Filters Market

Market Overview

The Total Addressable Market (TAM) for Filters was valued at USD 71.2 billion in 2021. It is projected to reach USD 107.65 billion by 2030, growing at a CAGR of 4.70% during the forecast period (2022-2030).

Filters are devices that separate solids from fluids by adding a medium through which only the fluid can pass. They are semi-permeable paper barriers placed perpendicular to a liquid or air flow and are employed to remove fine solids from fluids or the atmosphere. The industry is anticipated to grow favorably as consumer product consumption, particularly for products like air and water purifiers, rises.

It is expected that the rapidly expanding use of air purifiers to eliminate hazardous germs, including bacteria and viruses, in residences, hotels, restaurants, airlines, and train compartments would create new market expansion prospects. The availability of raw materials, including paper, cotton, synthetic textiles and fibers, metals like iron and steel, adhesives, rubber, chemicals, and plastics, has a significant impact on the sector. As a result, changes in the price of raw materials directly affect manufacturing costs, which to some extent restrain industry expansion.

Market Dynamics

Market Drivers

Growing Need for Air Filtration Worldwide

The need for air filtration techniques has significantly increased as home, and commercial air filtration applications use air filters. Companies have invested significantly in air filtering methods and processes due to rising environmental concerns and strict regulatory frameworks for industrial workstations. Businesses are subject to stringent regulations that require them to limit the release of toxic chemicals into the air to levels approved by the government and environmental groups. Industries must follow the barest requirements if they want to avoid fines.

It is also expected that rising consumer concerns about clean air will support the development of the household air filtration market over the forecast period. Due to rising disposable incomes, increased urbanization, and health concerns, people have invested a lot in home air purifier systems. The market growth is anticipated to be positively impacted by such a change in consumer behavior.

Market Restraints

Possible Hazards by the Use of Nano Filters

Nano filters and membranes made of nanometal oxides are being used as a result of the growing demand for clean water treatment. Several institutions are researching how exposure to micro metal oxides affects people and other species. In addition, metal oxide nanoparticles are considered hazardous to aquatic and terrestrial life. According to a study by the Department of Environmental Toxicology, earthworms exposed to nano-sized ZnO and TiO2 for four weeks in artificial soil experienced reproductive consequences.

The difficulty of removing the particles once the treatment is finished is the biggest drawback of using nanoparticles in water treatment. It is yet unclear how exposure to nanoparticles may ultimately affect people. This restraint is expected to lessen throughout the projection year as businesses adopt more informational measures and safety precautions.

Market Opportunities

Rising Demand for Water Treatment Techniques

Many causes have contributed to the recent sharp increase in demand for water treatment procedures. The lack of good drinking water is one of the leading causes of the increase in demand. The adoption of water treatment procedures has been further pushed by the accelerated depletion of water resources caused by a growing population and contamination of surface and groundwater bodies. Due to capacity constraints, financial impossibility, and the inability to execute high-intensity water filtration, municipal corporations do not submit the water they supply to families to extensive treatment procedures.

Regional Analysis

The global filters market is divided into four regions, namely North America, Europe, Asia-Pacific, and LAMEA. 

Asia-Pacific Dominates the Global Market

Asia-Pacific is the most significant global filters market shareholder and is expected to grow at a CAGR of 6.30% during the forecast period. Due to fast industrialization and strict requirements by various governments to protect environmental quality, the filters market in the Asia-Pacific is anticipated to experience exponential growth. A significant amount of pollutants are released into the environment due to the expansion of industries in the area, including cement, metal processing, chemicals, and power generation. It is projected that rising environmental concerns and increased atmospheric pollution will encourage the use of air filtration and water filtration technologies, driving the market's expansion.

Europe is anticipated to develop at a CAGR of 3.60% over the forecast period. Due to the strict emission rules established by the European Union, the filters market in Europe is anticipated to increase steadily over the forecast period. The need for implementing filtration processes to prevent pollutants from entering the environment is likely to be boosted by growth in the number of polluting industries in the nation, including the cement industry, the food, and beverage industry, the metal processing industry, and the pharmaceutical industry. The expanding utilization of filtering equipment in the region is projected to foster the expansion of the filters market over the forecast period.

North America is expected to grow significantly over the forecast period. Due to big manufacturers like the "Detroit Three," which enables high-volume production, the market for automotive filters in the United States is quite lucrative. The economy benefits from an ideal production environment defined by an open investment policy, a sizable consumer market, excellent infrastructure, and the availability of well-skilled labor, creating a very lucrative market. In addition to regulating air emissions from mobile and stationary sources, the Clean Air Act (CAA) also gives the Environmental Protection Agency (EPA) the authority to set National Ambient Air Quality Standards (NAAQS) to control toxic emissions from industries.

Segmental Analysis

The global filters market is segmented by product and application.

By Product Analysis

Based on product, the global market is bifurcated into ICE, air, and fluid filters.

The ICE filter segment is the most significant shareholder and is anticipated to grow at a CAGR of 5.25% over the forecast period. This large proportion was attributed to the automotive industry's explosive expansion because cars frequently use ICE filters to increase fuel efficiency. The segment is anticipated to grow due to implementing environmental rules, including the Kyoto Protocol, Euro 5, and Euro 6, to reduce the production of hazardous pollutants. Due to the widespread implementation of a start-stop system for automatic shutdown and restart of internal combustion engines, which reduces emissions, fuel consumption, and engine idling time, the use of ICE filters is anticipated to increase over the following years. The market's growth will also be fueled by developments in the automotive sector, including electric and hybrid automobiles.

As governments increase their investments in developing water treatment facilities to supply clean water for various residential, commercial, and industrial purposes, the market for fluid filters is anticipated to rise. The segment's expansion is also expected to be supported by the widespread use of fluid filters in several other applications, including the cold sterilization of pharmaceuticals and drinks, oil refining, and dairy processing. Due to governments' increased attention to reducing pollutants from vehicle emissions, the air filter product segment is anticipated to see the quickest CAGR over the forecast period. Additionally, the increasing use of air purifiers in recent years is anticipated to increase demand for cabin air filters, which assist remove pollen and allergens from the air in residences, workplaces, airplanes, and train cars.

By Application Analysis

Based on application, the global filters market is bifurcated into motor vehicles, consumer goods, industrial and manufacturing, and utilities.

The motor vehicle segment owns the highest market share over the forecast period. The expansion of the market is supported by rising automotive manufacturing, particularly in nations like China, Indonesia, South Korea, Japan, Malaysia, and Taiwan. Additionally, it is anticipated that stricter restrictions for reducing automobile pollution levels by organizations like the U.S. EPA and the Department of Energy will increase the utilization of filters, driving up product demand in applications for motor vehicles. The use of filtration equipment in various consumer goods, including air purifiers, air conditioners, and water filters, is anticipated to fuel market expansion in the ensuing years.

The production of portable air purifiers by several businesses, including Dyson and Philips, is anticipated to propel the consumer goods industry. The well-established industrial infrastructure in Europe and North America and the strict regulations in these regions addressing emissions from these facilities are anticipated to be the main drivers of the need for filters in the industrial and manufacturing segment.

The market is anticipated to be driven by the rising industrialization of developing nations like India, South Africa, Brazil, Thailand, and Indonesia. Pharmaceutical and wine production are two additional significant application areas. To enhance the quality of wine and provide stabilization, microfiltration equipment is commonly employed in the wine industry to remove impurities such as bacteria, particles, crystals, and yeasts.

Recent Developments

• November 2022- A technology to convert air conditioners into cost-effective air purifiers was developed by a team of researchers at the Indian Institute of Technology (IIT), Kanpur. This invention is anticipated to benefit a lot of people because smog and pollution are serious problems in many cities, especially during the winter.
• April 2021- To protect against car air pollution, Mann+Hummel announced intentions to deploy the first vehicle equipped with a high-efficiency particulate air (HEPA) filter.