The global ring panel filters market is predicted to expand at a moderate CAGR of 5.2% from 2022 to 2032. The market is set to reach a valuation of US$ 25 billion by 2032, rising from US$ 15 billion in 2022. With an increase in disposable incomes, there’s also been a notable rise in the living standards of people all over the world. This has spurred the demand for ring panel filters resulting in the overall growth of the market during the projection period.
Ring panel filters are used to remove substances like dust, dirt, and others. These are preferred over traditional frame filters due to the numerous advantages associated with ring panel filters. These filters have a high capacity for dust collection and are composed of three distinct layers. The first layer serves as a high porosity impingement filter while the second layer is made of strainers that prevent unloading or streaming. These filters are highly efficient and last three times longer than fiberglass disposable filters. Ring panel filters are used in commercial buildings, industrial plants, hospitals, schools, universities, paint spray booths, and many other spaces.
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Rapid urbanization also leads to a surge in demand for ring panel filters. This is due to the rising number of corporate offices and hypermarkets that require ring panel filters. Escalating demand for air quality control solutions across different industries and applications also aids the growth of the ring panel filter market in the forthcoming years. The growing awareness of the benefits associated with the usage of ring panel filters such as their high efficiency in removing particulate matter from air streams also contributes to the expansion of the ring panel filters market size. Rising pollution levels, elevated demand from the automobile sectors, favorable government initiatives and policies, and extensive usage in places like schools, universities, and industrial spaces further propel the ring panel filters market during the forecast period.
Key Takeaways:
- The high maintenance cost of these filters will hinder the growth of the ring panel filters market.
- Increasing adoption in industrial plants will strengthen prospects for the ring panel filter market.
- North America will account for a significant portion of the ring panel filters market share owing to increasing demand for luxury automobiles.
- The ring panel filters market in Asia Pacific will record the highest growth rate due to rapid urbanization.
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Competitive Landscape
Air Filters, Inc., American Air Filter Company, Inc., Clarcor Industrial Air Inc., Donaldson Company, Inc., IF International Filtration, Bruce Air Filter Company, Delta Filtration Company, and Mann Hummel Group, among others, are some of the prominent players in the ring panel filters market profiled in the full version of the report.
In a fairly consolidated environment, key market players are concentrating on product development and the launch of new products. These enterprises also employ various strategic partnerships, mergers, acquisitions, joint ventures, and expansion tactics to gain a competitive edge.
More Insights Into Ring Panel Filters Market
FMI offers the latest, unbiased, and detailed analysis of the global ring panel filter market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of layer (2-ply ring panel filter, 3-ply ring panel filter, more than 3-ply ring panel filter), end-use (ring panel filter for commercial buildings, ring panel filter for industrial plants, ring panel filter for hospitals, ring panel filter for schools and universities, other end-uses), and region.
According to the reports, based on region, the ring panel filters market in North America will dominate the global marketplace. The target market in this region will account for a substantial share of the overall market. Rising demand for aftermarket services and customization for improved comfort, rising demand for luxury automobiles, the presence of a well-established healthcare sector, and high awareness regarding hygiene and safety standards are certain factors that aid the growth of the ring panel filter market in North America. Additionally, Asia Pacific will also exhibit notable growth with the highest growth rate in the ring panel filters market. Hence, significant contributions from Asia Pacific and North America will fuel the growth of the ring panel filters market.
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