Air Filters Market Research Report By Key Players Analysis...

Air Filters Market Research Report By Key Players Analysis Till 2033

Posted 2024-07-05 14:28:30

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The global air filters market is on an upward trajectory, poised to surpass the USD 30.33 billion mark by 2033, showcasing a substantial surge from its 2023 valuation of USD 16.53 billion. This remarkable expansion is propelled by a robust Compound Annual Growth Rate (CAGR) of 6.26%, underscoring the persistent demand for efficient air filtration solutions.

Once undervalued, air filters have undergone a significant transformation, now recognized as indispensable components crucial for daily life. Quietly enhancing overall well-being, these filters play a pivotal role in elevating indoor air quality, thereby mitigating health risks associated with air pollution. This evolution assumes heightened significance amidst escalating urbanization and industrial activities, highlighting the pressing challenges of maintaining air quality both indoors and outdoors.

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The Role of Air Purifiers in Commercial Settings and Overcoming Challenges:

Air purifiers are used in schools, malls, conference centers, workplaces, hospitals, hotels, theaters, and other commercial settings such as recreation centers and amusement parks.

Rising urban air pollution levels pose challenges for local governments. As more than 70% of the millennial population works indoors, an increase in cases of fine dust and infectious disease has been noticed.

This growth is due to increasing pollution levels and rising demand for air filters in residential and commercial areas, with further expansion expected as public awareness of the health risks associated with air pollution increases.

However, technological limitations to the air filters combined with low awareness among the population may act as a barrier to market expansion. Nevertheless, rigorous research and development activities with constant support from regulatory authorities are more likely to liquidate these challenges.

Key Takeaways:

Dust collectors are gaining ground and are anticipated to account for more than 28% of revenue in 2022 due to their ability to control air quality.
MIS collectors, baghouse filters, and cartridge filters are expected to support market expansion in addition to having a sizable air filter market share.
In 2022, the commercial segment took control of the sector, accounting for 57.0% of global revenue.
The North American air filter market is expected to be worth USD 9.63 billion by 2033, at a CAGR of 6.3% during the forecast period.
The European market is expected to record a consistent revenue CAGR of 6.4%.
FMI predicts that the India air filter market is likely to record a CAGR of 11.97% during the forecast period and is likely to reach a market valuation of USD 1,966.71 million by 2033.

Competitive Landscape:

Prominent key players are focusing on acquiring mid-sized companies to expand their global presence. For example, Daikin Industries, Ltd. subsidiaries AAF and Nippon Muki Co. Ltd. are focusing on developing product portfolios for applications in engineering fields, factories, and buildings, among others. Furthermore, market participants are focused on producing effective filters at low manufacturing costs.

Recent Developments:

PURAFIL, INC. installed 'PuraShield Smart 1000 portable filtration systems' in September 2020 to improve indoor air hygiene at Northwestern University Athletics & Recreation. It is a multi-stage original filtration solution that removes nearly 99.99% of aerosols from the air, including bacteria and viruses.
MANN+HUMMEL and its subsidiary Tri-Dim Filter Corporation began supplying HEPA Filters in Ford respirators in April 2020. Germs, microbiological contamination, and viruses are reliably removed from the supply air by these H13 HEPA Filters.

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Key Players: