The industrial filtration market 2020 is likely to gain substantial gains at a strong rate between 2017 and 2025 (appraisal period), reveals Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the industrial filtration market has been carefully appraised, following which the report outlines the key developments post the coronavirus disease outbreak.
The COVID-19 outbreak has led to major revenue loss in the industrial filtration market owing to the slump in the demand combined with the crashing power prices across the globe. The long-term impact of COVID-19 has prompted notable firms to cut down the costs of their assets, while trying to ensure uninterrupted flow of operations despite the spread of the novel coronavirus. While several nations are working on finding a COVID-19 breakthrough, the lockdown period has led to restrained movement of materials in the industrial filtration industry. The short term impact has resulted in a considerable downfall in the investment capacity of various companies and the fall in power prices in light of the political turbulence, after the onset of SARS-CoV-2.
The pandemic has massively impacted the industrial sector, steering the focus of global companies towards development of mitigation measures as well as new business models to deal with the crisis, which can work in favor of the global market.
Key Boosters and Main Barriers
Industrial revolution has been a significant event when it comes to growth of various industries in diverse domains. The increasing industrialization across the globe is deemed to be a chief growth inducer in the industrial filtration market. Moreover, various environmental agencies and government are imposing policies and regulations to bring down the carbon emission level in air as well as water, which induces massive growth in the global market.
At present, a variety of liquid and air borne contaminants along with welding fumes are emanated from industries like pharmaceuticals and food & beverages, which need to be urgently addressed. Therefore, government imposed regulations are helping reduce the toxic contents coming from industrial contaminants such as particulate materials, liquids, industrial fumes and gases, which can benefit the industrial filtration market in the long run.
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The industrial filtration industry has been considered for type, end-use industry as well as media.
The types of industrial filtration system are liquid filters and air filters. The market for liquid filters can expect to garner significant revenues in the coming years, as a result of the stringent government regulations pertaining to the pollutants that go into water bodies and high spending on wastewater treatment plants.
Media-based market sections are nonwoven fabrics, fiberglass, activated charcoal/carbon, metal, fiber paper, and others.
Various end-use industries considered in the report are oil & gas, manufacturing, pharmaceutical, power generation, and more.
The key regions across which the industrial filtration market size is projected to increase during the review period include North America, Asia Pacific or APAC, the Middle East & Africa/MEA, Europe, as well as South America.
Over the oncoming years, APAC is set to become the most lucrative market for industrial filtration because of the rapidly expanding industries such as pharmaceuticals, power generation and oil & gas, combined with the surge in government imposed initiatives to bring down the level of toxic contaminants in air and water bodies. The top-performing markets in the region include India, Japan, Australia and China to name a few.
North America can be a strong contender in the global market, thanks to the strict emission regulations and policies in line with the growing need for cleaner indoor facilities across industries. The solid growth of power generation, manufacturing, food & beverage and oil & gas industries in Canada and the United States (U.S) along with strong economic status also boosts the market profits in North America.
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