The global industrial filtration market size is expected to grow by USD 9.91 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 6%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Industrial Filtration Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Industrial Filtration Market Analysis Report by Product (Industrial liquid filtration and Industrial air filtration) and Geographic Landscape (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the increase in the number of refineries. In addition, the growth in the pharmaceutical sector in Asian countries is anticipated to boost the growth of the Industrial Filtration Market.
Growing investments in the expansion or upgrading of refineries are expected to drive the global industrial filtration market. Major investments in various countries are being made to expand and upgrade refineries. For instance, in 2018, China's CNPC built Cambodia's first oil refinery, which is worth USD 620 million. The project is aimed at producing approximately 40,000 bpd by 2018, while the future capacity is expected to increase to 100,000 bpd. With the completion of the project, Cambodia can reduce its dependence on oil import; this will be the first oil refinery in Cambodia. Filtration is mandatory in oil refineries as it captures matter such as rust and scale, which can damage equipment, catalyst beds, and other various refinery process units. The various benefits of an optimized filtration system include reduced downtime, lower maintenance costs, increased process performance, and improved operating efficiencies. Thus, an increase in the number of refineries will drive market growth.
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Major Five Industrial Filtration Companies:
3M Co. has business operations under various segments, such as safety and industrial, transportation and electronics, healthcare, consumer, and corporate and unallocated. The company's key offerings include 3M Micro-Klean RT Series Filter Cartridge, which is made up of polypropylene.
Ahlstrom-Munksjo Oyj operates its business through various segments, such as decor, filtration and performance solutions, industrial solutions, North America specialty solutions, and specialties. The company offers Trinitex Advance W3200, which is a unique gas turbine filtration product, designed for pulse jet applications to deliver EN1822 Efficiency E12 Class, for power generation market.
Alfa Laval AB
Alfa Laval AB has business operations under various segments, such as energy, food and water, marine, greenhouse, and operations and other. The company designs, manufactures and installs complete cross-flow membrane filtration systems, based on polymeric membranes.
Cummins Inc. operates its business through various segments, such as engine, distribution, components, power systems, and new power. The company offers Industrial Pro FH239 Series - Heavy Duty, which is specifically designed for off-road equipment, construction, agricultural, mobile or stationary applications.
Donaldson Co. Inc.
Donaldson Co. Inc. has business operations under two segments: engine products, and industrial products. The company's key offerings include Air Intake, which is offered as an engine filtration system.
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Industrial Filtration Product Outlook (Revenue, USD bn, 2020-2024)
Industrial liquid filtration
Industrial air filtration
Industrial Filtration Regional Landscape Outlook (Revenue, USD bn, 2020-2024)
Key leading countries
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