Global Air Filter Market Outlook and Forecast 2020-2024 with Impact Analysis of COVID-19

LONDON--(BUSINESS WIRE)--The new air filter market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.

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"One of the primary growth drivers for this market is the growth of the automotive sector,” says a senior analyst for Industrials at Technavio.

The growth of the automotive sector is one of the key factors expected to drive air filter market growth. The automotive industry is the primary end-user in this market. Automobiles powered by fossil fuels need to be equipped with cabin air filters and engine air filters. Cabin air filters remove potentially harmful particles entering the cabin, and the engine air filter restricts their entry into engine cylinders. Moreover, engine air filters capture particulate matter and reduce the chances of oil contamination and mechanical wear. Owing to the efficiency, easy serviceability, and cost-effectiveness of materials, such as paper and foam, companies are using them to manufacture air filters.

As the markets recover, Technavio expects the air filter market size to grow by USD 5.93 billion during the period 2020-2024.

Air Filter Market Segment Highlights for 2020

• The air filter market is expected to post a year-over-year growth rate of 4.75%.
• The HVAC segment of the global air filter market is expected to grow steadily during the forecast period. Air filters play a crucial role in HVAC systems, and a major share of the energy cost and efficiency of HVAC systems is decided by factors such as pressure losses through air filters.
• The demand and aftersales of air filters in the HVAC segment are increasing in-sync with the growth of the HVAC industry and growing focus on IAQ.
• Moreover, the HVAC systems market is witnessing steady growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the air filter market size.

Regional Analysis

• 56% of the growth will originate from the APAC region.
• The presence of highly polluted countries such as India and China, the rising construction activities, and the growing demand for automobiles will significantly drive air filter market growth in this region over the forecast period.
• China, Japan, and India are the key markets for air filters in APAC. The air filter market share growth in this region will be faster than the growth of the market in other regions.

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Notes:

• The air filter market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
• The air filter market is segmented by End-user (HVAC, Industrial, Automotive, and Others) and Geography (APAC, North America, Europe, MEA, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including 3M Co., Ahlstrom-Munksjo Oyj, Camfil AB, Cummins Inc., Daikin Industries Ltd., DENSO Corp., Donaldson Co. Inc., MAHLE GmbH, MANN+HUMMEL, and Parker Hannifin Corp.

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