Oil filter refers to a device which eliminates impurities and foreign particles from the oil, and prevents contaminants from ruining the engine as oil circulates and lubricates it. Oil filter not only helps in protecting the vehicles’ engine from premature wear but also in making the engine run efficiently for a longer period. Oil filter based on new technologies offers functions such as oil cooling and pressure monitoring. Additionally, it is easy to replace, contains recyclable materials and leaves no oil residue. According to IMARC Group’s latest report, titled “Oil Filter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global oil filter market reached a value of US$ 3.1 Billion in 2018.
Flourishing automobile and automotive industries represent one of the primary drivers facilitating the growth of the global oil filter market. In recent years, the rising population has resulted in a surge in the vehicle fleet and usage of vehicles for commuting, particularly in the developing regions. This in turn, has augmented the demand for oil filters. Apart from this, stringent government regulations and various initiatives for reducing carbon emissions across various nations have also proliferated the demand for oil filters. Moreover, several manufacturers have been developing sophisticated engine designs and clean fuel levels in oil filters. The market is further expected to reach a value of US$ 4.1 Billion in 2024, exhibiting a CAGR of 4.7% during 2019-2024.
The report has segmented the market on the basis of end-use into passenger cars, commercial vehicles and two wheelers. On a regional-basis, Asia-Pacific represents the largest market, accounting for the majority of the total share. Other major markets include North America, Europe, Middle East and Africa, and Latin America. Based on import and export trends, the United States represents the largest importer while Germany is the biggest exporter. The report has also analysed the competitive landscape of the market with some of the key global players being Ahlstrom, CLARCOR Inc., DENSO, MAHLE and Mann+Hummel.
This report provides a deep insight into the global oil filter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the oil filter industry in any manner.
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