Key Findings of the Global High-temperature Filters Market | Technavio
March 13 2018 - 2:05PM
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.
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Technavio has published a new market
research report on the global high-temperature filters market from
2018-2022. (Graphic: Business Wire)
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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version on businesswire.com: http://www.businesswire.com/news/home/20180313006301/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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