The global ring panel filters market is anticipated to be valued at USD 15 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at USD 25 Billion from 2022 to 2032. A rise in disposable income, which leads to higher living standards, has resulted in an increase in demand for ring panel filters, resulting in the growth of the Ring Panel Filters Market.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 14 Billion |
| Projected Growth Rate (2022 to 2032) | 5.2% CAGR |
| Expected Market Value (2022) | USD 15 Billion |
| Anticipated Forecast Value (2032) | USD 25 Billion |
Ring panel filters are used in commercial buildings, industrial plants, hospitals, and paint spray booths, among other places. Ring panel filters have a number of advantages over traditional frame filters. These filters have a high capacity for dust collection.
Ring panel filters are composed of three distinct layers, the first of which serves as a high porosity impingement filter. In the second layer, strainers are used to prevent unloading or streaming. Ring panel filters are highly efficient and last three times as long as fiberglass disposable filters.
Growth in urbanization, which leads to increased demand for ring panel filters in places such as corporate offices and hypermarkets, is another important factor driving the global ring panel filters market. During the forecast period, the global ring panel filter market is expected to grow at a CAGR of 5.5%. The increasing demand for air quality control solutions across various industries and applications is driving growth in this market.
Furthermore, rising awareness of the advantages of using ring panel filters is fueling the growth of this market. The global ring panel filter market can be divided into two types: 2-ply, 3-ply, and more than 3-ply filters. Because of their high efficiency in removing particulate matter from air streams, 3-ply filters are expected to grow the most during the forecast period.
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The expanding automobile industry has a direct impact on market demand for ring panel filters. Rising pollution levels and the spread of airborne diseases are also major factors driving the market for ring panel filters. Various government initiatives aimed at environmental protection are also boosting the market for ring panel filters. For example, the United States Environmental Protection Agency has numerous resources to assist various industries in meeting the highest air quality standards; as a result, USA sales of air filtration systems such as ring panel filters are expected to grow at a healthy CAGR in the near future.
The increase in disposable income is another major growth driver in the global ring panel filters market. The purpose of ring panel filters is to protect people's health by maintaining clean ventilation systems and clean indoor air quality. The dangers of air pollution are well known, but it is less well known that the smallest particles are the most lethal. Different air filtering and air handling requirements are required depending on the fresh air intake supply of air and the indoor activities and operations. A ring panel filter is a device used in HVAC systems to remove solid particles such as dust, pollen, and bacteria from the air. It is also used to remove charcoal, catalyst, or absorbent to remove odors and gaseous contaminants.
Schools & Universities held the largest share of the global market in 2021. The application is expected to grow significantly over the forecast period due to an increase in the number of school construction projects across various regions. Industrial plants are another major application where R&D on new product development is required due to the harsh environmental conditions at these locations, as well as continuous production unit operations that require clean water supply with low maintenance costs, and so on.
As pollution levels rise, so does the demand for filtration systems. However, one of the primary factors impeding market growth is the high maintenance cost of these filters. Filters are generally expensive to replace because they need to be changed and serviced every four to six months.
Furthermore, many commercial and industrial end users buy low-cost filter equipment that impedes the working environment in HVAC applications. Furthermore, a lack of awareness about the harmful effects of bacteria and virus-contaminated air is impeding global market growth.
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Due to rapid urbanization and rising environmental concerns, emerging countries such as China and India in the Asia Pacific region are expected to dominate the ring panel filters market during the projected timeframe. During the forecast period, the Asia Pacific region is expected to have the highest CAGR.
This is mainly due to rising disposable income, urbanization and a growing population in countries such as India and China, which has led to an increase in industrial operations such as paper manufacturing and chemical manufacturing, among others, resulting in increased pollution levels at work places or homes, driving regional market growth.
According to Future Market Insights, North America will have a significant market share in the ring panel filters market. During the forecast period, North America is anticipated to dominate the market. Rising demand for aftermarket services such as repair, maintenance, replacement, and customization for improved comfort, safety, and ride quality is a major driver of regional market growth.
Furthermore, rising demand for luxury automobiles is fueling market expansion. North America is likely to lead the global market throughout the forecast period. The presence of developed economies such as the United States, which have a well-established healthcare sector and a high awareness of hygiene and safety standards for patients, teachers, and other staff members, is largely responsible for the growth.
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The worldwide ring panel filters market is moderately consolidated. Few of the key participants present in the global Ring Panel Filters market include Air Filters, Inc., IF International Filtration, American Air Filter Company, Inc., Bruce Air Filter Company, Clarcor Industrial Air Inc., Delta Filtration Company, Donaldson Company, Inc., Spectrum Filtration Pvt. Ltd, Koch Filter Corporation and Mann Hummel Group among others.
Many well-known as well as new players account for a sizable share of the abovementioned market. They have used a variety of strategies to gain a stronghold on the market, including partnerships, mergers and acquisitions, joint ventures, expansions, and more.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2022 to 2032 |
| Market Value in 2022 | USD 15 Billion |
| Market Value in 2032 | USD 25 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Layer, End Use, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, Russia, BENELUX, China, Japan, South Korea, GCC, South Africa, Turkey |
| Key Companies Profiled | Air Filters, Inc.; IF International Filtration; American Air Filter Company, Inc.; Bruce Air Filter Company; Clarcor Industrial Air Inc.; Delta Filtration Company; Donaldson Company, Inc.; Spectrum Filtration Pvt. Ltd; Koch Filter Corporation; Mann Hummel Group. |
| Customization | Available Upon Request |
FMI projects the global ring panel filters market to expand at a 5% value CAGR by 2032
Asia Pacific is expected to be the most opportunistic global ring panel filters market, expanding at a 4.5% CAGR
Air Filters, Inc., IF International Filtration and American Air Filter are some prominent ring panel filter manufacturers
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2015 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Layer 5.1. 2-ply 5.2. 2-ply 5.3. More than 3-ply 6. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End Use 6.1. Commercial 6.2. Institutional 6.3. Household 7. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, by Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 11. East Asia Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 13. Oceania Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 14. Middle East & Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Country 15. Country wise Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. American Air Filter Company, Inc. 17.2. NORDIC AIR FILTRATION 17.3. RoboVent 17.4. Filson Filter 17.5. MANN+HUMMEL 17.6. Asian Filtration Technology 17.7. HURRICANE REINVENTION 17.8. Top Environment Protection Equipment Co., Ltd. 17.9. Air Filters, Inc. 17.10. Bruce Air Filter Company 18. Assumptions and Acronyms Used 19. Research Methodology
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Ring Panel Filters Market
