DUBLIN--(BUSINESS WIRE )--The "Global Panel Filters Market by Material (Fiberglass, Synthetic), Type (Disposable, Reusable), Application (Residential, Non-Residential), Region (North America, Europe, Asia Pacific, Middle East & Africa and South America) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Panel Filters market size is estimated to be USD 8.1 Billion in 2022 and is projected to reach USD 9.9 Billion by 2027, at a CAGR of 4.2%.
By Material, Synthetic accounted for the highest CAGR during the forecast period
Synthetic are estimated to be the fastest growing market during the forecast period owing to its easy availability, long serviceability, and efficient filtration. Synthetic filter materials are available in the form of pleats or stretched films. These filters have comparatively higher rating than fiberglass filters. The applications of these filters include pharmaceutical, semiconductor & IT, Data centers, food & beverage, and others.
By Application, Non Residential accounted for the highest CAGR during the forecast period
Non-Residential is estimated to be the fastest growing market for Panel Filter due to its growing in demand from building & construction, data centers, pharmaceutical, food & beverage, healthcare, and other industries. For non-residential applications, Panel Filters are being used as pre-filters to reduce the number of airborne particles from entering the main filters eventually increase lifespan of main filters decreasing maintenance cost. Increase in industrialization, government regulations, and a rising air quality index issues are expected to drive demand in panel filters in non-residential applications.
By type, Reusable Panel Filters accounted for the highest CAGR during the forecast period
Reusable filters estimated that the fastest growing market during the forecast period. These filter offer greater convenience compared to disposable panel filters. These filters are to be washed and cleaned after every few months and reused in HVAC systems. Reusable panel filters are costlier in comparison to disposable panel filters but they are ecologically beneficial and expected to be cost-effective in the longer run.
APAC is projected to account for the highest CAGR in the Panel Filters market during the forecast period
APAC is estimated to be the fastest growing market for Panel Filters during forecast period. Panel filter markets in China, Japan, and India have registered significant growth due to their high demand from non-residential applications, including commercial buildings, universities, schools, hospitals, and data centers. The economic growth of China and India has led to the growth of the Asia Pacific panel filter market. Growing investment in building & construction and other end-use industries in the region supports the growth of the market. Moreover, the growing manufacturing capacities in the region further propel the market growth.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900