The global pleated Filters market value was USD 14 Billion in 2022 and is expected to reach a value of USD 27.99 Billion in 2032 and register a revenue CAGR of 8% during the forecast period. The increased demand for pleated filters in various end-use sectors such as healthcare, pharmaceutical, food & beverage, and automotive is driving market revenue growth. The growing emphasis on preserving indoor air quality and the growing awareness of the need of clean air for good health are driving market expansion. Furthermore, strict government rules surrounding air pollution control are projected to push demand for pleated filters even further.
Pleated filters are becoming more popular as a result of their great efficacy in trapping air pollutants such as pollen, mould spores, and other airborne particles that can cause allergies, asthma, and other respiratory disorders. Demand for pleated filters is increasing in residential and commercial buildings, hospitals, and other healthcare facilities. Furthermore, the growing demand for pleated filters in the food and beverage industry is being driven by the requirement to maintain food cleanliness and safety, which is likely to drive market revenue growth.
Major players are investing in research and development activities and continually introducing new products and services on the market to maximize the value of the customer's lifetime and thereby contribute to market growth. Furthermore, the firms are also interested in the creation of innovative sustainable products and technologies that give improved performance and better value to the clients.
COVID-19 Impact:
The COVID-19 pandemic is expected to interfere somewhat with the growth of the industry. The leading actors in the industry are skeptical of the market's future and try to redesign their strategies to support the challenge. The automotive industry was badly affected by the pandemic, and many large car manufacturers were forced to stop both production and other operations. There is a shortage of resources in different parts of the planet as a result of regular lockdowns. COVID-19 has influenced foreign commerce, exports and imports, and has also contributed to a major decrease in demand in the industry. The large corporations operating on the market try to clear their stock and concentrate on keeping their cash balances. This pandemic also offers an opportunity to grow the industry, in a sense, because people are aware of the health and safety issues and are therefore focused on the adoption of environmentally friendly and fuel-efficient cars. It is likely that people's average disposable income is reduced and producers are trying to develop innovative solutions, which can meet customer requirements at much lower cost.
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Further key findings from the report suggest
- The higher durability coupled with, the wider surface area for filtration, air filters account for the majority market share. A Significant amount of demand side has been projected to come from the mainly HVAC-led market segment.
- Pleated filters are more sturdy and efficient than standard fiberglass filters. They also cost less than electrostatic filters, which are super-efficient.
- The industry expects to be powered by increasing incidence of airborne diseases, as well as rising rates of rapid urbanization hazardous emissions. Increased disposable income and increased health awareness are also some of the factors listed which are expected to stimulate market development.
- All of the major market players have invested heavily in R&D initiatives in recent years, leading to the invention of many innovative products. Major players aim to enhance their product portfolio through strategic mergers and small and medium-sized enterprise acquisitions. So an intense rivalry among players is expected in the coming years.
- In September 2018, Dexwet Holdings Company, the parent company of Austro-American filter maker dexwet International AG, acquired German air purification equipment manufacturer Aludo. Aludo 's takeover marks the beginning of the development of new high-quality air-purification devices.
- Key participants include Clarcor Air Filtration, Denso Corporation, Troy Filters Ltd., Airex Filter Corporation, Delta filtration, Koch Filter Corporation, 3M Company, and Midwesco Filter Resources Inc., among others.
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