The industrial filters market is projected to register a CAGR of 6.2%, in terms of value, between 2018 and 2023. The market size of industrial filters is estimated at USD 2.7 billion in 2018 and is projected to reach USD 3.7 billion by 2023. This growth is attributed to the growing industrialization and urbanization coupled with stringent regulations pertaining to emission and treatment of industrial waste. Additionally, the requirement of a safe working environment in industrial facilities is driving the industrial filters market. However, the increasing demand for renewable energy sources is the major restraint for the growth of the market. The growing manufacturing sector in Southeast Asia is expected to provide new growth opportunities for market players.
The liquid filter media type to be the larger segment of the industrial filters market. Based on type, liquid filter media is estimated to be the larger type of industrial filters during the forecast period.The demand for liquid filter media is comparatively higher owing to the high requirement of solid-liquid separation in all the major end-use industries considered in the study.
Among the types of liquid filter media, the demand for woven fabrics is highest due to its technological advancement and cost-effectiveness.
The food & beverage end-use industry is projected to register the higher CAGR during the forecast period. Food & beverage is estimated to be the largest and fastest-growing application of industrial filters during the forecast period.The rapidly growing population and urbanization along with changing lifestyle have resulted in the growth of the food & beverage industry, globally.
The rising demand for ready-to-eat food, convenience food, and processed & semi-processed food offers growth opportunities for the food & beverage industry, which, in turn, drives the industrial filters market.
APAC is projected to be the largest industrial filters market during the forecast period. The APAC industrial filters market is projected to register the highest CAGR during the forecast period.This growth is attributed to the high demand from the food & beverage, chemical, and metal & mining end-use industries.
Moreover, the demand for industrial filters is high in developing economies such as China, India, Brazil, and South Africa. The growing urbanization and industrialization are leading to the increased demand for potable water, which, in turn, is boosting the APAC industrial filters market.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region. • By Company Type – Tier 1- 25%, Tier 2- 50%, and Tier 3- 25% • By Designation - C Level- 20%, Director Level- 30%, and Others- 50% • By Region - APAC- 30%, Europe- 25%, North America- 20%, South America-15%, and the Middle East & Africa-10%
The report profiles several leading players of the industrial filters market that include Valmet Corporation (Finland), Lydall Inc. (US), 3M (US), Ahlstrom-Munksjo (Finland), Clear Edge Filtration Group (US), Nordic Air Filtration (Denmark), Fibertex Nonwoven (Denmark), Sefar AG (Switzerland), Freudenberg Filtration Technologies (Germany), and Sandler AG (Germany). The report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the industrial filters market.
Research Coverage- The report offers insights into the industrial filters market in the key regions.It aims at estimating the size of the industrial filters market during the forecast period and projects future growth of the market across type, end-use industry, and region segments.
The report also includes an in-depth competitive analysis of the key players in the industrial filters market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report- The report will help leaders/new entrants in the industrial filters market by providing them with the closest approximations of revenues for the overall market and its various subsegments.This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and formulate suitable market strategies.
The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, and opportunities affecting the growth of the industrial filters market.
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