The global pleated filters market is expected to grow at a CAGR of above 7% over the forecast period of 2016 to 2024. Pleated filters are effective, efficient, cost-effective and finest filtration technologies in terms of emission levels, operating pressure, energy efficiency and overall cost. Ecomagination standard, known for reduced environmental impact and enhance resource productivity, has been awarded to make pleated filters viable for numerous applications.
Key drivers for the growth include stringent environmental regulations regarding air quality coupled with increasing energy conservation need where growing air borne disease prevalence is expected to drive the market. Consumer preference to install air conditioning system in commercial and residential buildings also fuelled growth factors. Augmenting competitiveness in oil & gas industry is expected to boost demand for quality products, driving demand for pleated technology.
Growing demand for petroleum products with increasing competitiveness and environmental friendly products are expected to influence the market growth largely. Food & beverage market is witnessing constructive growth owing to increased food safety regulations in North America and Europe. Consumer preference for food safety and better food quality is expected to enhance the market further.
Major restraint influencing growth, is the availability of substitute products which include various options for removal of micro dust particles from indoor environment.
Affordable cost for end-user clients utilizing pleated technologies for addressing improved airflows & efficiencies, optimized designs in conjunction with explosion and fire suppression systems and lower total capacity outlay on new projects, are the opportunities for OEMS over the forecast period.
The market is segmented by product, application and region.
On the basis of product, market is further segmented into HEPA, air filter, oil filter, medium efficiency filter and food & beverage filter. HEPA known as high-efficiency particulate arrestance is a type of air filter well known for medical grade air quality and are critical in prevention of air borne disease spread and viral organisms. HEPA attracted demand from automobile industry owing to its 99.97% air purity assurity. Modern airliners also utilize HEPA filters to reduce spread of airborne pathogens in re-circulated air.
Air filter has highest market share amongst the filters accounting for over 50% of the market. Air is utilized in combustion engine which is directly responsible for exhaust gas constituents and combustion efficiency; manufacturers are seeking to develop technologically advance intake air filters to increase shelf life of the automobile. Cabin air filters are fuelling the market growth preventing harmful particles from entering vehicle cabin.
Oil filter, a critical part of an engine, is expected to experience sluggish market conditions owing to deteriorating automobile market. Food & beverage industry is complied to follow strict laws governing the specified ventilation requirement which is expected to have positive influence on the market. Also, membrane filters are utilized in wine industry to act as a barrier to wine spoiling micro-organisms.
On the basis of application, market is further segmented into commercial, industrial, residential and utilities. Commercial sector accounted for significant market share on increasing need for energy savings and higher efficiency in offices, building and schools. Demand for improved air quality for better health and environment is expected to be the significant growth factor for residential application segment.
Industrial applications dominated pleated filters market owing to rapid industrialisation in developing BRICS market and expected to be the fastest growing segment over the forecast period. Stringent emission standards are expected to further impact pleated filters demand in industries.
On the basis of region, Asia Pacific dominated pleated filters market, accounting for over 40% market share and likely to witness gain owing to increasing flow of FDIs along with strict regulations to curb air pollution. China emerged as the largest market for Heating, Ventilation and Air Conditioning (HVAC) air filters on the globe. Rise in demand is mainly from south and east China owing to industry demand, where international vendor are competing local manufacturers by targeting niche applications and sectors influenced by regulation. Japan, Indonesia and India are expected to fuel market growth owing to rapid industrialisation and changing lifestyles for efficient filtration technology.
Stringent emission standards by REACH, a European regulation commission, coupled with demand for energy efficient model have forecasted demand for European market to curb harmful emissions and its effects on human health. United States is experiencing expansion of power & cement industries which is expected to drive moderate growth over the forecasted period. Middle East & Africa regions are expected to have considerable growth rate owing to oil & gas industry development and increasing infrastructure projects across the region.
Global vendors of pleated filter market includes General Motors, Midwesco filter resources, Atlas Capco, Donaldson, Strainite, Delta filtration, Freudenberg & company and Camfil AB which have significant market share and presence globally.
Research Support Specialist, USA