CHICAGO, March 20, 2019 /PRNewswire/ -- According to the new research report "Industrial Filters Market by Type (Liquid and Air Filter Media), End-use Industry (Food & Beverage, Metal & Mining, Chemical, Pharmaceutical, and Power Generation), and Region (APAC, Europe, North America, MEA, and SA) - Global Forecast to 2023", published by MarketsandMarkets, the Industrial Filters Market is expected to grow from USD 2.7 billion in 2018 to USD 3.7 billion by 2023, at a CAGR of 6.2% during the forecast period. The major factors driving the industrial filters market include growing industrialization and urbanization coupled with stringent regulations pertaining to emission and treatment of industrial waste.
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The food & beverage end-use industry segment is projected to register the highest CAGR in the industrial filters market during the forecast period.
The industrial filters market has been segmented on the basis of end-use industry into food & beverage, metal & mining, chemical, pharmaceutical, power generation, and others. Among these end-use industries, food & beverage is the largest segment of the industrial filters market. The rising demand for ready-to-eat food, convenience food, and processed & semi-processed food offers growth opportunities for the food & beverage industry, which, in turn, drives the industrial filters market.
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The liquid filter media segment is projected to lead the industrial filters market during the forecast period.
The liquid filter media segment is estimated to dominate the global industrial filters market during the forecast period. It is the most widely used filter media, owing to the comparatively large number of applications of liquid filter media in industries such as food & beverage, metal & mining, chemical, pharmaceutical, power generation, pulp & paper, and textile.
APAC is projected to be the largest industrial filters market during the forecast period.
APAC is projected to be the largest and fastest-growing market for industrial filters. This growth is mainly driven by the growing population and increasing industrialization & urbanization in developing countries such as China and India. Moreover, stringent government regulations pertaining to emission & treatment of industrial wastes in countries such as Australia, Japan, and South Korea fuels the growth of the industrial filters market in APAC.
The key players in the Industrial Filters Market include Valmet Corporation (Finland), Lydall Inc. (US), 3M (US), Ahlstrom-Munksjo (Finland), Clear Edge Filtration Group (US), Nordic Air Filtration (Denmark), Fibertex Nonwoven (Denmark), Sefar AG (Switzerland), Freudenberg Filtration Technologies (Germany), and Sandler AG (Germany). These players have established a strong foothold in the market by adopting strategies such as investment & expansion, new product launch, and acquisition.
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