PORTLAND, Oregon, May 13, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Macrofiltration Marketby Product (Granular Micro Filter, Filter Press Filter, Leaf Tubular and Press Filter, Bag Filter, Belt Filter Press, Auto Backwash Filters and Others) and Industry Vertical (Water and Wastewater, Chemical and Pharmaceutical, Mining and Metal, Food and Beverage, Paper and Pulp and Others): Global, 2020–2027" According to the report, the global macrofiltration industry was estimated at $6.2 billion in 2019, and is expected to hit $9.9 billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Drivers, restraints, and opportunities-
Growth in pharmaceutical sector, rise in usage in water and wastewater treatment, and stringent environment regulations drive the growth of the global macrofiltration market. In addition, increase in population in water stressed area and surge in pollution due to dumping of industrial waste fuel the market growth. On the other hand, lack of funds in emerging countries and high cost of backwash filter hamper the growth of the market. Nevertheless, rise in use of chemical free water treatment and advancement in filtration technologies are expected to create lucrative opportunities in the near future.
The COVID-19 outbreak has negatively impacted the market players in the global macrofiltration industry. Owing to the precautionary measures, the equipment manufacturing processes in the companies have been disrupted.
The industry has witnessed a decline in demands and interruptions in the supply chain processes amid COVID -19.
The granular micro filter segment to maintain the lion's share by 2027-
Based on product, the granular micro filter segment contributed to more than one-fourth of the global macrofiltration market revenue in 2019, and is expected to retain its dominance by the end of 2027. This is owing to increase in use of granular media used for household and community water treatment. Whereas, the auto backwash filters segment, would register the fastest CAGR of 8.5% throughout the forecast period. Rise in demand for filtered water in food & beverage industry and residential sector to maintain product safety is driving the growth of the segment.
The water and waste water segment to dominate during the estimated period-
Based on industry vertical, the water and waste water segment accounted for more than two-fifth of the global macrofiltration market share in 2019, and is anticipated to rule the roost during the study period. Increase in urbanization and industrialization in Asia-Pacific has led to increase in demands for macrofiltration, which drives the growth of the segment. On the other hand, the chemical and pharmaceutical segment is anticipated to manifest the fastest CAGR of 8.5% from 2020 to 2027. Filtration keeps chemicals, and pharmaceuticals clean, and free from contaminants. In addition, filtration helps in preventing cross-contamination between chemicals, and makes operations flow smoothly and more efficiently which drive the growth of the segment.
Based on region, North America held the largest share in 2019, garnering more than two-fifths of the global macrofiltration market, as the region has major market players offering advanced solutions. Strict regulations pertaining to water quality standards, rise in use of treated water for industrial processes, and increase in population drive the growth of the market. On the other hand, the Asia-Pacific region is projected to manifest the fastest CAGR of 7.7% by 2027. Granular media filters usage is increasing in the region due to rise in construction of swimming pools and municipal drinking water plants. In addition, increase in industrialization and water treatment of municipal wastewater fuels the growth of the Asia-Pacific macrofiltration market.
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