Global pleated filters market is expected to reach USD 12.83 billion by 2020. Stringent environmental regulations regarding deteriorating air quality coupled with increasing need for energy conservation are expected to remain a key driving factor for the global market.
Growing prevalence of air borne disease is also expected to have a positive influence on the market growth. Increasing competitiveness in oil & gas industry will further increase demand for quality products, driving demand for pleated technology in oil filter market.
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Air filters emerged as the leading product segment and accounted for 54.4% of total market volume in 2013. Increasing demand for improved air quality coupled with increasing prevalence air borne diseases across the globe is expected to remain a key driving factor for this segment.
Oil filters is expected to be the fastest growing product segment at an estimated CAGR of 7.4% from 2014 to 2020. Growing demand for petroleum products is expected to remain a key driving factor for this segment.
In additon, increasing competitiveness for better and environmental friendly products is also expected to have a positive influence on the market growth.
Further key findings from the study suggest:
Global pleated filters market demand was 185.8 million units in 2013 and is expected to reach 286.3 million units by 2020, growing at a CAGR of 6.4% from 2014 to 2020.
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Industrial applications dominated the global pleated filters market and accounted for 41.8% of total market volume in 2013. Rapid industrialization in emerging BRICS market is expected to fuel this segment over the forecast period.
Industrial applications are also expected to be the fastest growing segment at an estimated CAGR of 6.8% from 2014 to 2020.
Asia Pacific emerged as the leading regional market and accounted for 42.7% of total market volume in 2013. Rapid industrialization in countries such as China, India and Indonesia is expected to remain a key driving factor for this region over the forecast period.
Asia Pacific is also expected to be the fastest growing regional market at an estimated CAGR of 8.5% from 2014 to 2020. Developed markets of Europe are characterized by stringent emission standards by REACH to lower harmful emissions in the region and its effects on human health.
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Global pleated filter market is highly fragmented on account of presence of large number of companies across the globe some of them include Donaldson Company Incorporated, General Motors Company, Midwesco Filter Resources Inc., Koch Filter Corporation, Freudenberg & Company KG and Clarcor Incorporated.
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