The global ring panel filters market is poised for substantial growth, with an anticipated value of US$ 15 billion in 2022. This value is projected to increase at a Compound Annual Growth Rate (CAGR) of 5.2%, reaching a valuation of US$ 25 billion from 2022 to 2032. The growth of this market is driven by an escalation in disposable income, elevating living standards and subsequently boosting the demand for ring panel filters.
Ring panel filters find applications in various settings, including commercial buildings, industrial plants, hospitals, and paint spray booths. Their advantages over traditional frame filters contribute to their growing popularity. These filters offer high dust collection capacity, catering to diverse needs.
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Comprising three distinct layers, these filters are characterized by efficiency and durability. The first layer serves as a high porosity impingement filter, while the second layer utilizes strainers to prevent unloading or streaming. Their extended lifespan, nearly three times longer than fiberglass disposable filters, makes them a cost-effective and efficient choice. As industries prioritize air quality and filtration, the ring panel filters market is set to flourish further.
Key Points:
- Global ring panel filters market value to hit $15 billion in 2022, projected to grow at a 5.2% CAGR to reach $25 billion by 2032.
- Increased demand for ring panel filters attributed to rising disposable income and improved living standards.
- Ring panel filters find applications in various settings, including commercial buildings, hospitals, and industrial plants.
- Their advantages over traditional frame filters include high dust collection capacity and longer lifespan.
- 3-ply filters are expected to drive market growth due to their efficiency in removing particulate matter and improving air quality.
The Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Ring Panel Filters
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Ring Panel Filters market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
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Key Takeaways and Projections:
- The U.S. is expected to lead the North America Ring Panel Filters market, projecting the fastest growth in the region between 2021 and 2031
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2031.
Report Benefits & Key Questions Answered
- Historical Market Analysis: The detailed survey by FMI, examines key factors in the Ring Panel Filters market that affected the growth in the market for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Ring Panel Filters market for the forecast period 2021-2031.
- Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Ring Panel Filters for the assessment period. As per the study, the demand for Ring Panel Filters will grow at a robust CAGR between 2021 and 2031.
- Market Trend Analysis: The latest study by FMI on the Ring Panel Filters market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of the Ring Panel Filters market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Key Segments Profiled in the Global Industry Survey
Market by Layer:
- 2-ply
- 3-ply
- More than 3-ply
Market by End Use:
- Commercial Buildings
- Industrial Plants
- Hospitals
- Schools & Universities
- Other End Uses (Paint Spray Booths, etc.))
Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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