concerns due to the emission of hydrofluorocarbons (HFCs) from HVAC systems are restraining the growth of the HVAC filters market.
The synthetic polymer segment is projected to grow at the highest CAGR in the HVAC filters market during the forecast period
The synthetic polymer segment is estimated to be the largest material segment in 2019. This segment is also projected to register the highest CAGR during the forecast period. The demand for the synthetic polymer material is owing to its higher efficiency, greater wash ability, and longevity compared to other conventional fiberglass filters. Filters made of synthetic polymer have a pleated design, which increases the surface area, thus making the filter more efficient at capturing airborne particles in HVAC systems.
The HEPA segment is expected to lead the HVAC filters market during the forecast period
Based on technology, the HEPA segment is estimated to account for the largest share of the HVAC filters market in 2019. The HEPA filter technology has the capability of trapping 99.97% dust particles that are 0.3 microns or larger in size. HEPA filters have diverse application areas, including residential buildings, pharmaceutical production, food & beverages, and clean rooms in the electronics & semiconductor industry, among others. The demand for the HEPA filter technology is expected to increase in several industries due to the technology’s capability of providing improved indoor air quality.
The building & construction segment is expected to lead the HVAC filters market during the forecast period
Based on end-use industry, the building & construction accounted for the largest share of the HVAC filters market in 2018 in terms of volume. This growth is mainly attributed to increasing construction activities in the residential and commercial sectors. The increasing demand for green buildings and awareness about indoor air quality are also expected to fuel the growth of the HVAC filters market in the building & construction segment during the forecast period.
The Asia Pacific HVAC filters market is projected to witness the highest CAGR between 2019 and 2024
By region, the Asia Pacific HVAC filters market is projected to grow at the highest rate between 2019 and 2024. The market growth in this region is mainly attributed to improved economic conditions of developing countries, increasing building and construction activities, and rising global warming. The presence of various associations that support the adoption of efficient HVAC systems is expected to help drive the demand for HVAC filters in the region during the forecast period.
Breakdown of primary interviews for the report on the HVAC filters market
- By Company Type – Tier 1 – 11%, Tier 2 –33%, and Tier 3 – 56%
- By Designation – C-Level – 20%, D-Level Executives – 10%, and Others – 70%
- By Region –Asia Pacific – 14%, Europe – 29%, North America – 36%, Middle East & Africa – 14% South America – 7%,
Some of the leading manufacturers of HVAC filters profiled in this report include Camfil AB (Sweden), MANN+HUMMEL (Germany), Donaldson Company, Inc. (US), Filtration Group Corporation (US), Koch Filter (US), 3M Company (US), Parker Hannifin Corporation (US), Ahlstrom-Munksj? (Finland), American Air Filter Company, Inc. (US), and Freudenberg Group (Germany).
- This report covers the HVAC filters market by material, technology, end-use industry, and region. It aims at estimating the size and future growth potential of the market across various segments.
- The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
- From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles.
- These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments, high-growth regions, and drivers, restraints, opportunities, and challenges in the HVAC filters market.
The report provides insights on the following:
- Market Penetration: Comprehensive information on various raw materials and processes of HVAC filters offered by top players operating in the market
- Product Development/Innovation: Detailed insights into upcoming developments in HVAC filters, R&D activities, and new applications in various end-use industries in the market
- Market Development: Comprehensive information about lucrative and emerging markets across different regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the HVAC filters market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the HVAC filters market