Filters Market Size, Share & Industry Analysis, By Product Type (Air, Water, Gas), By Application (Food & Beverage, Chemicals & Materials, Oil & Gas and Power, Pharmaceuticals/Medical, Metal & Mining, Automotive, Others), and Regional Forecast, 2022-2029

The global filters market size was valued at USD 94.80 billion in 2021 and is projected to grow from USD 100.52 billion in 2022 to USD 145.18 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period. The market is propelled by the growing awareness of air and water pollution, increased industrial activities, and stringent environmental regulations, driving demand for filtration solutions across various sectors.

The global COVID-19 pandemic has been unprecedented and staggering, with filters experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 6.4% in 2020 as compared to 2019.

Using proper and efficient filtration products is extremely vital as these play a crucial role in adhering to emission norms and reducing the exhaust of pollutants. Some of the application areas of these products comprise the food & beverage, chemicals & materials, oil & gas and power, pharmaceuticals/medical, metal & mining, automotive, and other industries.

COVID-19 IMPACT

COVID-19 Pandemic to Create Long-term Opportunities for the Market

The COVID–19 pandemic has significantly impacted the global economy. Numerous restrictions and lockdowns implemented globally during the initial phase of the pandemic and stringent SOP guidelines post-lockdowns affected the standard supply chain of the market. The complete breakdown of the supply chain increased the inability of market players to continue the streamlined supply of their products.

The pandemic has negatively impacted the sales volume of water filters primarily due to short-term customer site closures, client site access restrictions, and the temporary closure of annual maintenance activities by customers in certain end markets. On the contrary, the sales volume of air filter increased due to their rising adoption during the pandemic as they were used in indoor settings to tackle the airborne spread of the virus.

In the case of the healthcare industry, the product demand has seen remarkable growth post the pandemic and is expected to remain high throughout the forecast period. It is attributed to the fact that air filtration and recirculation is a long-lasting method to dilute, bypass, and remove air contaminants. This is expected to elevate the demand for air filtration systems across the healthcare industry.

Hence, even though the restrictions caused due to COVID-19 resulted in temporary difficulties, it has also shaped the long-term opportunities for the global market.

LATEST TRENDS

Increasing Adoption of HEPA Systems to Propel Market Growth

Rising levels of air pollution and the increasing prevalence of airborne diseases have contributed to the adoption of air filters. It is estimated that indoor air is five times more polluted than outdoor air as it is not circulated like outdoor air; therefore, various airborne pollutants thrive in it.

Air filters purify the air from smoke, viruses, dust, gases, odors, pollen, volatile organic compounds, viruses, pet dander, and formaldehyde. High-Efficiency Particulate Air (HEPA) is one of the most commonly used filters owing to their higher efficiency than conventional systems.

Recent years have recorded an increasing adoption of HEPA filters in medical settings such as hospitals and clinics. This is on account of their ability to remove inorganic dust suspended in the air and virus & bacteria that cause airborne diseases.

DRIVING FACTORS

Increasing Consumer Awareness Regarding Air Pollution to Drive the Market Growth

In recent years, rise in air pollution has been the biggest environmental cause of premature mortality. However, over the last decade, human comprehension of the long and short-term harm caused by air pollution has developed rapidly, elevating concerns about water and air quality. This increasing concern and subsequent awareness have led to the rising adoption of filtration systems.

In addition, the increased installation of filtration systems across offices, retail stores, super-specialty malls, and industrial facilities across various regions is expected to drive the filters market growth.

Moreover, the increased support by governmental bodies, including the Federation of European Heating, Ventilation and Air Conditioning Association, the American Society of Heating, Refrigerating Air-Conditioning Engineers (ASHRAE), and others, is providing opportunities for air filter manufacturers to grow exponentially in the near future.

In accordance with the surge in demand, multiple manufacturers are collaborating with other manufacturers and governmental bodies to provide fresh and healthy Indoor Air Quality (IAQ) in commercial, residential, and industrial sectors to neutralize the spread of various viruses.

RESTRAINING FACTORS

High Initial Cost of Investment and High Replacement Cost to Impede Market Growth

The demand for filtration systems is growing with the increasing awareness of IAQ. However, high installation and replacement cost is a major factor limiting the market. Apart from the high cost of installation, the cost of replacing the filter of air purifiers is as high as USD 40 to 60. If used regularly, these filters need to be replaced every three months, which increases the maintenance cost even further.

Additionally, several end-users employ cheap filtration equipment to replace a high-cost filter which may lead to clogging and further worsen air quality.

Moreover, the improperly installed location minimizes the fresh outdoor air intake and blockage of airflow resulting in contaminated intake air. This results in lowered filtration rate across the overall living surroundings. Lack of awareness about the ill effects of dirty air on health amongst the occupants is also one of the major factors hindering the industry growth.

SEGMENTATION

By Product Type Analysis

Based on product type, the market is divided into air, water, and gas. Among these three types, the air segment holds the highest market share and will grow rapidly over the forecast period due to their rising demand post-pandemic. Moreover, in the recent past, there has been a significant degradation in air quality due to rapid development of industrialization, heavy use of conventional vehicles, and increasing dependency on electric-powered devices. This constantly compels the electricity providers to increase production, subsequently plummeting the air quality across geographies. This scenario has further encouraged the sales of high-powered and efficient air filters in multiple economies, increasing the sales of filtrations systems across the globe.

The water segment holds the second highest market share and will grow at a considerable CAGR over the forecast period. Furthermore, there has been a substantial growth in the sales and installation of water filtrations systems. This is driven by continuous addition of hazardous materials and chemicals in water sources due to the disposal of untreated industrial waste and the scarcity of clear and pure water across densely populated urban clusters, especially across developing and underdeveloped nations.

Besides these, the gas segment also holds a considerable market share. Their demand is expected to show decent growth over the study period due to their rising demand in the automobile, oil & gas, and power sectors.

By Application Analysis

On the basis of application, the market is segmented into food & beverage, chemicals & materials, oil & gas and power, pharmaceuticals/medical, metal & mining, automotive, and others.

Among these, the oil & gas and power segment dominates the market since all three types of filters - air, water, and gas - find their application within this sector. Moreover, they are also used in every equipment package of the oil & gas industry, thus increasing their sales.

Further, the chemicals & materials segment also holds considerable market share owing to the rising filter demand in chemical plants. The chemical industry assists in transforming raw materials into essential products such as consumables, fuels and building materials, where filtering products play a crucial role in the manufacturing processes of different chemicals and impact their production quality.

The pharmaceuticals/medical segment holds a substantial share due to the rising adoption of filtration systems in both the medical and pharmaceutical sectors. Due to their flexibility, they are used for diverse pharmaceutical and medical requirements, thus increasing their sales.

Additionally, the automotive segment also holds a considerable market share since filter products are used widely in manufacturing automobiles. Every car manufactured requires at least four types of filters, thus increasing their demand across the automotive segment.

Furthermore, the food & beverage and metal & mining segments hold a noticeable chunk of the market. Drinking water is the most vital component of the food & beverage industry as it is used in many consumables such as juices and other beverages. Furthermore, it is also used for washing fruits, vegetables, and meat. Further, filtering products are an important part of food processing. Therefore, they are used on a large scale within this industry. Moreover, they also play a significant part in the treatment process of minerals and metallic ores.

REGIONAL INSIGHTS

The scope of the report comprises three major regions, North America, Europe, and Asia Pacific.

Among these, North America holds a majority of the market share and will dominate over the forecast period owing to the presence of distinguished global manufacturers within the region. In addition, the implicit endeavor of these manufacturers regarding technological advancements through heft investments in strategic partnerships, research and development operations, acquisitions, entering into joint ventures, and collaborations are identified as key factors augmenting the development capabilities of North America.

The U.S. is leading the global filters market share due to massive investments made by prominent players in the country. The large customer base present in the country due to industrialization is also aiding the filtration market growth. A large number of industrial facilities, adequate infrastructure, government investments, and meticulous pollution control regulations are the major factors contributing to market expansion in the U.S. Further, the country's oil & gas, automotive, pharmaceutical, and food & beverage industries account for most of the sales.

The Asia Pacific region currently holds a considerable market share and is expected to witness a substantial CAGR during the forecast period. This is on account of countries such as India, China, and Japan. The rising demand for potable drinking water and clean, breathable air in developing Asian countries further boosts the product demand. Robust growth in the development of bio-pharm/diagnostic (life science) applications is expected to continue to transform in the coming years.

Moreover, the transformation of the food & beverage processing industry, increasing focus of public and private entities on the treatment of wastewater, and the filtration of available freshwater are some of the crucial factors driving the growth of filtration products in the Asia Pacific market. China leads the market in the region due to hefty investment in infrastructure and the presence of industrial facilities.

Further, the Europe market is expected to have decent growth in the forecast period due to the large collective presence of pharmaceutical, power, and oil & gas industries in the region. Massive investments made by multiple key stakeholders in the filtration and separation business broaden the scope for filter sales across Europe.

KEY INDUSTRY PLAYERS

Key Industry Players Invest in R&D Activities to Enhance Product Offerings

Prominent players operating in the global market emphasize increasing investment in research to achieve digital transformation and enhance their product offerings. For instance, Evoqua Water Technologies invested in a Sustainability and Innovation Hub to develop innovative and sustainable water solutions and improve their product offering. In addition, aftersales service is the major influencing criterion for customers across the filtration industry. Therefore, major players also focus on providing good and sufficient after-sales services.

LIST OF KEY COMAPNIES PROFILED:

• DAIKIN INDUSTRIES, Ltd. (Japan)


• EATON CORPORATION plc (Ireland)


• DuPont (U.S.)


• MANN + HUMMEL (Germany)


• PARKER-HANNIFIN CORP (U.S.)


• Donaldson Company, Inc. (U.S.)


• Camfil (Sweden)


• Freudenberg Filtration Technologies SE & Co. KG (Germany)


• Lydall Gutsche GmbH & Co. KG (Germany)


• Cummins Inc. (U.S.)


• Evoqua Water Technologies LLC (U.S.)


• Veolia Water Technologies (France)


• 3M (U.S.)


• K&N Engineering, Inc. (U.S.)


• Bry-Air (India)

KEY INDUSTRY DEVELOPMENTS:

• August 2022: Cummins acquired Meritor, a global supplier of braking, mobility, drivetrain, aftermarket, and electric powertrain solutions for industries and commercial vehicles. The acquisition was aimed at expanding its components business.


• September 2022: Parker-Hannifin Corporation acquired Meggitt PLC as part of a strategic investment with an aim to expand its portfolio.


• December 2021: DuPont and Water.org attempted to collaborate to increase global access to safe water and concentrate on the water scarcity challenge.


• December 2021: Freudenberg Filtration Technologies SE & Co. KG strengthened its U.S. presence by acquiring RPS Products. The company manufactures and sells air filters for office and residential buildings via retailers. Freudenberg Filtration Technologies SE & Co. KG is expanding its presence in North America with investments in new business fields.


• October 2019: Parker Hannifin acquired LORD Corporation, a manufacturer of advanced adhesives and coatings. The deal was intended to further strengthen their technology portfolio with strong materials science capabilities, electrification, and aerospace product offerings.

REPORT COVERAGE

The research report provides a detailed analysis of the product type, application, and region. It provides information about the leading air, water, and gas filter companies, their business overview, and leading applications of the product. Besides, it offers insights into the competitive landscape, SWOT analysis, current filters market trends, and highlights key drivers and restraints. In addition to the abovementioned aspects, the report encompasses several factors that have contributed to the market growth in recent years.

Report Scope & Segmentation