May 20, 2019 by Steve Blade
Furnace filters are an essential product used for protecting the furnace and regulating the temperature in homes during winter season. It also blocks heavy dirt particle and allows small air particles to flow in the environment. Furnace filters are available in various MERV ranging from 1 to 16. The low cost of furnace filters and their numerous uses is boosting their demand in the Global Furnace Filters Market. Furnace filters are mainly used in hotels, offices and homes. The global furnace filters market consists of several key players and small manufacturers across the globe. The rising industrialization and increasing demand for furnace filters through online channels is anticipated to create an opportunity for manufacturers to sign an agreement with online distributors for increasing the sales of furnace filters. As a result, the global furnace filters market is expected to show a high growth during the forecast years.
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Furnace filters market across the globe is expected to register significant growth with a single-digit rise in CAGR from 2018 to 2028. The market has grown considerably owing to the rising demand for furnace filters, which is expected to increase the production of furnace filters globally. Developed economies in North America and Europe regions such as the U.S., UK, Germany and France are expected to be driven by various growth factors, such as high GDP growth in these countries coupled with stringent emission standards in European countries and environmental and emission standards set by OSHA in North America region. However, the market is expected to exhibit strong growth in the developing countries, such as India, China and the Middle East & African countries due to the rapidly increasing population, who are focusing more on the use of furnace filters. The most significant share of the furnace filters market is expected to be contributed by APEJ due to increasing number of construction projects and massive development of power in this region followed by North America and Europe.
Global Furnace Filters Market Dynamics
The primary factor driving the furnace filters market in the consumer products industry is the continuous innovation with respect to MERV ratings, safety issues, and comfort of end users, which varies based on various end use industries. Alternate factors driving the global furnace filters market includes rising demand for furnace filters from several end use industries, such as automotive and microelectronics over the forecast years, increasing incidents of airborne allergies and awareness about the use of furnace filters to avoid heavy dust particles in residential as well as non-residential sector. Thus, several furnace filters manufacturing companies engaged in the sales and marketing of these products are successfully capitalizing on these opportunities.
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However, some of the factors that are likely to restrain the growth of the furnace filters market are lack of knowledge about the use of high-efficiency furnace filters in low economies and government regulations for furnace filters. High efficiency furnace filters have to be to be changed only once in three months as against thinner filters, which needs to be changed every month.
Global Furnace Filters Market Segmentation
Furnace filters market can be segmented on product types, filter category, MERV ratings, and end use. On the basis of product types, furnace filters can be categorized into fiberglass/synthetic filters, polyester filters, electrostatic filters, pleated filters, HEPA filters, and washable filters. On the basis of filter category, the market can be segmented into cleanable and non-cleanable. On the basis of MERV ratings, the market can be classified into 1 to 4, 5 to 7, 8 to 10, 11 to 13 and 14 to 16. On the basis of end use, the furnace filters market can be classified into residential, and non-residential. Geographically, the global furnace filters market can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific except Japan, and Middle East & Africa.
Global Furnace Filters Market Key Players
Despite the concentration of players in North America and Europe, furnace filters manufacturers are mainly focusing on Asian countries, mostly China, India and the Middle East & African countries. These companies are continuously introducing innovations in furnace filters. Some of the key market participants in the global furnace filters market are Honeywell International, Inc.; 3M Company; Clarcor Air Filtration Products, Inc.; Koch Filtration Corporation; American Air Filtration Products, Inc. and other prominent players.
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
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