Residential Air Filter Market
Some of the significant factors impacting the global residential air filter market include degradation in air quality, an increase in policies and awareness towards maintenance of indoor air quality (IAQ), growth in sales of HVAC systems and air conditioners, high initial capital requirement and operational costs, and disposal costs of residential air filters. The overall degradation in the quality of air is a major factor that influences demand for residential air filters. However, high capital and operational costs are expected to restrain the growth of the residential air filter market. According to Allied Market Research, titled “Residential Air Filter Market,” The residential air filter market was valued at $3.5 billion in 2021, and is estimated to reach $7.1 billion by 2031, growing at a CAGR of 7.3% from 2022 to 2031.
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A residential air filter is an air filter which is used in residential heating, ventilating, and air conditioning (HVAC) equipment such as HVAC systems and air conditioners. They are an important part of this equipment and they are used for the process of eliminating or reducing unwanted gases or particles from the air. They are made of different materials such as metals and fibres, and they use chemical or physical processes to catch unwanted airborne particles. Air filters can have a MERV rating from 1 to more than 15, the higher their MERV rating, the better they are, at filtering out pollution from the indoor and outdoor air.
The residential air filter industry is primarily driven by degradation in air quality, which is a result of urbanization, rapid industrialization, and vehicular traffic in urban areas. In fact, according to the World Health Organization (WHO), as a singular factor, indoor air quality (IAQ) is the largest global environmental risk, accounting for 4.1% of global deaths. Similarly, increased awareness and policies to maintain indoor air quality (IAQ) have also played a major role in boosting sales in the market. Furthermore, the increased sales of air conditioners and HVAC systems also drive the market towards further sales. On the other hand, the residential air filter market is expected to be restrained by the high initial capital requirement and high operational costs of electronic residential air filters. More importantly, the market opportunity during the forecast period lies in focusing on the use of nanotechnology for residential air cleaners.
In terms of market segmentation by type, the residential air filter market size was dominated by the fibre glass segment in 2021, whereas the activated carbon filters segment is expected to witness a higher growth rate during the forecast period. In terms of region, the residential air filter market share was dominated by Asia-Pacific in 2021, even though LAMEA is expected to grow at a faster rate during the forecast period.
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The overall impact of covid-19 pandemic on the residential air filter market growth has exhibited mixed results considering the decline sale of HVAC systems, recent increases in the sale of air-conditioners, and increased awareness regarding the maintenance of indoor air quality leading to increased demand for residential air filters.
The key players profiled in the report include Camfil AB, Parker Hannifin Corporation, Daikin Industries Ltd., MANN+HUMMEL Group, Purafil Inc., Lydall-Gutsche GmbH & Co. Kg, Emerson Electric Co., 3M Company, Johnson Controls International plc, and Freudenberg Filtration Technologies SE & Co. KG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global residential air filter market during the forecast period.
Key Findings of the Study
• In the residential air filter market analysis, in 2021, the fibre glass segment accounted for maximum revenue, while the activated carbon filters segment is projected to grow at a notable CAGR during the forecast period.
• In residential air filter market trends, in 2021, Asia-Pacific contributed to the major share of the residential air filter market, while the LAMEA region is expected to expand at the fastest rate during the forecast years.
The key players profiled in the residential air filter market are 3M Company, Parker Hannifin Corporation, MANN+HUMMEL Group, Camfil AB, Purafil Inc., Lydall-Gutsche GmbH & Co. Kg, Emerson Electric Co., Daikin Industries Ltd., Johnson Controls International plc, and Freudenberg Filtration Technologies SE & Co. KG. Several different strategies have been adopted by these players to expand their foothold in the market. These strategies include business expansion, launch of new products, acquisitions, and business expansion.
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