The key factors driving the growth of this market include increasing demand for HVAC systems, growing awareness about indoor air quality, and stringent government regulations for efficient filtration. Further, increasing investments in the construction sector and technological advancements in HVAC filters are expected to fuel the demand for HVAC filters.
Northrook, IL -- (SBWIRE) -- 12/01/2019 -- The report "HVAC Filters Market by Material (Fiberglass, Synthetic Polymer, Carbon), Technology (Electrostatic Precipitator, HEPA, Activated Carbon), End-Use Industry (Building & Construction, Pharmaceutical, Food & Beverage), Region - Global Forecast to 2024" The HVAC filters market is estimated to be USD 6.0 billion in 2019 and is projected to reach USD 7.7 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. This growth is mainly attributed to the increasing demand for HVAC systems, growing awareness about indoor air quality, and stringent government regulations for efficient filtration.
Browse 147 market data Tables and 32 Figures spread through 134 Pages and in-depth TOC on "HVAC Filters Market - Global Forecast to 2024"
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Building & construction end-use industry segment accounts for the largest share of the HVAC filters market in 2018
By end-use industry, the building & construction segment is anticipated to be the largest market for HVAC filters during the forecast period in terms of volume. The segment includes residential and commercial buildings, which majorly consume HVAC systems for thermal comfort and superior indoor air quality. The growth of this segment is mainly attributed to the increasing demand for green buildings and awareness about indoor air quality. HVAC filters help enhance indoor air quality.
Synthetic polymer material segment projected to lead the HVAC filters market during the forecast period.
Based on material, the HVAC filters market has been segmented into fiberglass, synthetic polymer, carbon, and metal. The synthetic polymer segment accounted for a larger market share in 2018, owing to the material's easy availability, long serviceability, and efficient filtration. Synthetic polymer filter materials are available in the form of pleats or stretched films, which are either made from the spunbond or melt-blown manufacturing process. The pleats increase the surface area and make the filters more efficient at capturing airborne particles in the HVAC systems.
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HEPA segment projected to lead the HVAC filters market during the forecast period.
By technology, the HEPA segment is estimated to account for the largest share of the HVAC filters market in 2019. HEPA filters have the capability of trapping 99.97% dust particles that are 0.3 microns or larger in size. These filters have diverse application areas, including residential buildings, pharmaceutical production, food & beverages, and clean rooms in the electronics & semiconductor industry, among others. The demand for HEPA filter technology is increasing due to its ability to provide improved indoor air quality.
Asia Pacific is expected to lead the HVAC filters market during the forecast period
By region, the Asia Pacific HVAC filters market is projected to witness the highest CAGR between 2019 and 2024 in terms of volume. The market growth in this region is mainly attributed to improved economic conditions of developing countries, increasing building and construction activities, and rising global warming. Further, the presence of various associations that support the adoption of efficient HVAC systems is expected to drive the HVAC filters market in Asia Pacific during the forecast period.
Some of the key market players covered in this report include Camfil AB (Sweden), MANN+HUMMEL (Germany), Donaldson Company, Inc. (US), Filtration Group Corporation (US), Koch Filter (US), 3M Company (US), Parker Hannifin Corporation (US), Ahlstrom-Munksjö (Finland), American Air Filter Company, Inc. (US), and Freudenberg Group (Germany).
- In August 2019, MANN+HUMMEL acquired Hardy Filtration, a Canada-based manufacturer of air filters, paint booth filters, and dust bags. This acquisition has increased the company's manufacturing operations in Canada. Further, this acquisition will help MANN+HUMMEL expand its product portfolio in HVAC systems.
- In April 2019, Filtration Group Corporation developed a new self-supported pleat air filter called NOVAPLEAT. This new product has a longer life span and can be used in commercial HVAC systems that are installed in commercial offices; manufacturing & distribution units; educational, healthcare, and pharma facilities; and hospitality, airport, and transportation hubs. This new development has enabled the company to extend its product line.
- In June 2018, Camfil AB signed an agreement with Salvador Escoda to provide quality Camfil products in Salvador Escoda's supply stores. Salvador Escoda is one of the largest distributors of filters in Spain. This agreement enabled Camfil AB to deliver its products on time, besides penetrating deeper into the Spanish market.
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Key questions addressed by the report:
- What are the future revenue pockets in the HVAC filters market?
- Which key developments are expected to have a long-term impact on the HVAC filters market?
- Which materials are expected to cannibalize existing markets?
- How is the current regulatory framework expected to impact the market?
- What will be the future product mix of the HVAC filters market?
- What are the prime strategies of leaders in the HVAC filters market?
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