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The panel filters market is expected to grow, rising from $5.59 billion in 2023 to $5.92 billion in 2024, at a CAGR of 5.9%. Key drivers include growing concerns about air quality and indoor pollution, industrial expansion, HVAC system adoption, stringent environmental regulations, and increasing awareness of respiratory health.
What Is the Projected Market Size of the Global Panel Filters Market and Its Growth Rate?
The market is expected to grow strongly, reaching $7.53 billion by 2028 at a CAGR of 6.2%. The growth is driven by demand for high-efficiency filters in cleanrooms, data centers, and HVAC systems. Key trends include IoT-enabled air filtration, advanced filtration media, and low-profile filter designs for improved air quality.
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What are the Key Drivers Fueling Growth in the Panel Filters Market?
The decline in air quality is contributing to the growth of the market. Panel filters are used to purify the air, preventing health issues caused by pollutants. According to IQAir, Mumbai's air quality in 2021 was nearly nine times higher than the WHO limit, which is expected to increase demand for panel filters.
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Who Are the Key Players Driving Growth in the Panel Filters Market?
Major companies operating in the market include American Air Filter Company Inc., Koch Filter Corporation, AFPRO Filters B.V., Filter Equipment Company Inc., Camfil AB, Donaldson Company Inc., Mann+Hummel GmbH, Parker Hannifin Corporation, Freudenberg Filtration Technologies, Filtration Group Corporation, Clarcor Inc., Ahlstrom-Munksjö Oyj, Spectrum Filtration Pvt. Ltd., Purafil Inc., Universal Air Filter Company, Minnesota Mining and Manufacturing Company, Airguard Industries Inc., Baldwin Filters Inc., Columbus Industries Inc., General Electric Company, Honeywell International Inc., Purolator Inc., Nederman Holding AB, Trion Inc., HAGUE Quality Water, Permatron Corporation, Pentair plc
What Are The Emerging Trends Shaping The Growth Of The Panel Filters Market?
Companies in the market are making strategic investments to enhance their offerings. MANN+HUMMEL Gruppe, a global filtration company, made a strategic move by investing in Pamlico Air, a US-based air filtration provider. This investment, announced in March 2021, expands MANN+HUMMEL's commercial and industrial air filtration capabilities. Pamlico Air focuses on the wholesale and residential markets, enhancing MANN+HUMMEL's aftermarket offerings and expanding its reach in the air filtration industry.
What Are the Segments of the Global Panel Filters Market?
The panel filters market covered in this report is segmented –
1) By Type: Disposable Panel Filters, Reusable Panel Filters
2) By Material: Fiberglass, Synthetic, Other Materials
3) By Application: Residential, Non-residential
Geographic Overview: Asia-Pacific at the Helm of the Panel Filters Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Understanding the Definition of the Panel Filters Market
Panel filters refer to air filters that filter out dust and other airborne impurities. They use a negative pressure system to clean particles ranging in size from 1 micron to 50 microns. In addition to preventing particle contamination of the engine oil, panel filters also protect mechanical components from wear and tear brought on by particle abrasion.
The Panel Filters Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Panel Filters Market Report: Trends, Opportunities, Strategies, and More
The Panel Filters Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into panel filters market size, panel filters market drivers and trends, panel filters market major players, panel filters competitors' revenues, panel filters market positioning, and panel filters market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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