The extensive usage of filters in HVAC systems to remove solid contaminants is one of the key drivers that will augment pleated filters market size. The increase in the number of construction activities in commercial & residential complexes will lead to a high demand for HVAC systems, which in turn will require the installation of pleated filters for air purification. Thus, the growth of the construction sector will gradually spur pleated filters market share. This is also one of the major drivers of pleated filters market in APAC and MEA. HVAC systems are in high demand across these regions, subject to the high infrastructural growth. This factor has also encouraged several industry players to expand their business setups in these regions. In 2013, the overall construction spending by India, China, and Japan was assessed at USD 427 billion, USD 1.78 trillion, and USD 742 million. Thus, the thriving construction as well as oil & gas sectors are expected to leverage pleated filters industry development over the coming years.
Global Market Insights, Inc. has estimated pleated filters industry to hit a revenue of USD 14.9 billion by 2022. The rising popularity of energy conserving and low carbon emitting devices is projected to generate a huge market for pleated filters. Implementation of strict laws in Europe and U.S. pertaining to food safety will also contribute substantially towards the product sales.
Germany pleated filters market size, by product, 2012 - 2022 (Million Units)
Pleated filters find applications across the utility, commercial, residential, and industrial sectors. Pleated filters market revenue in the industrial sector, which was assessed at USD 3.5 billion in 2014, is forecast to experience an astounding surge over the years ahead. The product finds massive utilization in the power, metal, and cement industries. Large-scale industrialization in the developing regions of APAC and LATAM is expected to contribute remarkably towards the business growth.
Residential applications are foreseen to register considerable gains of 5.7% during the period between 2015 to 2022. Pleated filters industry size in the commercial sector is anticipated to grow at a CAGR of 6% over the coming five years, driven by the escalated product requirement in schools and offices.
Taking into account the geographical trends, Europe pleated filters industry, which accounted for over 22% of global pleated filters market share in 2014, is projected to expand at a rate of 5.5% over the period of 2015-2022. The growth can be attributed to the execution of strict norms by REACH to curb GHG emissions and improve energy conservation. High requirement for replacement of outdated air conditioners with more advanced energy efficient pleated filters will also contribute significantly towards the regional growth.
Asia pacific pleated filters market, which collected a revenue of USD 3 billion in 2014, is projected to witness a noticeable surge over the next few years. Strict measures taken by the government to annihilate the air pollution will spur the growth. China, Japan, and India will drive the regional revenue. China pleated filters industry revenue, estimated at USD 1.1 billion in 2014, is expected to dominate the regional share.
U.S. pleated filters industry is slated to record a CAGR of 3.2% over the period of 2015-2022, stimulated by the implementation of strict legislations by regulatory authorities such as US EPA (United States Environmental Protection Agency) to reduce air-borne ailments.
HEPA filters, food & beverage filters, air filters, medium efficiency filters, and oil filters are the major pleated filter products. Air filters, which contributed over 50% of pleated filters market volume in 2014, will spur the industry size in future. The rising trend toward the usage of proficient devices to reduce indoor pollutants will uplift the product demand. Oil filters are foreseen to register a CAGR of 7.5% over 2015-2022. Rise in the number of fleet vehicles in APAC and MEA regions along with the growing utility of oil filters across the automotive sector is likely to boost the product popularity.
In April 2017, the Donaldson Company introduced a snap-in pleated bag filter replacing the Torit RF baghouse dust collector. This new filter helps to reduce operational costs by 50% as compared to the baghouse dust collector, thereby reducing costs. Beneficial features such as an elongated lifespan and the ability to provide purified air is expected to enhance the demand for these across the globe, and this in turn will create a huge growth potential for pleated filters market. Such innovations in filtration technologies will offer high growth prospects for the new entrants.
Pleated filters industry is highly fragmented characterized by the huge presence of local players as well as multinational corporations. Donaldson Company Incorporation, The Camfil Group, Atlas Copco, The Strainrite Company, The 3M Company, General Motors Company, Freudenberg Group, Midwesco Filter Resources Incorporation, and Columbus Industries Incorporation are the key participants of pleated filters industry.