The global Industrial Filters Market Size is expected to showcase significant growth during the review period owing to the extensive growth of the major end-use industries such as food beverage, metal mining, chemical, pharmaceuticals, and power generation across the world. The growth of the global market is majorly driven by rapid industrialization and urbanization coupled with stringent regulations for emission and treatment of industrial waste. Additionally, the requirement of a safe working environment in industrial facilities as per the government norms is further expected to fuel the growth of the global Industrial Filters Market Size.
Global Industrial Filters Market Size was valued at USD 2.8 billion in 2017 and is projected to reach USD 4.16 Billion by 2030, registering a CAGR of 6.40%.
Market Segmentation
The global Industrial Filters Market Size has been segmented based on type, end-use industry, and region.
By type, the global market is divided into air and liquid. The liquid filter segment accounted for a larger market share in 2018 due to the rising need for wastewater treatment, chemicals, filtration of drinking water, and filtration procedures. Liquid filters are used in the treatment of coolants and lubricants, oil, fuel, urea, food and beverages, blood plasma, and wastewater. The growth of the liquid filtration can be attributed to factors such as minimization of time consumed and avoiding expensive replacement of fouled membrane filters. On the other hand, the air filtration segment is projected to grow on account of degrading air quality and global warming, which have resulted in the imposition of strict emission regulations on industries to reduce the pollutants released in the air.
On the basis of end-use industry, the global market has been segmented into food beverage, metal mining, chemical, pharmaceuticals, power generation, and others. Among these, the food beverage segment held the largest market share and is expected to be the fastest-growing end-use industry for industrial filters. This is due to the high demand for water filtration in this industry, required for washing, beverage production, and processing purposes due to increased food safety concerns and growing population.
Regional Analysis
The global market, by region, has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East Africa.
Asia-Pacific accounted for the largest market share in 2018 owing to the high demand for the product in food beverage, chemical, pharmaceuticals, and power generation industries. The fast-paced industrialization and urbanization in countries such as India, Vietnam, Thailand, and Malaysia is expected to result in an increased demand for filtration of industrial waste, thereby fueling the demand for industrial filters.
The North American and European markets are expected to witness healthy growth due to large industrial base coupled with stringent regulations for environment protection by the US Environment Protection Agency and the European Union.
Competitive Analysis
Some of the prominent players operating in the global Industrial Filters Market Size are Valmet (Finland), 3M (US), Ahlstrom-Munksjo (Finland), Lydall, Inc (US), Nordic Air Filtration (Finland), Fibertex Nonwovens A/S (Denmark), Sefar AG (Switzerland), Freudenberg Filtration Technologies SE Co. KG (Germany), Clear Edge (US), Sandler AG (Germany), American Fabric Filter Co (US), and ANDRITZ (Austria).
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