Albany, New York, Jan. 19, 2015 (GLOBE NEWSWIRE) -- A recent market report published by Transparency Market Research (TMR) based on "Filters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018" provides a comprehensive forecast and overall analysis of the filters market on a global, as well as regional level.
According to the study report, the global filters market for automotive, consumer, utility, and industrial applications was valued at US$48.10 billion in 2011. In the recent years, the market for filters has been growing at a rapid CAGR of 6.7% from 2012 to 2018 and is expected to reach US$77.10 billion in 2018.
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Asia-Pacific accounted for over 35% of filters consumption in 2011 becoming the largest region for consumption of filters for all purposes. Due to the growing activities in industrial sectors, the region is also expected to exhibit the highest growth and demand for filters over the forecast period. Asia-Pacific was once valued at US$17.78 billion in 2011.
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Following to Asia-Pacific, other regions such as Europe and the U.S. have also marked their presence in the consumption of filters in the global market. Owing to the strict regulations and environmental laws governing the release of harmful pollutants and chemicals, the demand for filters in Europe is expected to grow and account for more than 25% of the total market share by 2018. Similarly, the U.S. filters market was valued at US$10.10 billion in 2011. The region is popular for the presence of large replacement market, and is therefore growing at a rapid CAGR of over 5% from 2012 to 2018.
Moreover, high surge for different kinds of filters in consumer goods demand, particularly in the economies of India, China, and other Southeast Asian countries is expected to boost the market for filters too.
Browse Press Release of Filters Market: http://www.transparencymarketresearch.com/pressrelease/filters-market.htm
Some of the growth factors of the Filters Market analyzed in this report include implementation of stringent environmental regulations to meet the industrial and manufacturing units, automotives, commercial, as well as domestic purposes. Standard regulations such as Safe Drinking Water Act, Clean Air Act, and Euro 5 and 6 standards are expected to fuel growth of the filters market across the globe. Introduction of Kyoto Protocol and other similar emission norms and the key implementation of such regulations in our environment are expected to drive the market for filters over the forecast period. Also, growing demand of consumer goods and automobiles will further fuel growth into the filters market. Development of alternate technologies such as photo-oxidation, ion exchange, and distillation which formerly delivered optimum results is nevertheless expected to hinder the growth of the filters market until the end of the forecast period.
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Some of the key players present in the filters market include Strainrite Companies, AAF International and Global Filters among others. Donaldson is the leading manufacturer of filters and accounted for less than 10% of the market share in 2011. Clarcor Inc. had the second largest market share in 2011, followed by Cummins, Parker-Hannifin, and Affinia together accounting for over 15% of the filters market share in 2011.
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