The Global Industrial Filtration Market is projected to reach USD 35.47 Billion by 2023, growing at a CAGR of 6.50%, from an estimated USD 25.89 Billion in 2018. This growth can be attributed to the growth in industrialization and urbanization, stringent regulations pertaining to emissions and treatment of industrial waste, and requirement of safe working environment in industrial facilities.
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On the basis of industry, the Industrial Filtration Market is segmented into manufacturing, power generation, oil & gas, pharmaceuticals, metals & mining, and process industry. The pharmaceutical industry is expected to grow at the highest CAGR during the forecast period. This industry uses filtration for removal of suspended particles and to reduce bacteria in process components. The choice of filter media for the pharmaceuticals industry depends on the size of particle to be retained by the medium, permeability of the clean medium, solid-holding capacity of the medium, and the resistance to fluid flow of the used medium.
The industrial filtration market, by type, is segmented into liquid and air. The air filtration market is expected to grow at the highest CAGR during the forecast period. Strict government regulations to curb air pollution is expected to drive the growth of the air-type industrial filtration market. Furthermore, the market for mechanical filtration, by technology is expected to be the largest market and the market for electrostatic precipitator, by product is estimated to be the largest.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the Top Players In The Industrial Filtration Market. These players include Alfa Laval (Sweden), Ahlstrom-Munksjö (Finland), Donaldson (US), Eaton (Ireland), Freudenberg (Germany), Mann+Hummel (Germany), Pall Corporation (US), and Parker Hannifin (US). The leading players are trying to increase their regional presence in the developed economies and are adopting various strategies to increase their market shares.
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The “Make in India” campaign is expected to boost the growth of the manufacturing sector in the country by leading the supply chain management which is expected to grow at a 14% CAGR during 2015–2019. Thus, all the efforts taken by the countries to advance their economic growth are likely to contribute to the Industrial Filtration Market as countries are obliged to abide by the stringent government norms for emission control.