Asia-Pacific Air Filtration Market - Industry Growth and Forecast, 2016 to 2024 - HeA Chapter by Markets InsightsThe Asia-Pacific air filtration market was valued at over USD 3.4 billion in 2015. It is projected to grow at a CAGR of 8.6% during the forecast period (2016-2024)
The Asia-Pacific air filtration market stood
at more than USD 3.4 billion in 2015. It is estimated to grow at a CAGR
surpassing 8.5% over the forecast period (2016-2024). The market is anticipated
to cross USD 6.6 billion by 2024. A rise in the number of gas-fueled power
plants, coal, cement, and metal industries leads to increased pollution. This
is a key factor that will fuel this market.
Innovation in
the Asia-Pacific air filtration market would encourage new product development,
reduced operating costs, compliance with quality standards, and energy
conservation. These factors together will stimulate market demand. Increasing
research & development investments besides new technological developments
will support further growth. Ongoing
developments in air filtration technology have improved air quality and
minimized energy consumption. Advancements in nanotechnology, non-woven technology,
and in raw materials like small fibers are expected to contribute significantly
to this market.
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However, the
initial installation costs of air filters, along with added attachments &
other technologies can increase the overall product cost. This could hinder
industry growth, since purchasing decisions are largely dependent on the
overall cost of the product.
The
Asia-Pacific air filtration market is segmented into applications, products,
technologies, and regions. On the basis of applications, the market is
fragmented into pharmaceuticals, metals, power, food, and cement. The power
segment can expand at a CAGR of about 10% during the forecast period. The can
be attributed to advancements in nuclear power generation and defense. Rigid
environmental norms require that the air be free of radioactive pollutants.
This intern will positively impact market demand in the forthcoming years.
The food
segment is likely to witness considerable growth owing to stringent regulations
imposed on food manufacturing units. The focus of food manufacturers on
high-quality filtered air for better hygiene and safety will drive the
Asia-Pacific air filtration industry.
Products
include automotive, residential, and industrial. In 2015, automotive air
filtration dominated the market with over 55% of the total revenue shares. It
would grow at a CAGR of about 8% during the forecast period. The growing need
for replacing these air filters on a regular basis will support industrial
growth.
Growing at
more than 9.4% CAGR, the industrial segment will hold a share of nearly 27% in
the Asia-Pacific air filtration market. This segment is sub-divided into
high-efficiency particulate air (HEPA) filters, dust, baghouse filters, CCF,
dust collectors, and mist collectors. Mist collectors can witness substantial
growth owing to their demand in metal processing and in the food & beverage
(f&b) industry. Based on
technologies, this market is categorized into electrostatic precipitators,
baghouse filters, nitrogen control systems, fabric filters, scrubbers, flue gas
desulphurization systems, and mercury control systems. Baghouse filters will
expand robustly due to widespread application in mining, coal-fired plants, and
cement industries.
Regions
encompass South Thailand, Australia, China, India, Malaysia, Japan, Korea, and
Indonesia. China will continue to lead the Asia Pacific market and will grow at
a 9% CAGR during the forecast period.
Key players in
the Asia-Pacific air filtration industry are Windsor Wire LLC, Cummins, Mahle,
and MANN+HUMMEL group. Participants actively participate in mergers &
acquisitions to expand and gain an edge over the consolidated market.
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Added on December 16, 2016 Last Updated on December 16, 2016 Tags: Asia-Pacific air filtration mark, Asia-Pacific air filtration mark, Asia-Pacific air filtration mark, Asia-Pacific air filtration mark, Asia-Pacific air filtration AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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