The Filters Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Filters Global Market Report 2024, The filters market size has grown strongly in recent years. It will grow from $78.14 billion in 2023 to $84.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased environmental regulations and air quality standards, growth in industrialization and urbanization worldwide, rise in awareness of air and water pollution control, expansion of automotive and transportation industries, demand for clean and safe drinking water.
The filters market size is expected to see strong growth in the next few years. It will grow to $112.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to focus on indoor air quality (iaq) in commercial and residential spaces, expansion of food and beverage processing industries, adoption of advanced filtration in semiconductor manufacturing, research and development in next-generation filter technologies, customization of filters for specialized industrial applications. Major trends in the forecast period include nanofiber technology for enhanced filtration, smart and iot-enabled filtration systems, high-efficiency particulate air (hepa) and ultra-low penetration air (ulpa) filtration, modular and customizable filtration solutions, activated carbon and charcoal filters for odor and voc removal.
Rising demand for fast food and packaged food is expected to propel the growth of the filling machines market in the coming years. Fast-food and packaged food is a type of food that save time in food acquisition, preparation, and ready-to-eat food from grocery stores. Filling machines are used to fill the product into bags, pouches, or containers such as bin or bottle. For instance, according to Press Information Bureau, a nodal agency of the Government of India, India exported more than $ 2.14 billion worth of final food products in 2020-21. The export of products under ready-to-eat (RTE), ready-to-cook (RTC) and ready-to-serve (RTS) categories rose by more than 23% to $ 1011 million in April to October (2021-22) compared to $ 823 million reported in April to October (2020–21). Therefore, the rise in demand for fast food and packaged food is driving the growth of the hot food processing equipment market.
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The filters market covered in this report is segmented –
1) By Product: Fluid Filters, ICE Filters, Air Filters
2) By Distribution Channel: Offline Stores, Online Stores
3) By Application: Motor Vehicles, Consumer Goods, Utilities, Industrial And Manufacturing, Other Applications
Technological advancement is a key trend gaining popularity in the filling machines market. Many companies operating in the filling machines market are looking for the new products with advanced technologies to strengthen their position in the market. For instance, in November 2021, SIG Group, a Switzerland-based product packaging company launched SIG NEO, a major innovation in filling technology. SIG NEO is the world’s fastest filling machine for family size carton packs with a speed of up to 18,000 packs per hour. It also has a 25% lower carbon footprint per filled pack compared with SIG’s current generation filling machines for family-size packs, due to reduced consumption of water and other utilities and low waste rates.
The filters market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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