May 11, 2020
According to the research report titled ‘Global Filter Market Size study, by Filter Type (Fluid Filters, ICE Filters, Air Filters), by Application (Motor Vehicles, Consumer Appliances, Utilities, Industrial & Manufacturing, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, worldwide filter market generated USD 71.62 billion in the year 2018 and is expected to record a growth rate of 5% during 2019-2026.
For the record, filters are employed to remove paint chips, rust particles, dirt particles and contaminants in oils, fuel and air. This not only helps in improving the efficiency of machines but also aids in reducing the carbon levels.
Growing demand for vehicles operating on various fuels coupled with rising pollution levels are major factors driving the filter market growth. Global warming and increasing pollution levels have compelled governments to introduce strict emission regulations, which in turn will create lucrative growth avenues for global filter market. In July 2020, for instance, China will implement China 6 emission regulations, which are based on US and Euro 6 emission standards.
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Additionally, rising adoption of automotive filters in BRICS countries and increasing popularity of efficient and compact size filters are further fueling the market size. However, incapability of market majors to meet the growing demand for economical filters with improved service life may act as a restraining factor to the market growth.
As per type, market is divided into air filters, ICE filters and fluid filters. In terms of application spectrum, global filter market is split into industrial & manufacturing, utilities, consumer appliances, motor vehicles and others.
Citing the regional scope, Asia-Pacific filter market is poised to acquire admirable returns during the analysis timeframe, primarily due to rising sales of vehicles.
Meanwhile, North America filter market is reckoned to showcase a robust CAGR through 2026. Strict regulatory scenario pertaining to automotive emission mitigation and growing demand for vehicles are favoring the market scenario in North America.
The key participants in global filter market are Hengst Se & Co. KG, ACDelco Corp., Denso Corp., Cummins Inc., Ahlstrom Corp., Donaldson Co. Inc., MAHLE GmbH, Affinia Group Inc., Sogefi Group and Mann+Hummel Group among others.