The report, now available on ASDReports, "Industrial Filtration Market by Type (Air and Liquid), Technology, Product, Filter Media, Industry (Manufacturing, Power Generation, Metals & Mining, Oil & Gas, Pharmaceuticals, and Process Industry), and Region - Global Forecast to 2023", The industrial filtration market is expected to grow from an estimated USD 25.89 Billion in 2018 to USD 35.47 Billion by 2023, registering a CAGR of 6.50% during the forecast period. This growth is primarily due to the growing industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.
On the basis of industry, the manufacturing segment is expected to hold the largest share of the market
The manufacturing industry dominated the industrial filtration market in 2017. This segment includes machinery & equipment, chemical, electrical & electronics (includes semiconductors), and pulp & paper industries. Industrial filtration is gaining its importance across all end-use markets due to strict environmental regulations and enforcement of cleaner processes and technologies. Furthermore, the market for the manufacturing segment will be driven by the Asia Pacific region, particularly increasing manufacturing hubs in the Southeast Asian countries, along with China, which is already the world’s leading country in the manufacturing sector.
The nonwoven fabric, by filter for industrial filtration is expected to be the fastest-growing segment of the market
The nonwoven fabric, by filter media, for industrial filtration is expected to grow at the highest CAGR from 2018 to 2023. These nonwoven fabric filter bags are made from nonwoven Polypropylene (PP) fabric and are durable, reusable, water-resistant, hypoallergenic, fire-resistant, soft, light, and sometimes washable. These bags are used in various end-user industries, such as pharmaceuticals and mineral processing
Asia Pacific: A leading market for industrial filtration
In this report, the industrial filtration market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific was expected to account for the largest market share of the global industrial filtration market in 2017. Emission regulations accompanied with the need for clean indoor air facilities is one of the major factors that drives this market. The growth in manufacturing, power generation, oil & gas, and food & beverage industries has laid a great influence in the economic development of the countries in the region. China accounted for the largest share of the industrial filtration market in Asia Pacific in 2017. Power generation is one of the major end-user industries for industrial filtration and is a critical element. Filtration is carried out in power plants either for filtration of boiler feed water, preventing the discharge of fly ash from the chimneys of coal or other sources of solid fuels or for maintaining the performance of turbines. Furthermore, there are strict regulations for emissions for which filtration plays a vital role. Almost all the countries in the region are investing in its manufacturing, power generation, process industry, and pharmaceuticals industry to advance its economic growth, which is likely to drive the growth of the industrial filtration market in Asia Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the industrial filtration market. These players include Alfa Laval (Sweden), Ahlstrom-Munksjö (Finland), Donaldson (US), Eaton (Ireland), Freudenberg (Germany), Mann+Hummel (Germany), Pall Corporation (US), and Parker Hannifin (US). The leading players are trying to increase their regional presence in the developed economies and are adopting various strategies to increase their market shares.
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Source: ASDReports - Market Research
Date: May 3, 2018