The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including HVAC Filters Market.
It was estimated prior to this unanticipated outbreak HVAC Filters Market will reach CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
HVAC Filters Market Insights
HVAC Filters market is likely to witness a CAGR of 5.5% during the forecast period. The prime factors that are driving the HVAC filters market are increasing demand for HVAC systems, stringent government regulations for efficient filtration, growing awareness about indoor air quality, expanding construction sector, and technological advancements in the HVAC filters.
Market Share Analysis
HVAC Filters Market Share: By Material Type
Based on the material type, the market is segmented as fiberglass, synthetic polymer, carbon, and metal. The synthetic polymer material type held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Synthetic polymers (such as PTFE, PE, PP, and Polyester) are used in the form of stretched films which increase the surface area, leading to more efficient capturing of airborne particles in HVAC systems. This is the major factor driving the demand for synthetic polymers in the HVAC filters market.
HVAC Filters Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as building & construction, pharmaceutical, food & beverage, automotive, and others. The building & construction segment is estimated to account for the largest share of the market during the forecast period. The segment’s growth is driven by residential and commercial buildings, which majorly use HVAC systems for thermal comfort and superior indoor air quality. In addition, the growth is primarily attributed to the mounting demand for green buildings and awareness about indoor air quality as HVAC filters help in enhancing the indoor air quality.
HVAC Filters Market Share: By Technology Type
Based on the technology type, the HVAC filters market is segmented as electrostatic precipitators, HEPA, activated carbon, and others. The HEPA segment holds the largest share of the market and is also expected to witness a healthy growth during the forecast period. Strong demand from industries such as buildings & construction, pharmaceuticals, food & beverages, and electrical & electronics, owing to its capability to trap 99.97% of dust particles that are 0.3 microns or larger in size, are the major factors behind its dominance in the market.
HVAC Filters Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing market for HVAC filters during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the regions, rapidly expanding construction industry, rising global warming, and growing awareness among consumers. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.