The global oil mist collector market research report from Technavio projects USD 119.98 million growth during 2020-2024 while progressing at a CAGR of over 2% during the forecast period. The report indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Oil Mist Collector Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the rise in the production of light vehicles," says a senior analyst at Technavio. The rising concerns over the environmental impact caused by fossil fuels have compelled automakers to focus on developing fuel-efficient vehicles. This has led to the introduction of lightweight vehicles, which is creating demand for new technological advances in the automotive industry,. These factors are increasing the use of EDM machines and oil mist collectors, thereby driving market growth.
Oil Mist Collector Market Segment Highlights for 2020
- The oil mist collector market is expected to post a year-over-year growth rate of -4.97%.
- Based on machine type, the market grew significantly in the lathe machines segment in 2019. The growth of the segment can be attributed to the wide use of lathe machines across various industries.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 64% of the growth will originate from the APAC region.
- The growth of the market in APAC can be attributed to the increase in the establishment of new manufacturing facilities.
- China and India are the key markets for oil mist collectors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The oil mist collector market size is expected to accelerate at a CAGR of over 2% during the forecast period.
- The oil mist collector market is segmented by Type (Lathe machines, EDMs, SPMs, Machining centers, and Grinding machines) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Absolent Group AB, Aeroex Technologies Inc., Daikin Industries Ltd., LNS Group, Losma S.p.A., MAHLE GmbH, Plymovent Group BV, Rensa Filtration, Sulzer Ltd., and VACUUBRAND GMBH CO KG
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