Friday, November 29, 2019

HVAC Filters Market Industry Key Revenue Pockets

The HVAC filters market is estimated to be USD 6.0 billion in 2019 and is projected to reach USD 7.7 billion by 2024, at a CAGR of 5.1% from 2019 to 2024. The major factors driving this market’s growth include increasing demand for HVAC systems, growing awareness about indoor air quality, and stringent government regulations for efficient filtration. HVAC filters are the separation media used in HVAC systems to remove pollutants or harmful substances from the air that is taken in by the HVAC systems to be distributed into building spaces or rooms.
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Based on material, the HVAC filters market has been segmented into fiberglass, synthetic polymer, carbon, and metal. The synthetic polymer segment accounts for the largest market share in 2018, owing to the material’s easy availability, long serviceability, and efficient filtration. Synthetic polymer filter materials are available in the form of pleats or stretched films, which are either made from the spunbond or melt-blown manufacturing process. The pleats increase the surface area and make the filters more efficient at capturing airborne particles in the HVAC systems.

By technology, the HEPA segment is estimated to account for the largest share of the HVAC filters market in 2019. The HEPA filter technology has the capability of trapping 99.97% dust particles that are 0.3 microns or larger in size. HEPA filters have diverse application areas, including residential buildings, pharmaceutical production, food & beverages, and clean rooms in the electronics & semiconductor industry, among others. The demand for the HEPA filter technology is expected to increase in various industries due to the technology’s capability of providing an improved indoor air quality.

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By end-use industry, the building & construction segment is anticipated to be the largest market for HVAC filters during the forecast period in terms of volume. The building & construction end-use industry segment includes residential and commercial buildings, which majorly consume HVAC systems for thermal comfort and superior indoor air quality. The growth of this segment is mainly attributed to the increasing demand for green buildings and awareness about indoor air quality.

By region, the Asia Pacific HVAC filters market is projected to register the highest CAGR between 2019 and 2024. The market growth in this region is mainly attributed to improved economic conditions of developing countries, increasing building and construction activities, and rising global warming. The presence of various associations that support the adoption of efficient HVAC systems is also expected to help drive the demand for HVAC filters in the region during the forecast period.

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