Panel Filters Market by Material (Fiberglass, Synthetic), Type (Disposable, Reusable), Application (Residential, Non-Residential), Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Global Forecast to 2027
The Panel Filters market size is estimated to be USD 8.1 Billion in 2022 and is projected to reach USD 9.9 Billion by 2027, at a CAGR of 4.2%. Panel filters are air filters that are designed to eradicate solid pollutants and the molecular contaminants from the air. Large particles get carried out through the filter and stick to the threads of the panel filter through inertial mass effect, whilst lighter particles float through the filter through turbulent motion and captured by fibers that make up the filter. When air enters into contact with the panel filter, the panel filter is being able to filter out solid air particles, dust, pollen, and even toxic fumes that are traveling through said air. All the tiny particles are removed through diffusion and move through Brownian motion as it approaches the fibrous. The smaller particles at random hit each other, which lowers their speed and increases chances of their capture by the panel filter.
These filters deliver low to moderate levels of filtration and used as pre-filters or final filters. When used as pre-filters, they protect and extend the life of expensive primary filters by taking out larger particles in the air. Panel Filters are mainly installed in the HVAC system as well as prevent pollutants from entering and damaging HVAC equipment
By Material, Synthetic accounted for the highest CAGR during the forecast period
Synthetic are estimated to be the fastest growing market during the forecast period owing to its easy availability, long serviceability, and efficient filtration. Synthetic filter materials are available in the form of pleats or stretched films. These filters have comparatively higher rating than fiberglass filters. The applications of these filters include pharmaceutical, semiconductor & IT, Data centers, food & beverage, and others.
By Application, Non Residential accounted for the highest CAGR during the forecast period
Non-Residential is estimated to be the fastest growing market for Panel Filter due to its growing in demand from building & construction, data centers, pharmaceutical, food & beverage, healthcare, and other industries. For non-residential applications, Panel Filters are being used as pre-filters to reduce the number of airborne particles from entering the main filters eventually increase lifespan of main filters decreasing maintenance cost. Increase in industrialization, government regulations, and a rising air quality index issues are expected to drive demand in panel filters in non-residential applications.
By type, Reusable Panel Filters accounted for the highest CAGR during the forecast period
Reusable filters estimated that the fastest growing market during the forecast period. These filter offer greater convenience compared to disposable panel filters. These filters are to be washed and cleaned after every few months and reused in HVAC systems. Reusable panel filters are costlier in comparison to disposable panel filters but they are ecologically beneficial and expected to be cost-effective in the longer run.
APAC is projected to account for the highest CAGR in the Panel Filters market during the forecast period
APAC is estimated to be the fastest growing market for Panel Filters during forecast period. Panel filter markets in China, Japan, and India have registered significant growth due to their high demand from non-residential applications, including commercial buildings, universities, schools, hospitals, and data centers. The economic growth of China and India has led to the growth of the Asia Pacific panel filter market. Growing investment in building & construction and other end-use industries in the region supports the growth of the market. Moreover, the growing manufacturing capacities in the region further propel the market growth.
The Panel Filters market comprises major manufacturers such as Camfil AB (Sweden), AAF International (US), AFPRO Filtration Group (Netherlands), Mann+Hummel(Germany), Parker Hannifin (US), Donaldson Company (US), Freudenberg Filtration Technologies (Germany) are the key players operating in the Panel Filters market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Panel Filters market.
By Company Type: Tier 1: 25%, Tier 2: 42%, and Tier 3: 33%
By Designation: C-level Executives: 20%, Directors: 30%, and Others: 50%
By Region: North America: 20%, Europe: 10%, Asia Pacific: 40%, ROW: 30%
The market study covers the Panel Filters market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on Material, application, type, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position Panel Filters market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall Panel Filters market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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