Ceramic Filters Market To Grow Rapidly At 13% CAGR Till 2024 - Research Report by Hexa Res
Projected to grow at a CAGR of almost 13% from 2016 to 2024, ceramic filter market is expected to grow significantly over the forecast period owing to growing environmental concerns.
Global ceramic filters market was valued near to USD 900 million in 2015. It is projected to grow at a CAGR of 13% from 2016 to 2024 (forecast period). This can be attributed to rising emphasis on environmental protection. Environmental agencies such as the EPA (Environmental Protection Agency), EEA (Energy & Environment Affairs), NSF (National Science Foundation), etc. have implemented various mandates pertaining to air emissions as well as water treatment/disposal. This would trigger demand for ceramic filters in the coming years.
Ceramic filters possess properties like chemical inertness, low operational costs, and extended life. They are well-suited for multiple applications across major end-users. However, they require huge capital investments. This, coupled with price volatility could hinder market growth.
Browse Detail Report@
The global ceramics filters market is segmented into products, applications, and regions. Products are split into water filters and air filters. Ceramic water filters, with about 56% revenues, dominated in 2015. This is credited to directives that encourage industries to choose eco-friendly water treatment and water disposal processes.
Air filters are estimated to grow at the highest rate (CAGR of 13%), during the forecast period. Applications consist of commercial, residential, & industrial. Industrial is further divided into bio-filtration, oil/water separation, hot gas filtration, and others.
In 2015, ceramic filters were maximally used in residential applications. Residences contributed over 40% to the market revenues that year. Accelerated industrialization in emergent countries like Indonesia, India, and China could boost industrial applications. This segment should grow the fastest (13% CAGR) till 2024.
Regional segments encompass North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Central & South America (CSA). Asia Pacific garnered highest earnings in 2015. Escalating need for potable water and rising focus on safeguarding the environment are the main regional drivers. MEA is likely to grow substantially (15.6%) in the seven years ahead. Petrochemical industries in Qatar and Saudi Arabia generate most of the regional demand.
The worldwide ceramic filters market is greatly fragmented. Leading market players are Ceramic Filters Company Inc., Doulton Ceramics, Anguil Environmental Systems Inc., and Unifrax I LLC. Research & development, and partnerships are the main strategies for expanding manufacturing capacity and product portfolio.
Browse Related Category Market Reports @
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.