March 23, 2022 00:43 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 23, 2022 (GLOBE NEWSWIRE) -- The global air filters market size is anticipated to hit USD 23.83 billion by 2029 and exhibit a CAGR of 7.2% during the forecast period. The increasing demand from the automotive industry is expected to be a key growth driver for the market. Fortune Business InsightsTM has presented this information in its report titled, “Air Filters Market, 2022-2029”. The market size stood at USD 13.75 billion in 2021 and USD 14.68 billion in 2022. Additionally, the rising demand for reusable air filters is anticipated to offer lucrative growth opportunities for the market in the forthcoming years.
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Air Filter Demand Soared due to Increasing Indoor Air Quality (IAQ) Concerns The coronavirus pandemic has substantially fueled the market growth. The coronavirus is highly transmissible through the air. This created a high need for advanced air filters to eliminate the minute virus. The demand for air filters significantly rose during the pandemic, which bolstered the air filters market growth. Despite the supply chain disruptions and logistical hindrances, the market has expanded and will continue expanding in the forthcoming years.
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On the basis of type, the market is segmented into baghouse filters, HEPA filters, dust collectors, cartridge filters, and others. On the basis of end-user, the market is trifurcated into industrial, commercial, and residential. Geographically, the market is classified into the Middle East & Africa, Latin America, North America, Europe, and the Asia Pacific.
Expanding Automotive Industry to Promote Market Growth The automotive industry is rapidly expanding, especially in countries such as India, China, and others. The rising demand for passenger and commercial vehicles due to improving income levels, increasing urbanization, and industrialization is likely to boost the demand for air filters and fuel the global air filters market growth. Moreover, the use of these air filters in aftermarket services is likely to complement the market growth. Additionally, the rising demand for reusable air filters is anticipated to be a key trend stimulating market growth. The growing adoption of sustainable alternatives to reduce harmful emissions and improve indoor air quality are likely to favor market growth. However, the high maintenance and initial costs of installing air filters may hinder the market growth.
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North America to Hold the Lion’s Share North America is anticipated to attain the largest air filters market share during the forecast period. The expanding automotive industry and the growing adoption of preventive measures by the government in the region are likely to fuel the region’s market growth. Asia Pacific is likely to exhibit the highest CAGR. The swift industrialization and urbanization across countries such as India and China are expected to boost the region’s market growth. China introduced its largest air purifier in January 2018. Europe is predicted to witness substantial growth. The adoption of strict government initiatives in countries such as Spain, Germany, and Italy to improve air quality is likely to aid the region’s market growth. Latin America and, the Middle East & Africa are expected to exhibit steady growth due to the demand for baghouse filters and dust collectors.
Key Players Emphasize Acquisitions to Amplify their Market Growth The major market players emphasize acquisitions to amplify their global market presence. They adopt several ingenious strategies such as collaborations, mergers, new product launches, and others to magnify their growth. For instance, MANN+HUMMEL and Mercedes Benz collaborated in October 2021 to launch a “frontend module solution and underbody solution”.
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December 2021: Camfil USA Inc. unveiled its plans to establish a new production facility filters of air filtration in Kilgore, Texas by investing USD 50 million.
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