The size of the global Pleated Filters Market is anticipated to exceed 330 million units by 2024 with a CAGR of over 7 % over the forecast period (from 2016 to 2024). Rising demands for lower carbon emission and high energy-efficient devices are projected to propel the market growth in the near future.
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The increasing scope of applications in HVAC (Heating, Ventilation, and Air Conditioning) systems and substitution of old AC systems are said to drive the market. Rising needs to prevent the spreading of airborne diseases are also likely to spur the product demands. The global market is categorized as products, applications, and regions.
The products sector includes HEPA, oil filter, air filter, food & beverage filter and medium efficiency filter. Pleated air filters dominated the product sector in 2015 and are further divided as HEPA and medium efficiency filters. In air filter sector, most of the volume is occupied by the medium efficiency products. Oil filters occupied more than 11 % of the overall demand in 2015. The sector is anticipated to experience the highest gains with a CAGR of over 8 % during the forecast period.
The application sector comprises industrial, commercial, utilities, and residential. The industrial application sector dominated the overall pleated filters market in 2015 generating revenue of over USD 4 billion. The sector mainly includes the cement, metal and power industries. The industrial applications came up as a dominating sector due to the rising infrastructure investments in the cement industry and power sector.
The commercial application was the second largest sector in 2014 and held for more than 25 % of the overall demand. It is further expected to experience considerable gains of 7 % during the forecast period. This sector mainly comprises offices, buildings, and schools.
Geographically, Asia-Pacific dominated the global Pleated Filters Market in 2015. The European market held more than 25 % of the overall demand in 2015. It is further expected to grow at a healthy CAGR of over 6 % from 2016 to 2024. This market is estimated to grow considerably as a result of strict regulations by the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and several other regulatory bodies so as to control hazardous emissions and to conserve energy.
Some of the key companies operating in the pleated filters market are Donaldson Company Inc.; The 3M Company; Midwesco Filter Resources Inc.; and General Motors Company.
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