Stringent environmental norms regarding vehicular emissions expected to remain key driving factor for the market.
San Francisco, California (PRWEB) September 02, 2014
The global market for filters is expected to reach USD 88.19 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer awareness on account of rising environmental concerns is expected to remain a key driving factor for the global market. In addition, favorable regulatory scenario coupled with increasing demand for automobile and consumer goods is also expected to have a positive influence on market growth. Credible threat from substitute products and unstable raw material supply are expected to be key challenges for market participants.
ICE (Internal Combustion Engine) filters was the largest product segment and accounted for 44.7% of total market revenue in 2013. Positive outlook on the automobile industry, especially in high growth markets of China, India and Brazil is expected to drive ICE filter demand. Fluid filters are expected to be the fastest growing product, at an estimated CAGR of 7.3% from 2014 to 2020. Regulatory focus on providing purified drinking water is expected to drive the demand for fluid filters over the next six years.
The report “Filters Market Analysis By Product (Fluid, IC Engine, Air), By Application (Motor Vehicle, Consumer Applications, Utilities, Industrial & Manufacturing) And Segment Forecasts To 2020” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/filters-market
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Further key findings from the study suggest:
- Motor vehicles emerged as the leading application segment and accounted for over 51.5% of the total market revenue in 2013. Increasing automotive demand coupled with stringent regulations to cut down vehicular emissions is expected to drive demand. Consumer goods are expected to be the fastest growing application segment, at an estimated CAGR of 8.3% from 2014 to 2020. Growing consumer awareness regarding benefits offered by using purified water is expected to fuel demand for filters in this segment.
- Asia Pacific continued its dominance in the global market and accounted for 37.8% of total market revenue in 2013. China, being the largest global automobile manufacturer, is also the largest consumer for filters followed by India. Asia Pacific is also expected to be the fastest growing regional market for the filters, at an estimated CAGR of 7.9% from 2014 to 2020.
- Key market participants include Affinia Group Intermediate Holdings, ACDelco, Caterpillar Incorporated, DENSO Corporation, Johnson Matthey plc, Parker-Hannifin Corporation, BRITA GmbH, Procter & Gamble Company, Pall Corporation, Clarcor Incorporated, MANN+HUMMEL Gmbh, Visteon Corporation, Cummins and Donaldson Company.
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For the purpose of this study, Grand View Research has segmented the filters market on the basis of product, application and region:
- Global Filters Product Outlook (Revenue, USD Million, 2012 - 2020)
• IC Engine
- Global Filters Application Outlook (Revenue, USD Million, 2012 - 2020)
• Motor Vehicle
• Consumer Applications
• Industrial & Manufacturing
- Global Filters Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
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