Industrial Filtration Market worth USD 49.87 Billion by 2027, registering a CAGR of 7.58% – Report by Market Research Future (MRFR)
New York, Aug. 10, 2021 (GLOBE NEWSWIRE) — Industrial Filtration Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Industrial Filtration Market Research Report, Type, Media, End-Use and Region – Forecast till 2027” the market size is projected to be worth USD 49.87 Billion by 2027, registering a CAGR of 7.58% during the forecast period (2021 – 2027), The market was valued at USD 30.91 Billion in 2020.
The global industrial filtration market is growing at a rapid pace, mainly due to drastically rising pollution levels. Spurring rise in industrialization worldwide impacts the market growth positively, increasing levels of various harmful gases & liquids released in the environment. With the growing aerospace & defense, energy & power, pharmaceutical, oil & gas, food & beverages, chemical, automotive, and other industries, the market is estimated to witness boosting shares in the next few years. The proliferation of industrial automation and data centers is a major driving force behind the industrial filtration market growth.
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Competitive Analysis
List of the Key Companies Profiled in the Industrial Filtration Market Research Report are:
- Parker Hannifin Corp (US)
- Alfa Laval (Sweden)
- Camfil (Sweden)
- Ahlstrom-Munksjö (Sweden)
- Lenntech B.V. (the Netherlands)
- MANN+HUMMEL (Germany)
- Pall Corporation (US)
- Sidco Filter Corporation (US)
- Filtration Group Corporation (US)
- Donaldson Company (US)
- Freudenberg Group (Germany)
- Cummins Inc. (US)
- Eaton (Ireland)
Highly competitive, the industrial filtration market appears fragmented due to the presence of many notable players. To gain a larger market share and create new markets, industry players adopt strategic approaches, such as mergers and acquisitions, collaborations, and others. They make substantial R&D investments in product development and keep themselves updated with new technologies.
For instance, on July 30, 2021, Croft Additive Manufacturing Ltd. (Croft AM) and sister concern Croft Filters Ltd. announced woven wire mesh filters developments. The new metal filter range – EXOstructure developed by these companies combines additive manufacturing and conventional materials. Also, these filters can be manufactured in various shapes and to more consistent specifications using PBF-LB.
Delivering the required filtration level (aperture size) and strength while retaining a maximal open area for efficient filtration remains one of the major challenges in this industry. Besides, these filters, commonly made from solely woven wire mesh, boast a high open area but with reduced overall strength.
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Industrial Filtration Technology Demonstrates Tremendous Market Opportunities
The market is primarily driven by the increasing industrial manufacturing and infrastructure development activities due to economic growth across the globe. Besides, rising mining activities and coal capacities and increasing demand for reliable power supply escalate the industrial filtration market size. Furthermore, government initiatives promoting filtration uses in process and manufacturing industries drive the growth of the market.
Substantial Capital Investment Requirement is a Major Headwind
Despite significant growth prospects, the market still witnesses major setbacks, such as the requirement of substantial capital investments to install industrial filtration solutions. Also, industrial filtration systems comprise high-end devices and expensive solutions. High implementation & maintenance costs are other major restraints affecting the market health.
COVID-19 Impacts
The COVID-19 outbreak impacted the industrial filtration industry positively. The coronavirus being an urban phenomenon underscored the importance of safe drinking water & sanitation, and clean air. Especially, populaces living in slums and peri-urban areas stand vulnerable to diseases like the COVID-19.
Various discussions concentrated on addressing urgent needs to rethink how major cities are organized and quickly set up effective decision-making processes at different scales and economies. These factors, as a result, allowed the market to garner robust demand throughout 2020.
Concerns pertaining to poor air quality have encouraged manufacturing capacities, accelerating the market rise. Major manufacturers are seen making substantial investments in R&D and market expansion. The industrial filtration market is estimated to witness a vast revenue rise in 2021 and beyond.
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Segmentation:
The market is segmented into types, media, end-use industry, and regions. The type segment is sub-segmented into liquid filters and air filters. Of these, the liquid filter segment accounts for the largest market share owing to stringent government regulations against water pollution.
The media segment is sub-segmented into metals, fiber papers, fiber glasses, non-woven fabrics, activated charcoal/carbon, and others. The end-use industry segment is sub-segmented into pharmaceutical, power generation, oil & gas, manufacturing, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region leads the global industrial filtration market. Factors such as the rapid industrialization and increasing government initiatives for minimizing harmful industrial gas emissions and water pollution drive the market growth. Besides, the rising awareness for safety and implementation of air filters for restricting harmful industrial gases boosts the region’s industrial filtration market size. The presence of key technology providers and early adopters of advanced filtration technologies influence the industrial filtration market share.
Segmentation of Market covered in the research:
Information by Type (Air Filters and Liquid Filters), By Media (Activated Charcoal/carbon, Fiber Glass, Fiber Paper, Metal, Nonwoven Fabrics and others), By End-Use Industry (Manufacturing, Oil and Gas, Power Generation, Pharmaceutical and others) and Region (North America, Europe & Asia-Pacific))
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