Filtration is one of the primary procedures in the water and wastewater treatment industry. Industrial filters are used to filter the primary source of water to remove slit, pipe scale, sand, and algae. Many countries are involved in the recycling and treatment of their water resources.
The water and wastewater industry involves processes such as water treatment, sewage treatment, effluent treatment, and water recycling and technologies such as disinfection, filtration, distillation, and testing. This separation process is performed with the help of a medium called a filter.
The filtration process is employed in many industries such as chemical and petrochemical, automotive, metals and mining, healthcare and pharmaceutical, power generation, plastics, woodworking, paper and pulp, water and wastewater treatment, oil and gas, and food and beverage.
Analysts forecast the global industrial filtration market to grow at a CAGR of 5 percent during 2017-2021. The one challenge in the market is intense market competition. The global industrial filtration market is a highly fragmented market with the presence of few dominant players in the market.
Vendors are also under constant pressure to deal with price fluctuations to remain competitive in the market. Declining profit margins have compelled companies to expand their product base and find more ways to make profits.
Most vendors in the market resort to mergers and acquisitions (M&A) to maintain their market strength and presence. This has led to a number of consolidations in the market.
Driven by various factors, such as globalization, commercialization and an upsurge in disposable income and trade, the high performance industrial filtration global market is expected to further accelerate with economic growth. Globalization has brought the world closer and acted as a catalyst for the growth of the shipping industry, which, in turn is estimated to propel the ship spare and equipment global market over the forecast period.
Diversification in the shipping industry with the advent of multilateral and multinational agreements to enhance the trading sector has resulted in the growth of high performance industrial filtration global market. Dispersed manufacturing is one of the prominent drivers driving the high performance industrial filtration global market.
Increase in global demand for consumer goods and commodities is also estimated to boost the performance industrial filtration global market. However, uneven economic growth and fluctuating prices of raw materials may act as a restrain high performance industrial filtration global market.
Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The food and beverage sector require special filter media to meet specific requirements and the high standards mandated by government regulations.
Therefore, waste water treatment, chemicals, filtration of drinking water, and filtration procedures in crude oil processing are the key drivers of the growth of industrial liquid filtration market.
Gaurav Mohindru, a lead analyst from Technavio, says, "In the chemical industry, industrial process fluids such as water, solvents, and chemicals are subjected to numerous filtration, separation, and purification stages. Similarly, the coatings industry produces high-viscosity fluids such as mixtures of resins, solvents, pigments, and other additives."