Filters Market is Expected to Reach USD 77.10 Billion Globally in 2018: Transparency Market Research
Albany, New York (PRWEB) May 27, 2014 -- According to a new report published by Transparency Market Research "Filters (Fluid, ICE and Air Filters) Market for Automotive, Consumer, Utility and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global market for filters was valued at USD 48.10 billion in 2011 and is expected to reach USD 77.10 billion in 2018, growing at a CAGR of 6.7 % from 2012 to 2018.
Browse the full report: http://www.transparencymarketresearch.com/filters-market.html.
Surge in consumer goods demand, especially in China, India and other Southeast Asian countries is expected to boost the filter demand in the region. In addition, introduction and implementation of various environmental regulations and protocols such as the Kyoto Protocol, EURO 5 and EURO 6 norms to curb the emission levels from manufacturing, automobiles and other industries are expected to drive the global filters market over the next six years. However, volatility in raw material prices is expected to hamper the growth of the market over the forecast period.
ICE filters were the largest product segment in 2011, accounting for over 40% of the global market share. These are used in equipment to improve their efficiency. Initiatives taken by various national governments' to provide clean drinking water is expected to boost the demand for fluid filters and this segment is estimated to grow at a CAGR of over 7% from 2012 to 2018.
Motor vehicles accounted for the highest consumption of filters, valued at USD 24.58 billion in 2011. However, the use of filters in consumer goods is expected to be the fastest growing application segment at a CAGR of 8.1% from 2012 to 2018. This is on account of increasing demand for consumer goods in China and India and growth of replacement market in North America and Europe.
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Demand for filters was highest in Asia Pacific and was valued at USD 17.78 billion in 2011. This region is expected to show the highest growth over the forecast period due to increasing industrial activities. In Europe, owing to the presence of stringent environmental laws and regulations governing the release of pollutants, the demand for filters is expected to be considerably high and account for over 25% of the total market share by 2018. The U.S. filters market was valued at USD 10.10 billion in 2011 and is expected to grow at a CAGR of over 5% from 2012 to 2018 due to the presence of a large replacement market.
The leading filter manufacturers include Affinia Group, BRITA, Clarcor Inc, Cummins, Donaldson Company, Parker-Hannifin Corporation, Pall Corporation and others. The report profiles the above mentioned companies along with other major players in the filters market.
Filters Market, Product Segment Analysis:
- Fluid filters
- Internal combustion engine (ICE) filters
- Air filters
Filters Market, Application Analysis:
- Motor vehicles
- Consumers
- Utilities
- Industrial and manufacturing
- Others (Transportation equipment, construction, etc.)
Filters Market, Regional Analysis:
- North America
- United States
- Europe
- Asia Pacific
- Rest of the World (RoW)
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Browse the full report: http://www.transparencymarketresearch.com/filters-market.html.
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