LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global high-temperature filters market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global high-temperature filters market will grow at a CAGR of around 6% during the forecast period. The industrial growth in emerging nations is a major factor driving the market’s growth.
There has been an increasing focus on domestic manufacturing and consumption in many emerging economies to meet the growing internal demand for manufactured goods and reduce the dependence on imports. This is inspiring many governments to develop and attract investments in local industries. The increase in industrial activities in developing nations across Asia and Latin America is expected to be a primary growth driver for high-temperature filters during the next five years. The leading consumer of high-temperature filters across the globe is the manufacturing industry. Thus, the growth in manufacturing activities has a direct impact on the demand for high-temperature filters.
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In this report, Technavio highlights the growth in global chemical and petrochemical industry as one of the key emerging trends driving the global high-temperature filters market:
Growth in global chemical and petrochemical industry
The chemical and petrochemical products such as polyethylene, fertilizers, and other industrial chemicals are used across a variety of industries. These end-user industries include construction, packaging, agriculture, textiles, and manufacturing among other industries. The demand for chemical and petrochemical products from all these industries is expected to increase during the forecast period, which will affect the demand for high-temperature filters.
The growth in the global chemical and petrochemical industry is expected to be driven by the increasing growth and development activities in emerging nations. Owing to the economic growth in these countries, the purchasing capacity is also increasing, leading to increased consumption of produced goods such as electronics, food, vehicles, and packaging supplies. All these activities, which are still growing in most of the developing nations have already reached the saturation consumption levels in some of the developed countries. India and China are already in the process of setting up several new petrochemical complexes to meet this increasing demand for petrochemical products.
“The specialty chemicals industry is also expected to grow during this period due to the demand for specialty chemicals in the end-user industries such as transportation, packaging, and construction. There is an increasing focus on using more environment-friendly materials in these industries that have been driving the growth in the specialty chemicals business. Furthermore, the use of fertilizers and agrochemicals is expected to increase because of the increase in global agricultural trade and the rising demand from consumers,” says a senior analyst at Technavio for research on tools and components.
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Global high-temperature filters market – segmentation analysis
This report segments the global high-temperature filters market into the following products (liquid and gas filters and air filters) and key regions (the Americas, APAC, and EMEA).
The liquid and gas filters segment held the largest market share in 2017, contributing for more than 67% of the market share. This segment is expected to project steady growth during the forecast period.
APAC dominated the global high-temperature filters market in 2017, accounting for a market share of around 52%. The market share of this region is anticipated to increase slightly during the forecast period.
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