According to a new market report published by Credence Research, Inc., “Global Industrial Filters Market (By Media Type (Air, Liquid and Gas), By End-use Industry (Food & Beverages, Metal & Mining, Chemical, Pharmaceutical, Automotive, Power, Petroleum and Others) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global industrial filters market is expected to witness a growth of 6.09% CAGR across the forecast period of 2019 to 2027.
Product Insights :
Industrial filters are among the most crucial components used in pharmaceutical & chemical industries in order to ensure optimum quality of the products. Rapid industrialization in Asia Pacific and other regions of the world along with stringent environment norms for treatment of industrial waste is driving the market growth. By 2027, the industrial filters market is expected to reach at US$ 5.03 Bn, expanding at a CAGR of 6.09% across the forecast period of 2019 to 2027.
Moreover, with rising population, rapid urbanization of the major cities is happening all over the world. Along with this, changing lifestyle of people where fast food, ready-to-eat food, processed food and convenience food are in high demand. These factors have assisted for the growth of food and beverages industry worldwide. This growth also influenced the demand for industrial filters. In 2018, food and beverages industry accounted the largest share of industrial filters market.
In terms of geography, Asia-Pacific has the largest share in industrial filters market in 2018. It accounts more than 40% share of the market and it is expected to remain dominant during the forecast period. The region is home to about 4.3 Bn people which is about 60% of world population and it is rising at a robust rate. Growing population has increased the food and beverages industry in the region. This has influenced the industrial filters market in Asia Pacific. Furthermore, nearly 60% of the young population of the world lives in Asia Pacific. This young population is driving the automotive industry in the region which in turn influencing the industrial filters market in Asia Pacific.
Some of the major players profiled in industrial filters market includes Pall Corporation, Alfa Laval AB, 3M, Eaton Corporation Plc, Mann+Hummel Group, Cummins Filtration Inc., Ahlstrom-Munksjo Oyj, ClearEdge Filtration Group Corporation, Nordic Air Filtration, Fibertex Nonwovens A/S, Sefar AG, Freudenberg Filtration Technologies, and Sandler AG, etc. among others. These players are adopting various strategies such as acquisition and infrastructure modernization to increase their market share.
Browse the full report at https://www.credenceresearch.com/report/industrial-filters-market
The Global Industrial Filters Market is Segmented into:
|Segmentation||By Media Type Segment (2017–2027; US$ Bn)|
|By End-use Industry Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page
For instance, in December 2018, Freudenberg Filtration Technologies acquired majority stakes in Apollo Air-Cleaner Co., Ltd., the leader in air and water filtration solutions provider in China. With this acquisition, Freudenberg Filtration Technologies has strengthen its market position in China’s rapidly growing filtration market. Moreover, in July 2018, Ahlstrom-Munksjo invested about 28 million Euros (US$ 31.09 Mn) to modernize its beverages and casing business production line. This new installation will help to strengthen product capability in biodegradable and compostable solutions for growing tea, coffee and casing market.
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