April 23, 2015: Global Air Filters Market to Surpass $19 Billion by 2020
Rising Concern Regarding IAQ and Related Health Effects
BURNABY, British Columbia — The global air filters market is projected to surpass $19 billion through 2020, according to a TechSci Research report, “Global Air Filters Market Forecast & Opportunities, 2020.” During the recent recession, demand for air filters was dampened owing to the dip in consumer spending. However, the market has been recovering due to increasing disposable income coupled with rising concern regarding IAQ and related health effects.
Air filters are categorized on the basis of application area as HVAC air filters, gas turbine air filters, automotive air filters, cleanroom air filters, and bag house air filters. The global air filters market has always been dominated by the HVAC air filters segment, with continuous demand from the commercial and residential sectors for new installations as well as replacements. The consumer focus on ambient air quality and energy efficiency coupled with recovered consumer spending has been aiding the global HVAC air filters market.
“The global air filters market continues to be dominated by Asia-Pacific owing to rapid industrialization coupled with growth in the economies of this region. Air filter manufacturers see myriad opportunities across this region due to growth of end use industries such as semiconductors, electronics, power, cement, and steel industry. The Asia-Pacific market is anticipated to retain dominance in the market over the forecast period as well, growing at a higher CAGR [compound annual growth rate] in comparison to other regions,” said Karan Chechi, research director with TechSci Research.
For more information on the global air filters market report, click here.
Publication date: 4/20/2015