Portland, OR, March 04, 2021 (GLOBE NEWSWIRE) — As per the report, the global intake filter media market generated $5.15 billion in 2019, and is projected to reach $6.85 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Drivers, restraints, and opportunities-
Use of nanotechnology for air filtration and stringent government regulations about harmful automobile emissions have boosted the growth of the global intake filter media market. However, the advent of washable air filters hinders the market growth. On the contrary, surge in demand for aircraft filters and intake filter media for alternative fuel vehicles would open lucrative opportunities for the market players in the future.
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- The Covid-19 outbreak and followed pandemic resulted in the closure of manufacturing facilities in the aerospace, automotive, and shipping industries.
- However, the demand for intake filter media is expected to rise as several governments of various countries have lifted the existing regulations of lockdown.
The global intake filter media market is segmented on the basis of application, filter media, distribution channel, vehicle type, and region. Based on application, the automotive segment is projected to register the highest CAGR of 4.9% during the forecast period. Moreover, the segment held more than two-thirds of the market in 2019.