Automotive air filters are the fastest-growing product sector
The global air filter equipment market is expected to be worth US$8.5bn by 2018, according to a new report from Companiesandmarkets.com.
Key factors set to drive growth include the recovery in consumer spending, a re-focus on indoor air quality, reinvestments in capital equipment and the development of environment-friendly, energy saving, high-efficiency air filters, the report, Global Air Filter Equipment Market, reveals.
The 2007–2009 economic recession has taken its toll on the air filter equipment market, the report reveals. Carbon emissions worldwide declined in 2008 and 2009 as a result of the recession-induced decline in energy consumption and reduced industrial, manufacturing and commercial activity.
Financial hardships have lessened the focus on the environment both in the residential and industrial sectors, the report says. As the current emphasis is on surviving the crisis, the interest in indoor air quality and clean air technologies is declining.
HVAC air filters and automotive air filters have been especially hard hit given the meltdown in commercial and residential construction, and the collapse of the automotive industry in the developed countries, the report says.
Asia-Pacific is the fastest-growing market sector with a 7.2% CAGR over the analysis period
The US accounts for a major share of the global market, with Asia-Pacific being the fastest-growing market sector with a 7.2% CAGR over the analysis period.
Geographical expansion is a major trend in the air filter equipment market, with many suppliers setting up operations in China. Air filters used in residential and commercial buildings have a low price to volume ratio therefore shipping costs are relatively high. This dictates the location of manufacturing near the buyer, the report says.
American Air Filter (AAF), a subsidiary of Daikin, has a wide geographic spread and with the acquisition of Nippon Muki in 2009 moved closer to its goal of attaining the market-leading position in the global air filter business.
Donaldson Company has also strategically positioned its manufacturing facilities around the world and is building a second manufacturing facility in Aguascalientes, Mexico. This new 140,000ft2 facility will manufacture air filters for the company's growing markets in the Americas.
Donaldson's existing plant in Aguascalientes, which currently manufactures both air and liquid filters, will specialise in liquid filters upon the completion of this new air filter plant.
For more information on the global air filter equipment market, see the latest research, Global Air Filter Equipment Market.