LONDON--Technavio’s latest report on the global industrial filtration market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The food and beverage sector require special filter media to meet specific requirements and the high standards mandated by government regulations. Therefore, waste water treatment, chemicals, filtration of drinking water, and filtration procedures in crude oil processing are the key drivers of the growth of industrial liquid filtration market.
Gaurav Mohindru, a lead analyst from Technavio, specializing in research on tools and components sector, says, “In the chemical industry, industrial process fluids such as water, solvents, and chemicals are subjected to numerous filtration, separation, and purification stages. Similarly, the coatings industry produces high-viscosity fluids such as mixtures of resins, solvents, pigments, and other additives.”
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The top three emerging trends driving the global industrial filtration market according to Technavio research analysts are:
- Innovations in filtering media
- Growth in chemical sector in India
- Growing pharmaceutical sector in Asian countries
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Innovations in filtering media
Technological advances help manufacturers to improve their product portfolios. Companies make substantial investments in R&D to offer a wide range of products as per the requirement of specific industries and to remain competitive in the market.
“MANN+HUMMEL introduced WAVELOCK, a new spin-on filter system for oil and fuel filters. The design of the head and spin-on filter system offers numerous advantages such as defined tightening and untightening torque, which makes servicing and mounting safe and easy. Similarly, the company also launched three new air filters for vacuum pumps and compressors, namely, IQORON VP 25, ENTARON CD 4, and ENTARON HD 4 VAC,” according to Gaurav.
Growth in chemical sector in India
The Indian petrochemical and chemical industry is witnessing significant growth owing to increased demand from the manufacturing, process, and agricultural sectors. India is the seventh-largest producer of chemicals and the third-largest producer in Asia. The chemical sector supports various industries such as agriculture, paint, construction, and leather. The uptick in the chemical sector in India is mainly attributed to the 100% FDI allowed by the government to encourage the industry.
The increase in investments and rapid growth in the petrochemical and chemical industry are expected to propel the demand for industrial filters. For instance, in 2017, Cosmo Films, a chemicals manufacturer, announced its plans to construct a production line in Maharashtra, India for specialty chemicals such as biaxially-oriented polyethylene terephthalate or BOPET.
Growing pharmaceutical sector in Asian countries
India and China are the key emerging economies that are witnessing significant investments in various industrial sectors. The pharmaceutical industry in these countries is expected to grow during the forecast period due to various initiatives taken by the government to boost the sector. Air filters play a critical role during the manufacturing of drugs and other related products.
The healthcare industry is India is expected to undergo changes in all phases, including prevention, diagnosis, and treatment. The Government of India also increased the FDI for the pharmaceutical sector to 74% in brownfield projects and 100% in greenfield projects. This has led to an increase in the investments from foreign companies.
- Cummins Filtration
- Freudenberg Filtration Technologies
- Parker Hannifin
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