Global demand for filters to increase 7.6%/year from 2010 to US$65.9B in 2015; developing country demand will be fueled by improving economic conditions, China to post largest growth with 22% gains: Freedonia

Kendall Sinclair

Kendall Sinclair

Apr 4, 2012 – The Freedonia Group

CLEVELAND , April 4, 2012 (press release) – Global demand for filters is projected to increase a healthy 7.6 percent annually to $65.9 billion in 2015. This growth rate is an acceleration from the gains of the 2005- 2010 period, reflecting in part the reduced 2010 bases of the developed countries. Economic recovery in several key markets through 2015 will boost gains as the global recession of 2009 restrained manufacturing activity and capital investments. These and other trends are presented in World Filters, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.

Countries such as China, India, Indonesia and others with large, developing industrial bases and nascent regulatory schemes are expected to see the fastest growth. Filter sales in developing areas will be driven by rising per capita incomes, which will bolster key filter markets such as motor vehicles and motorcycles. Rising environmental standards and increased attention paid to food and beverage safety regulations, along with better enforcement, will require additional investment in filters. Fast growing economic activity in developing areas will result in the increased need to tap poor quality water resources, and rising investment in modernizing water, wastewater and power generation infrastructure, all to the benefit of filter demand. However, in many of the least developed countries, especially in Africa and parts of Asia, growth will be limited by lack of adequate funding and local corruption that impedes progress.

In 2010, the US was the largest national market with 20 percent of global sales, followed by China and Japan, with 12 and 9 percent of global sales, respectively. China is projected to post the biggest growth of any national market, with 22 percent of projected global filter gains between 2010 and 2015.

Filter demand in developed countries will be fueled by improving economic conditions, higher income levels, and relatively stringent and well-enforced environmental standards. North America and Western Europe will record similar gains through 2015, rebounding from low 2010 bases. Although representing mature markets, these regions will remain the most intensive users of filters in per capita terms, reflecting the advanced nature of their economies. North America, Western Europe and Japan are fairly comparable in terms of the maturity of their water and power generation infrastructures, regulatory oversight, and the technological sophistication of local manufacturing, all of which will boost sales of aftermarket filters.

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