Global filter market was valued at USD 55.7 billion in 2013. Increase in environmental concerns owing to rising pollution levels from various industrial and construction facilities is expected to drive demand over the forecast period. This market is expected to grow significantly at an estimated CAGR of over 6.0% from 2014 to 2020.
Growing automobile production coupled with emission control norms particularly in North America and Europe is expected to increase the product demand. Global passenger vehicle demand is expected to be valued over USD 75 million units by 2018. This increase in automotive production level is expected to drive the demand. Various emission control norms, such as BS V and EURO VI, are expected to play a key role in increasing the demand.
Increasing construction spending coupled with rapid industrialization particularly in Asia Pacific and Latin America is expected to drive market growth. Industries such as chemical and pharmaceuticals influence the indoor & outdoor air quality which can cause threat to health. Stringent standards across these industries to maintain work environment are expected to increase the demand.
Many companies are involved in research to develop substitutes for filters which poses a threat to industry participant’s growth. Increase in investment in technology to develop improved and more efficient filter products is expected to provide key growth opportunities for industry participants.
North America filter market revenue by product, 2012-2020, (USD Million)
IC Engine dominated the product segment and registered over USD 24 billion in terms of value for the overall market in 2013. Growing automobile demand particularly in Asia Pacific region owing to increasing disposable income is expected to fuel the demand.
Fluid segment was the second largest product and accounted for over 25% of the overall market share in terms of revenue in 2013. This product is widely used in application fields such as municipal water purification systems and chemical industries. Air segment is expected to witness steady growth rates and register a CAGR of 7.0% from 2014 to 2020.
Motor vehicles dominated the application segment and accounted for more than 50% of the global share in terms of revenue in 2013. This segment was valued at more than USD 25 billion in 2013 and is expected to continue its dominance over the forecast period.
Key uses in motor vehicle segment involve intake of oil, air, and fuel. The application growth is expected to be supported by installment of newer products in automobile for original and aftermarket (replacement) providers. New products include cabin air and diesel emission filters.
Industrial & manufacturing was the second largest application segment and registered well above USD 10 billion in 2013. This segment is expected to grow at an estimated CAGR of 6.7% from 2014 to 2020. Improved manufacturing outlook coupled with efforts in reducing industrial pollution is expected to drive the demand.
Consumer application segment is expected to witness significantly higher growth rates and is anticipated to register an estimated CAGR of 6.7% from 2014 to 2020. Increasing concern of home tap-water supplies coupled with indoor air quality is expected to drive demand for consumer application.
Utility application is expected to be valued at above USD 17 billion by 2020. Regulations relating to wastewater treatment, drinkable water quality, and air pollution levels from electricity producing power companies are expected to drive the market demand.
Asia Pacific dominated the regional market and was valued over USD 20 billion in 2013 and is expected to continue its dominance over the forecast period. Shift of automobile manufacturing companies in China, India, Thailand, and Indonesia owing to tax incentives and low labor cost is expected to drive Asia Pacific demand.
Asia Pacific is also expected to be the fastest growing regional market over the forecast period. Rapid industrialization in this region coupled with growing population is expected to drive this region’s demand.
Europe was the second largest regional market and was valued at over USD 14 billion in 2013. This region is expected to grow at steady growth rates. Presence of major automobile manufacturers is expected to drive this region’s demand. North America accounted for more than 20% of the global market in terms of revenue in 2013. This region is expected to register moderate growth rate of 6.1% from 2014 to 2020.
The market is fragmented with presence of multinational and domestic companies present across the value chain. Parker-Hannifin Corporation dominated the company market share and accounted for 4.5% of the global sales in 2012. Other major companies operating in the filter market include Affinia Group Intermediate Holdings, BRITA GmbH, Donaldson Company, Clarcor Incorporated, Cummins, MANN+HUMMEL and Pall Corporation