The Asia-Pacific air filtration market stood at more than USD 3.4 billion in 2015. It is estimated to grow at a CAGR surpassing 8.6% over the forecast period (2016-2024). The market is anticipated to cross USD 6.6 billion by 2024. A rise in the number of gas-fueled power plants, coal, cement, and metal industries leads to increased pollution. This is a key factor that will fuel this market.
Innovation in the Asia-Pacific air filtration market would encourage new product development, reduced operating costs, compliance with quality standards, and energy conservation. These factors together will stimulate market demand. Increasing research & development investments besides new technological developments will support further growth
Request for free sample: Click here
Ongoing developments in air filtration technology have improved air quality and minimized energy consumption. Advancements in nanotechnology, non-woven technology, and in raw materials like small fibers are expected to contribute significantly to this market.
However, the initial installation costs of air filters, along with added attachments & other technologies can increase the overall product cost. This could hinder industry growth, since purchasing decisions are largely dependent on the overall cost of the product.
The Asia-Pacific air filtration market is segmented into applications, products, technologies, and regions. On the basis of applications, the market is fragmented into pharmaceuticals, metals, power, food, and cement. The power segment can expand at a CAGR of about 10% during the forecast period. The can be attributed to advancements in nuclear power generation and defense. Rigid environmental norms require that the air be free of radioactive pollutants. This intern will positively impact market demand in the forthcoming years.
The food segment is likely to witness considerable growth owing to stringent regulations imposed on food manufacturing units. The focus of food manufacturers on high-quality filtered air for better hygiene and safety will drive the Asia-Pacific air filtration industry.
Products include automotive, residential, and industrial. In 2015, automotive air filtration dominated the market with over 55% of the total revenue shares. It would grow at a CAGR of about 8% during the forecast period. The growing need for replacing these air filters on a regular basis will support industrial growth.
Growing at more than 9.4% CAGR, the industrial segment will hold a share of nearly 27% in the Asia-Pacific air filtration market. This segment is sub-divided into high-efficiency particulate air (HEPA) filters, dust, baghouse filters, CCF, dust collectors, and mist collectors. Mist collectors can witness substantial growth owing to their demand in metal processing and in the food & beverage (f&b) industry.
Based on technologies, this market is categorized into electrostatic precipitators, baghouse filters, nitrogen control systems, fabric filters, scrubbers, flue gas desulphurization systems, and mercury control systems. Baghouse filters will expand robustly due to widespread application in mining, coal-fired plants, and cement industries.
Regions encompass South Thailand, Australia, China, India, Malaysia, Japan, Korea, and Indonesia. China will continue to lead the Asia Pacific market and will grow at a 9% CAGR during the forecast period.
Key players in the Asia-Pacific air filtration industry are Windsor Wire LLC, Cummins, Mahle, and MANN+HUMMEL group. Participants actively participate in mergers & acquisitions to expand and gain an edge over the consolidated market.
No comments:
Post a Comment