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A12778 | Pages: 184 | Charts: 50 | Tables: 92 |
The global residential air filter market was valued at $3.5 billion in 2021 and is projected to reach $7.1 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
The residential air filter industry is expected to witness growth during the forecast period, owing to growth in the sales of HVAC systems and air conditioners. Heating, ventilation, and air-conditioning (HVAC) systems have been a household staple in Western countries for a long time. On the other hand, air-conditioners are far more common in the Asia-Pacific region. However, both the equipment are sold in large numbers globally in all regions. The market for this equipment is fairly well-established and results in consistent sales every year.
The market is also expected to be driven by an increase in policies and awareness to maintain indoor air quality (IAQ). Indoor air quality (IAQ) comprises various types and sources of pollutants inside residential buildings. It is an important cause of premature deaths and diseases in developing economies. Indoor air pollution has immediate as well as long-term effects on occupants, which has gained the attention of governments. Laws and regulations to maintain indoor air quality have been announced by governments of many countries. This is expected to boost the market for residential air filters. Furthermore, the degradation in air quality is also expected to provide an impetus to the residential air filter industry. In the current scenario, both indoor and outdoor (ambient) air quality has degraded due to urbanization and rapid industrialization, and residential air filters help improve this air quality by cleaning the air through HVAC systems, air-conditioners, and other relevant products.
Meanwhile, the market is restrained by high initial capital requirements and operational costs. Residential air filters encounter high initial costs on account of the amount of material required to provide efficient filtration. However, such highly efficient filtration media also resists the free flow of air through HVAC systems. This in turn increases energy consumption by HVAC equipment. On the other hand, the opportunity during the forecast period lies in the higher focus on the use of nanotechnology for residential air filters.
A residential air filter is a device used for the removal of airborne particles, microorganisms, and pollutants that are hazardous to the ecosystem and health. Such particles include a wide variety such as germs, bacteria, viruses, fibers, mold, pollen, powder dust, etc. Air filters operate by drawing unclean air from surrounding areas, which then passes through its filter medium consisting of fine openings. The unwanted particles which are larger than the openings are caught in the filter medium and separated from the surrounding air. After this, the air leaves the filter with a considerable reduction in particle content. Residential air filters can be found in heating, ventilating, and air conditioning (HVAC) systems as well as air conditioners. They also need to be replaced regularly in these equipment. Residential air cleaners are required in houses because the indoor air quality can be of a degraded nature due to a variety of reasons such as vehicular traffic, urbanization, and lack of proper heating and cooking stoves.
The residential air filter market is segmented into filter type and region.
Based on filter type, it is fragmented into HEPA filters, activated carbon filters, fiberglass, bag filters, and others. The fiberglass segment dominated the residential air filter market share in terms of revenue in 2021. However, the activated carbon filters segment is expected to expand at a higher growth rate during the forecast period in the electronic residential air filters. Gases like volatile organic compounds (VOCs) are very small and not trapped by HEPA air filters. Hence, homes facing VOC problems are encouraged to use activated carbon air filters. This is a major driving factor for this type of air filter. VOCs is a large category that includes gases and cigarette smoke, as well as chemicals like formaldehyde and benzene.
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In terms of region, Asia-Pacific dominated the market with the largest share in 2021. However, the LAMEA region is expected to witness the highest growth rate during the forecast period. Asia-Pacific has dominated the global market on account of high economic growth in the past decade. Asia-Pacific is now considered the growth center of the global economy owing to its large population base and strong economic growth in comparison to other regions. This has led to increased living standards among the people of that region, which has spurred the residential air filter market. However, rapid urbanization and industrialization will drive the growth of the market in the LAMEA region.
[REGIONGRAPH]
Competitive analysis and profiles of the major residential air filter market players that have been provided in the report include Camfil AB, Parker Hannifin Corporation, Daikin Industries Ltd., MANN+HUMMEL Group, Purafil Inc., Lydall-Gutsche GmbH & Co. Kg, Emerson Electric Co., 3M Company, Johnson Controls International plc, and Freudenberg Filtration Technologies SE & Co. KG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global residential air filter market during the forecast period.
A top impacting factor for the global residential air filter market growth includes the growth in the sales of HVAC systems and air conditioners. These equipment are sold globally and their market is fairly well-established and results in consistent sales every year. Air conditioners are sold regularly in developed as well as developing nations. In fact, in November 2022, Daikin decided to invest US$ 711 million in India and Southeast Asia in the coming four years to manufacture smaller air conditioners and core parts. Another impacting factor is the increase in policies and awareness to maintain indoor air quality (IAQ). For instance, WHO has stated that high exposure to smoke from cooking fires results in approximately 3.8 million premature deaths every year, especially in middle- and low-income countries. This has led to several laws and regulations by governments to maintain indoor air quality. Lastly, the market is expected to be boosted by the degradation of air quality. One of the primary reasons for this air pollution is the growth in vehicular traffic in urban areas, causing health issues for people living next to busy roads. According to the World Health Organization (WHO), it is estimated that around seven million people die prematurely each year, due to combined effects of household and ambient air pollution. Meanwhile, a negatively impacting factor on the market is the high initial capital requirements and high operational costs. Residential air filters are costly because they require a considerable amount of material to be manufactured and they increase energy consumption because they resist the free flow of air through HVAC systems. However, the opportunity that will most impact the market in the coming years is that of a higher focus on the use of nanotechnology for residential air filters.
The residential air filter market outlook is fairly competitive, owing to the strong presence of existing vendors. Market vendors are expected to gain a competitive advantage over their competitors because they can cater to market demands with a wide range of products. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies are adopted by key vendors.
Camfil AB, 3M Company, Parker Hannifin Corporation, Purafil Inc., and Daikin Industries Ltd. are the top 5 companies that hold a prime share in the residential air filter market opportunity. Top market players have adopted various strategies such as product launches, contracts, and others to expand their foothold in the residential air filter market forecast.
Key Market Segments
Key Market Players