Pleated Filters Market - Key Growth Drivers and Future Outlook till 2022
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Apart from infrastructure, Asia Pacific countries namely India, China, Japan and MEA are observing great demand in vehicles. And this demand will bring a boom in filters, as they play a pivotal role in engines of automobiles. Also the demand of clean oil and great energy efficiency in automobile industries is likely to boost up the pleated filters market.
Pleated filters market size is anticipated to touch 326.0 million units till 2022 as predicted by Global Market Insights. It is rising at a compound annual growth rate (CAGR) of 6.5% between years 2015 to 2022. Strict regulations of environment because of degradation in the quality of air along with rising demand of energy saving are likely to boost the pleated filter market trend. Efforts for restricting the growth of air borne infection are also expected to fuel up the pleated filters market.
The global market of pleated filters has got an upsurge because of national as well as international participants. This market is anticipated to attract more business in near future due to emerging industries and economies. Major companies in pleated filters market are 3M Company, General Motors Company, The Strainite Companies, Donaldson Company Inc., Midwesco Filter Resources Inc, Columbus Industries, Camfil AB and Atlas Copco.
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Let’s take a look on some of the eye-catching figures, indicating the future of pleated filters market:
1. Market of oil filters enjoyed greater than 10% of overall demand in the year 2014 and is anticipated to rise at an annual growth rate of 7% till 2022.
2. Commercial sectors which comprise of schools, buildings and offices have noticed 20% of overall demand in the year 2014 and are likely to grow over 6% till 2022.
3. Asia Pacific pleated filters market dominated in the year 2014 and hence reached up to USD 3 billion.
4. Industrial applications noticed maximum installation, thus earning significant revenue of USD 3.5 billion in the year 2014. This sector has been emerged as a thriving segment because of demand in infrastructure development of power and cement industries. Limitations in emission along with HEPA standards are expected to drive the need for industrial applications.
Related News: https://www.globenewswire.com/news-release/2017/08/31/1106135/0/en/Pleated-Filters-Market-worth-over-14-9bn-by-2022-Global-Market-Insights-Inc.html
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