June 14, 2022 06:22 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 14, 2022 (GLOBE NEWSWIRE) -- The North America industrial filtration market size hit USD 15.57 billion in 2021. The market value is anticipated to rise from USD 16.19 billion in 2022 to USD 20.77 billion by 2029 at a CAGR of 3.6% during 2022-2029. The market is growing as pollution control regulations become more rigorous across the region. In addition, the adoption of industrial filtering systems by a variety of sectors will propel the market forward, says Fortune Business Insights™, in its report titled “North America Industrial Filtration Market, 2022-2029." COVID-19 Impact: Wide-scale Industrial Slowdown Impacted Market Dynamics during Pandemic According to a survey conducted by the Water and Wastewater Equipment Manufacturers Association (WWEMA) on the impact of COVID-19 on the wastewater treatment industry, over 90% of enterprises reported minimal sales growth and order fulfilment delays. The demand from the food & beverage and pharmaceutical industries, on the other hand, slowed the expansion of the market.
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List of Key Players Profiled in the Report
North America Industrial Filtration Market Report Scope & Segmentation:
By Type, Liquid Filtration Segment to Witness Robust Demand Through 2029 Based on type, the market share is bifurcated into liquid filtration and air & gas filtration. The liquid filtration segment captured the dominant market share in 2021 and will exhibit similar trends during the projected timeframe, led by increasing demand across key end-use sectors. On the other hand, the air & gas filtration segment will grow at a healthy CAGR during 2022-2029.
By Filter Media, Activated Carbon/Charcoal Segment to Gain Traction Over 2022-2029 On the basis of filter media, the market share is segmented into activated carbon/charcoal, nonwovens, fiberglass, filterpaper, metals, and combination filters & others. Among these, the activated carbon/charcoal segment is anticipated to be the fastest-growing segment during the projected period owing to high adsorption potential. The combination filters & others segment captured the largest market share in 2021 led by higher filtration efficiency.
By Application, Healthcare Sector to Generate Monumental Demand through 2029 In terms of application, the market is divided into food & beverage, semiconductors & electronics, power generation, chemicals & petrochemicals, metals & mining, healthcare, paper & paints, and others. Among these, the healthcare sector held the leading position in the market in 2021 and will continue to dominate the market share owing to increasing pharmaceuticals production.
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Report Coverage: The report offers:
Increasing Popularity of Organic Products to Drive Market Growth
The rising popularity of nutritious foods can be attributed to the increased understanding and growing concerns about health and wellness. Purity with low residual content is required for organic and healthful meals, which is achieved by techniques such as industrial filtering to reduce contaminant levels. Furthermore, organic food producers must adhere to standards regulating effluent treatment, which increases the demand for industrial filtration.
However, high energy consumption during industrial filtration could hamper the market growth to some extent.
U.S. to Dominate Market Share led by Rising Industrial Activity
In 2021, the U.S. dominated the North America industrial filtration market share with USD 11.30 billion valuation. The growth of the market in the U.S. is being fueled by increased investments in industrial facilities and more rigorous pollution control regulations. Power generation, oil & gas, and pharmaceutical industries account for the majority of the product demand in the country. The Mexican market expansion is linked to the country's increasing industrialization and expansion efforts. Furthermore, the government's execution of new rules requiring manufacturers to incorporate filtering systems is driving the market growth.
Market Players Focus on New Product Development and Launches to Strengthen Position
To expand their market position, North American producers are actively involved in product launches, expansion, partnerships, and acquisitions. The market players' development of sustainable products and technological innovation has resulted in intense competition.
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November 2021: I.W. Tremont and Hollingsworth & Vose have agreed to market and distribute H&V Trupor, a revolutionary microporous filter media solution. H&V Trupor's innovative microporous filtration media enables for best-in-class flow rates and membrane reliability.
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