Oil filter is a device which is specifically designed for eliminating foreign particles and impurities from different types of automotive oils such as transmission, engine, hydraulic and lubricating oil. In case the oil is left unfiltered for a longer period of time, it can get saturated and damage the bearing surfaces of the engine. Oil filters eliminate dirt and sludge which enables the engine to function smoothly while reducing emissions as well as decreasing the annual consumption of fuel. In addition to this, these filters help in monitoring the pressure and cooling the oil, leave no oil residue and are easy to replace. A new research report by IMARC Group, titled “Oil Filter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global oil filter market was worth US$ 3 Billion in 2017. The report further anticipates the market to cross US$ 4 Billion by 2023, at a projected CAGR of nearly 5% over the forecast period.
Global Oil Filter Market Drivers/Constraints:
- There has been a significant rise in the production of commercial vehicles owing to an upsurge in construction activities in the urban areas. This is one of the major factors which has been driving the growth of the market.
- Governments of numerous nations have introduced various regulations to limit the rising amount of greenhouse gases and pollutants generated by automobiles. This has, in turn, contributed towards an augmented demand for oil filters across the globe.
- Some of the factors which have been positively influencing the market growth include flourishing automotive industry as well as the development of sophisticated engine designs and clean fuel levels in oil filters by various manufacturers.
- There has been a rapid rise in the demand for electric vehicles across the globe which is considered to be one of the major factors impeding the growth of the global oil filter market.
On the basis of end-use, the market has been segmented into passenger cars, commercial vehicles and two-wheelers. Amongst these, passenger cars represent the largest segment owing to changing lifestyles, rising disposable incomes and improving economic situations across emerging nations.
Fuel Type Insights:
Based on fuel type, the market has been segregated into gasoline and diesel. Currently, gasoline holds majority of the market share, whereas diesel is expected to grow rapidly over the next few years.
On a geographical front, Asia-Pacific represents the largest market for oil filters. This can be attributed to an increase in the production of vehicles in countries such as China, Japan, India, and South Korea. The other major markets include North America, Europe, Middle East and Africa, and Latin America.
Import and Export Insights:
The report has also analysed the import and export trends of the global oil filter market according to which the United States represents the largest importer, whereas Germany is the biggest exporter of oil filters.
The market is highly fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- CLARCOR Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal