The water filters market is expected to be dominated by Asia Pacific region, with China being the major market in the region. Based on media type, which includes single & dual phase, multimedia, cartridge, and others (cloth, ceramic, and stainless steel), the single & dual phase segment estimated to lead the water filters market during the forecast period, whereas the multimedia segment is expected to register the fastest growth rate. The water filters market size is projected to grow from USD 10.8 billion in 2018 to USD 14.7 billion by 2023, at a CAGR of 6.3%. There is high demand for water filters from the food & beverages, chemicals & petrochemicals, pharmaceuticals, and oil & gas industries.
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The water filters market has been segmented on the basis of end-use industry into municipal and industrial. The industrial includes food & beverages, chemicals & petrochemicals, pharmaceuticals, and oil & gas industries, among which the food & beverages industry is projected to register the highest CAGR between 2018 and 2023. This high growth is attributed to the increasing demand for beverages & portable drinking water. The chemicals & petrochemicals industry is another major market for water filters.
In terms of geographic coverage, the water filters market has been segmented into 5 key regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia Pacific water filters market is expected to record the highest growth rate during the forecast period, due to the growing oil & gas, chemicals & petrochemicals, and food & beverages industries in the region. The development of these industries in Asia Pacific is attributed to increasing urbanization & modernization and growing awareness of water quality and safety in the region.
Continuous R&D activities to improve the performance and quality of water and wastewater for use & reuse in industrial and municipal applications are expected to provide significant opportunities in the water filters market. The food & beverages industry is facing problems related to purification, reuse, and optimum utilization of water. Pharmaceutical is another key market for water filters. The purity of water is of high concern for the use in applications such as skin care, hair care, ointments, complexion creams, baby creams & oils, and as a carrier for the preparation of curative drugs in the pharmaceutical industry. Key players in the water filters market are tapping this opportunity by enhancing their product lines and providing customized products for water & wastewater filtration & treatment.
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Eaton Corporation (US), Suez Water Technologies & Solutions (France), Veolia (France), Dow Water & Process Solutions (US), Evoqua Water Technologies (US), Mann-Hummel (Germany), Pall Corporation (US), Pentair PLC (UK), and Lydall Industrial Filtration (US) are the leading manufacturers of specialty water filters, globally.
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