Global Demand for Filters to Grow to $80bn
The global demand for filters is expected to increase 6.2 percent annually to $80 billion in 2018, according to a report by The Fredonia Group.
Growth is expected to come from developed countries that have supported demand to date, as well as developing countries that are currently investing in their water, wastewater and power generation infrastructures.
In 2013, the US was the largest national market for filters, followed by China. However, by 2018 China’s filter market will be nearly as large as the US market; by 2023 China’s market will surpass the US market. In addition, filter demand from China will be $6.1 billion higher in 2018 than in 2013, which will represent roughly 30 percent of the global increase.
However, the majority of filter sales growth until 2018 will come from regions of the world with large developing industrial bases and regulatory plans that are in their early stages. Market advances will be driven by the double-digit annual gains forecast for China and Indonesia, as well as increases of nearly 10 percent per year projected in India. Above average growth in several other developing countries will also help boost gains.
Demand from these countries will come from rising consumer incomes and increases in motor vehicle ownership. In addition, efforts to reduce water and air pollution will play a part in demand. China and India have implemented strict vehicle emissions standards that are nearly as high as those in Western Europe, and Indonesia plans to expand water service from 20 percent of the population in 2000 to 60 percent by 2015.
Worldwide gains will also be boosted by increasing growth in filter demand from developed markets, such as the US, Japan and much of Western Europe. Although the growth rates for these areas will be below the global average, the large size of these markets will nonetheless offer significant opportunities, and these regions will remain the most intensive users of filters on a per capita basis.
Photo Credit: Filters via Shutterstock
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