LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global filtration market for the chemical processing industry provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global filtration market for the chemical processing industry will grow at a CAGR of approximately 7% during the forecast period. The growth in global petrochemicals and specialty chemicals industry is a major factor driving the market’s growth.
Petrochemical products such as polyethylene, polypropylene, polyvinyl chloride, polystyrene, and polycarbonate, fertilizers, and specialty chemicals such as paints, coating, industrial cleaning chemicals, and catalysts form a majority of the global chemical industry output. The output from these industries is used across a variety of fields and end-use applications. Therefore, the demand for filtration products from the petrochemicals industry is high. The demand for petrochemical and specialty chemical products from all these industries is expected to increase during the forecast period that will affect the demand for chemical process filtration.
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In this report, Technavio highlights the advances in filtration technology as one of the key emerging trends driving the global filtration market for the chemical processing industry:
Advances in filtration technology
The filtration systems are important for the proper functioning of process and manufacturing industries and thus, need to be replaced after a specified amount of duration. But the demand for lower maintenance filtration systems has been increasing. This is encouraging the manufacturers to develop advanced filter media to meet this demand. To provide a solution for this problem, some filtration device manufacturers have come up with advanced filters such as filter media with stainless steel or aluminum mesh and filtration units with integrated pumps. The manufacturers have also come up with silica-free filter media that can be used effectively in high-temperature chemical processes without affecting the quality of the output.
“Several manufacturers are also producing filters with larger containment to increase the duration needed for replacement or cleaning. The bigger size also permits a larger mesh size, thereby allowing a higher flow rate,” says a senior analyst at Technavio for research on tools and components.
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Global filtration market for the chemical processing industry - segmentation analysis
This market research report segments the global filtration market for the chemical processing industry based on type (liquid and gas filtration and air filtration) and key regions (the Americas, APAC, and EMEA).
The liquid and gas filtration segment held the largest market share in 2017, accounting for nearly 70% of the market share. The market share for this region is expected to increase during the forecast period.
APAC was the leading region for the global filtration market for the chemical processing industry in 2017, accounting for a market share of around 50%. It was followed by the EMEA and the Americas respectively in terms of market share. This APAC region is expected to project significant growth during the forecast period.
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