NEW YORK, July 7, 2016 /PRNewswire/ -- The global filters market is expected to reach USD 110.82 billion by 2024, according to a new report by Grand View Research, Inc. The increasing demand for low emission control vehicles and implementation of stringent regulations to curb rising pollution levels are expected to remain key driving factors for global filters market.
Regulatory norms supporting the filters market growth across various European countries such as the UK, France, Spain, Italy, and Germany coupled with stringent environmental emission guidelines followed in the U.S. are also anticipated to benefit the industry growth. Regulations governing the supply of purified drinking water are expected to drive the demand for fluid filters over the next six years.
Increasing automobile production particularly in emerging economies of China, India, Thailand, and Indonesia have also contributed towards the market development. Key companies have been focusing on these high growth markets for future expansions.
Further key findings from the report suggest:
The global filters market was valued at USD 63.35 billion in 2015 and is expected to reach USD 110.82 billion by 2024, growing at a CAGR of 6.4%from 2016 to 2024
IC engine segment emerged as the most dominant filter product consumed globally and accounted for 44.5% of total market revenue in 2015. Positive outlook of automobile industry on account of favorable government policies particularly in Asia Pacific and Latin America is expected to drive this segment over the forecast period.
Motor vehicles emerged as the leading application and accounted for 51.4% of total market revenue in 2015. Stringent regulations to curb harmful emission generated from automobiles has prompted the demand for filters in the automotive industry. Consumer goods are expected to witness the highest growth of 7.4% from 2016 to 2024.
Asia Pacific was the leading regional market and accounted for 38.4% of global revenue in 2015.Asia Pacific is also expected to remain the most lucrative region in terms of growth on account of rising manufacturing activities and the growing automotive industry, particularly in China and India.
Some leading companies operating in the global filters market include Donaldson Company, Clarcor Incorporated, Affinia Group Intermediate Holdings, Parker-Hannifin Corporation, Cummins, BRITA GmbH, Pall Corporation, and MANN+HUMMEL.
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