The global filters market size is expected to reach USD 110.8 billion by 2027, expanding at a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Rapid technological advancements coupled with growing demand for filtration for industrial, commercial, and household purposes is anticipated to drive the market.
Presence of stringent regulatory framework, which stipulates lowering of the exhaust emissions, is anticipated to boost the product demand in the automotive industry. In addition, increasing investments towards the installation of high-quality filters in the cars for cabin air filtration by the automobile manufacturers is anticipated to benefit market growth over the forecast period.
Growing population, depletion of water resources, and contamination of ground and surface water has resulted in an increased adoption of water treatment processes to improve the water quality. In addition, rapid industrialization in developing economies such as Asia Pacific is anticipated to further result in shortage of potable water, which is likely to promote the demand for water filtration systems.
Major market players such as Affinia Group Intermediate focus on integrated third party production/distribution and supply directly to end-use companies. In addition, companies have taken strong measures to develop theirproduct portfolio and increase their production capacity with an aim to gain a better foothold in the market.
Further key findings from the report suggest:
- The ICE filters segment accounted for USD 32.9 billion in 2019 and is projected to witness strong growth over the forecast period on account of growing production of automobiles and rising spending power among people across the globe
- The motor vehicle application segment is anticipated to reach USD 55.9 billion in 2027 owing to growing demand for vehicles coupled with rising environmental awareness across the globe
- The filters market in Europe is projected to witness a CAGR of 3.7% from 2020 to 2027 and reach USD 25.2 billion in 2027 due to the implementation of stringent regulations by government authorities to control the emission level from automobiles and industrial exhaust emissions in the region
- The market in Asia Pacific accounted for USD 32.1 billion in 2019 and is estimated to grow at a CAGR of 6.4% over the forecast period. Rapid industrialization in the region coupled with implementation of government regulations related to the industrial emission is projected to benefit market growth
- The industry in India is estimated to exhibit a CAGR of 7.8% owing to the increasing product demand on account of the rising number of water purification projects introduced in the country.