Residential Air Filter Market is projected to reach $7.1 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
Residential Air Filter Market Research, 2031
PORTLAND, OREGON, UNITED STATES, June 1, 2023/EINPresswire.com/ — Everything You Need To Know About Residential Air Filter, Everything is Here..!
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Allied Market Research published a report, titled, “Residential Air Filter Market by Filter Type (HEPA Filters, Activated Carbon Filters, Fibre Glass, Bag Filters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global residential air filter industry generated $3.5 billion in 2021, and is estimated to reach $7.1 billion by 2031 witnessing a CAGR of 7.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities:
Rise in indoor air pollution, degradation in air quality due to rapid urbanization, surge in awareness about maintaining indoor air quality (IAQ), and several government initiatives toward the same drive the growth of global residential air filter market. On the other hand, high initial capital requirements and operational costs restrain the growth to some extent. However, higher focus on the use of nanotechnology for residential air filters is anticipated to create profitable opportunities in the industry.
COVID-19 Scenario:
Shortage of workforce due to shutdown of production and manufacturing facilities had a negative impact on the global residential air filter market. However, the global market for residential air filter market has recovered slowly and steadily.
The fibre glass segment to rule the roost:
By filter type, the fibre glass segment held the major share 2021, accounting for less than two-fifths of the global residential air filter market revenue. This is attributed to the low price of fibre glass air filters. The activated carbon filters segment, on the other hand, would cite the fastest CAGR of 10.4% throughout the forecast period. HEPA filters are unable to capture gases like Volatile Organic Compounds (VOCs), hence homes facing VOC problems are encouraged to use activated carbon filters which is the major driving factor for this segment. The other segments analyzed through the report take in bag filters and HEPA filters.
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Asia-Pacific garnered the major share in 2021:
By region, Asia-Pacific garnered the highest share in 2021, holding more than one-third of the global residential air filter market revenue, and is expected to retain its dominance by 2031. Rapid urbanization and presence of emerging economies drive the growth of the market. LAMEA, however, would portray the fastest CAGR of 9.9% during the forecast period. The other provinces analyzed through the report include Europe and North America.
Leading Market Players:
mannhummel group
Johnson Controls International plc
3M Company
Lydall-Gutsche GmbH & Co. Kg
Parker Hannifin Corporation
Emerson Electric Co.
Freudenberg Filtration Technologies SE & Co. KG
Camfil AB
Purafil Inc.
Daikin Industries Ltd.
The report analyzes these key players in the global residential air filter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of the players.
Residential Air Filter Market Key Segments:
Filter Type
HEPA Filters
Activated Carbon Filters
Fibre Glass
Bag Filters
Others
By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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