July 23, 2018
WELLESLEY, Mass., July 23, 2018– Due to various high-profit business agreements and collaborations, the global market for nonwoven filter media is experiencing significant growth, according to a new report from BCC Research. An important factor making the filtration industry attractive are opportunities arising from the needs of new industries requiring nonwoven filter media, such as biopharmaceuticals, mega data centers and electric vehicles.
According to the report “Nonwoven Filter Media: Global Markets to 2023,” the global market for nonwoven filter media was valued at $5.1 billion in 2018, and it is estimated to reach $6.5 billion by 2023, indicating a compound annual growth rate (CAGR) of 5.0%,
The definition of filter media is expanding beyond simply filtration. For example, the usage of sophisticated membranes, open-cell polyurethane foams, ceramics, metals and even sand have also been making an impact on the industry. Furthermore, the consumable nature of much of the business is also driving market growth, with up to 75% of the turnovers of some of the more profitable companies being in aftersales, across all sectors.
“Although the markets for each sector and world region are affected by different driving forces, some common drivers cut across all applications and regions, most notably consumer demand and legislation,” said BCC Research analyst and report author Adrian Wilson. “Shifting patterns of economic prosperity, however, also influence the nonwoven filter media market at all levels. The rapid industrialization and rising incomes of China, India and other Asian countries are driving the global market the most rapidly.”
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Nonwoven Filter Media: Global Markets to 2023( AVM043G )
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