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How has the industrial filtration market size grown in recent years?
The industrial filtration market size has seen robust growth in recent years. It is forecasted to grow from $31.86 billion in 2023 to $34.06 billion in 2024 at a compound annual growth rate CAGR of 6.9%. This growth in the historic period can be attributed to factors such as growth in industrialization and manufacturing activities, increased awareness of workplace health and safety, expansion of water treatment and wastewater management, and escalating need for process optimization and efficiency in industries. Moreover, the rising concerns about contaminant removal in industrial processes have propelled this positive momentum.
Just how substantially is the Industrial Filtration Market projected to grow in the next few years?
The industrial filtration market is slated to continue its strong growth momentum in the forthcoming years. It's projected to surge to $44.56 billion in 2028 at a compound annual growth rate CAGR of 6.9%. Factors contributing to this growth include the focus on sustainable and eco-friendly filtration solutions, the adoption of advanced nanofiber and membrane filtration technologies, and the demand for high-purity filtration in the pharmaceutical and biotechnology industries. Other factors include extensive research and development in next-generation filtration materials and processes, and the expansion of filtration solutions within the rapidly growing healthcare and life sciences sectors.
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What key market drivers are propelling the growth of the industrial filtration market?
The necessity of a safe working environment in industrial facilities is expected to be a major driving factor for the industrial filtration market. Industries are fraught with pollutant substances such as coarse, liquid dust pollutants, acetylene, benzene, methane, ethane, propane, and hydrogen that can adversely affect the health conditions of employees. Hence, ensuring a safe working environment becomes a necessity to guarantee the safety and wellness of employees, thereby enhancing their productivity. With the government implementing stringent mandates and regulations regarding occupational health and safety, creating a safe working environment has become an absolute necessity. This need for a safe working environment should create a substantial demand for industrial filtration as it helps create a safe working ambiance by eliminating contaminating particles from the air and other gases in industrial facilities.
What are some of the leading companies operating in the industrial filtration market?
Notable companies operating in the industrial filtration market include Danaher Corporation, Parker Hannifin Corporation, Eaton Corporation plc, Donaldson Company Inc., Mann+Hummel International GmbH & Co. KG, Sulzer Ltd., Lenntech B.V., Ahlstrom-Munksjö Oyj, and Camfil AB, among others.
What are the latest trends shaping the industrial filtration market?
Technological innovation boosts the popularity in the industrial filtration market. The sector is witnessing the implementation of advanced filtration technologies like spray booth filters, custom-engineered porous polymer solutions, and nanofiber technology, among others that enhance life, efficiency, lower costs, and minimize the environmental impact of industrial wastes.
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How is the industrial filtration market segmented?
The industrial filtration market report details the following segments –
1 By Type: Liquid, Air
2 By Filter Media: Activated Carbon/Charcoal, Fiberglass, Filter Paper, Metal, Nonwoven fabric
3 By Product: Bag Filter, Filter Press, Cartridge Filter, Depth Filter, Drum Filter, Electrostatic Precipitator, ULPA, HEPA
4 By Industry: Food And Beverage, Chemicals And Petrochemicals, Power Generation, Oil And Gas, Pharmaceuticals, Metal And Mining, Automotive
Swift regional growth: North America lead the way
North America was the largest region in the industrial filtration market in 2023. The regions covered in the market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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