Nov 25, 2019   SOURCE: BusinessWire

HVAC Filters Market Set to Reach $7.7 Billion by 2024 - Government Regulations & Policies for Efficient Filtration Drives the Market - ResearchAndMarkets.com

The "HVAC Filters Market by Material (Fiberglass, Synthetic Polymer, Carbon), Technology (Electrostatic Precipitator, HEPA, Activated Carbon), End-Use Industry (Building & Construction, Pharmaceutical, Food & Beverage), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The HVAC filters market is estimated to be USD 6 billion in 2019 and is projected to reach USD 7.7 billion by 2024, at a CAGR of 5.1% from 2019 to 2024.

Increasing demand for HVAC systems, growing awareness about indoor air quality, and stringent government regulations for efficient filtration are the main factors that have led to the growth the HVAC filters market. Rising environmental concerns due to the emission of hydrofluorocarbons (HFCs) from HVAC systems are restraining the growth of the HVAC filters market.

Some of the leading manufacturers of HVAC filters profiled in this report include Camfil AB (Sweden), MANN+HUMMEL (Germany), Donaldson Company, Inc. (US), Filtration Group Corporation (US), Koch Filter (US), 3M Company (US), Parker Hannifin Corporation (US), Ahlstrom-Munksj (Finland), American Air Filter Company, Inc. (US), and Freudenberg Group (Germany).

The synthetic polymer segment is projected to grow at the highest CAGR in the HVAC filters market during the forecast period

The synthetic polymer segment is estimated to be the largest material segment in 2019. This segment is also projected to register the highest CAGR during the forecast period. The demand for the synthetic polymer material is owing to its higher efficiency, greater washability, and longevity compared to other conventional fiberglass filters. Filters made of synthetic polymer have a pleated design, which increases the surface area, thus making the filter more efficient at capturing airborne particles in HVAC systems.

The HEPA segment is expected to lead the HVAC filters market during the forecast period

Based on technology, the HEPA segment is estimated to account for the largest share of the HVAC filters market in 2019. The HEPA filter technology has the capability of trapping 99.97% dust particles that are 0.3 microns or larger in size. HEPA filters have diverse application areas, including residential buildings, pharmaceutical production, food & beverages, and clean rooms in the electronics & semiconductor industry, among others. The demand for the HEPA filter technology is expected to increase in several industries due to the technology's capability of providing improved indoor air quality.

The building & construction segment is expected to lead the HVAC filters market during the forecast period

Based on end-use industry, the building & construction accounted for the largest share of the HVAC filters market in 2018 in terms of volume. This growth is mainly attributed to increasing construction activities in the residential and commercial sectors. The increasing demand for green buildings and awareness about indoor air quality are also expected to fuel the growth of the HVAC filters market in the building & construction segment during the forecast period.

The Asia Pacific HVAC filters market is projected to witness the highest CAGR between 2019 and 2024

By region, the Asia Pacific HVAC filters market is projected to grow at the highest rate between 2019 and 2024. The market growth in this region is mainly attributed to improved economic conditions of developing countries, increasing building and construction activities, and rising global warming. The presence of various associations that support the adoption of efficient HVAC systems is expected to help drive the demand for HVAC filters in the region during the forecast period.

Research Coverage

This report covers the HVAC filters market by material, technology, end-use industry, and region. It aims at estimating the size and future growth potential of the market across various segments. The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.

Key Benefits of Buying the Report

From an insight perspective, this report focuses on various levels of analyses, such as industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments, high-growth regions, and drivers, restraints, opportunities, and challenges in the HVAC filters market.

The report provides insights on the following:

  • Market Penetration: Comprehensive information on various raw materials and processes of HVAC filters offered by top players operating in the market
  • Product Development/Innovation: Detailed insights into upcoming developments in HVAC filters, R&D activities, and new applications in various end-use industries in the market
  • Market Development: Comprehensive information about lucrative and emerging markets across different regions
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the HVAC filters market
  • Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the HVAC filters market

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the HVAC Filters Market

4.2 HVAC Filters Market, By Material

4.3 HVAC Filters Market, By End-Use Industry and Technology

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Increasing Demand for HVAC Systems

5.2.1.2 Growing Awareness About Indoor Air Quality

5.2.1.3 Government Regulations and Policies for Efficient Filtration

5.2.2 Restraints

5.2.2.1 Rising Environmental Concern

5.2.3 Opportunities

5.2.3.1 Increasing Investments in the Construction Sector

5.2.3.2 Technological Advancement in HVAC Filters

5.2.4 Challenges

5.2.4.1 Higher Cost and Maintenance of Efficient HVAC Filters

5.3 Porter's Five Forces Analysis

5.3.1 Threat of New Entrants

5.3.2 Threat of Substitutes

5.3.3 Bargaining Power of Suppliers

5.3.4 Bargaining Power of Buyers

5.3.5 Intensity of Competitive Rivalry

6 HVAC Filters Market, By System

6.1 Introduction

6.2 Heat Pumps

6.3 Rooftop Units

6.4 Geothermal Heat Pumps

6.5 Packaged Air Conditioners

6.6 Spilt System HVAC

6.7 Ductless Systems

6.8 Hybrid HVAC Systems

7 HVAC Filters Market, By Material

7.1 Introduction

7.2 Synthetic Polymer

7.2.1 Properties Such as High Efficiency, Washability, and Longevity are Expected to Drive the Demand for Synthetic Polymers in the HVAC Filters Market

7.3 Fiberglass

7.3.1 Lower Cost, Dimensional Stability, Design Flexibility, and Excellent Electrical Properties are Anticipated to Increase the Demand for Fiberglass in the HVAC Filters Market

7.4 Carbon

7.4.1 Ability to Absorb Odors and Gases is Anticipated to Fuelthe Demand for Carbon in the HVAC Filters Market

7.5 Metal

7.5.1 Metal Filter Material Can Be Cleaned and Reused Making It Suitable for HVAC Systems

8 HVAC Filters Market, By Technology

8.1 Introduction

8.2 Electrostatic Precipitator

8.2.1 Low Pressure Drop and Washable Properties are Expected to Drive the Demand for Electrostatic Precipitators

8.3 HEPA

8.3.1 Rising Demand for Highly Efficient HVAC Filters in Pharmaceutical, Food & Beverage, and Semiconductor Industries

8.4 Activated Carbon

8.4.1 Increasing Demand for Odor, Gas, and Toxic Fumes Control Filters is Driving the Market for Activated Carbon Technology

8.5 Others

8.5.1 Increase in Demand From Several End-Use Industries is Expected to Propel the Market for Other Technologies

9 HVAC Filters Market, By End-Use Industry

9.1 Introduction

9.2 Building & Construction

9.2.1 Increasing Demand for Green Buildings and Awareness About Indoor Air Quality is Expected to Drive the Market

9.3 Pharmaceutical

9.3.1 Increase in Demand for High-Efficiency Filters for Critical Manufacturing Processes is Anticipated to Propel the Growth of the Market

9.4 Food & Beverage

9.4.1 Increase in Demand for Improved Air Quality in Food Processing Plants has Led to Increased Demand for HVAC Filters in the Food & Beverage Industry

9.5 Automotive

9.5.1 Increase in Vehicular Traffic and Air Pollution has Led to Growth in Demand for HVAC Filters in the Automotive End-Use Industry

9.6 Others

9.6.1 Increase in Demand for Thermal Comfort and Improved Indoor Quality is Anticipated to Drive the Market for HVAC Filters in Other End-Use Industries

10 HVAC Filters Market, By Region

10.1 Introduction

10.2 Asia Pacific

10.3 North America

10.4 Europe

10.5 Middle East & Africa

10.6 South America

11 Competitive Landscape

11.1 Introduction

11.1.1 Visionaries

11.1.2 Innovators

11.1.3 Dynamic Differentiators

11.1.4 Emerging Companies

11.2 Strength of Product Portfolio

11.3 Business Strategy Excellence

11.4 Market Share of Key Players in the HVAC Filters Market, 2018

12 Company Profiles

12.1 3M Company

12.2 Parker Hannifin Corporation

12.3 Camfil AB

12.4 MANN+HUMMEL

12.5 American Air Filter Company, Inc.

12.6 Donaldson Company, Inc.

12.7 Ahlstrom-Munksj

12.8 Filtration Group Corporation

12.9 Freudenberg Group

12.10 Sogefi Group

12.11 GVS Group

12.12 Spectrum Filtration Pvt. Ltd.

12.13 Emirates Industrial Filters LLC

12.14 Koch Filter

12.15 Sandler AG

12.16 Troy Filters Ltd.

12.17 DHA Filter

12.18 General Filter Havak

12.19 Johns Manville

12.20 Hollingsworth & Vose

12.21 Other Players

12.21.1 Air Filters, Inc.

12.21.2 Tex-Air Filters

12.21.3 A-J Manufacturing

12.21.4 Filt Air Ltd.

12.21.5 Airsan Corporation

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