China to drive Asia Pacific Air filtration market growth: Power sector to make major contributions over 2016-2023
Publisher : Fractovia | Published Date : 2016-12-07Request Sample
Rapid urbanization, scarce resources, changing demographics, and growing environmental concerns along with reduction in sources of raw materials as well as natural depositories are anticipated to boost Asia Pacific air filtration market size over the coming years. According to Global Market Insights, Inc., “Asia Pacific air filtration industry size worth USD 3.4 billion in 2015, is anticipated to reach USD 6.6 billion by 2023, registering a CAGR of 8.6% over 2016-2023.” Moreover, growing need for energy conservation will further boost the demand for air filtration systems in Asia Pacific over the coming years.
Air filtration finds application in pharmaceutical, power, cement, food, and metal industries. Its application in power sector is expected to grow at a rate of 9.7% over 2016-2023. The growth can be credited to the application of air filtration systems in nuclear energy research, defense industry, power generation, waste management, and fuel processing.
China Automotive Air Filtration Market size, by product, 2013-2023 (USD Million)
Major air filtration products include automotive and industrial air filters. Few of the industrial air filter types include HEPA filters, cartridge collectors, dust collectors, baghouse filters, and mist collectors. Asia Pacific industrial air filtration market contributed over 27% of the global revenue in 2015, and is projected to record a CAGR of 9.5% over the coming seven years due to its growing use in healthcare and laboratories. Mist collectors air filtration market is projected to witness a noticeable growth over 2016-2023 owing to its growing use across metal processing and food & beverage industries. Dust collectors require less maintenance and can remove dust from several industrial operations, thus enhancing health, safety & efficiency of the workers. HEPA filters help in maintaining high initial power output, zero production downtime, improve efficiency & component life, and reduce emissions.
Asia Pacific automotive air filtration market contributed over 55% of the global revenue in 2015, and is expected to record a CAGR of 8% over 2016-2023. Automotive air filters help in fuel conservation, emission reduction, and improving mileage by enhancing engine performance through suitable air flow to the engines. Automotive air filter types include cabin filters and intake filters. Cabin filters market is anticipated to witness high growth over 2016-2023 due to its rising use in electric vehicles as well as fuel powered automobiles. Associations such as EPA (Environmental Protection Agency) and CCC (Car Care Council) have created awareness among the consumers regarding the health disorders caused as a result of harmful vehicle emissions due to deployment of improper filtration system in automobiles. This has boosted the use of eco-friendly automotive filters in the vehicles.
China air filtration market share is expected to grow at a significant rate of 9% over 2016-2023. The regional growth can be attributed to rapid industrialization coupled with increasing amount of mid-sized cars.
Market players will try to increase their ROI by focusing on merger & acquisitions, product innovation, and increasing their production base. Key industry participants include Cummins Corporation, Purafil, Denso Corporation, Clarcor, Mann-Hummel Company, Sogefi group, Mahle GmbH, Nederman Company, Camfil Company, and Donaldson Company.
