Renewable Energy is fastest growing segment fueling the growth of Oil Filter Elements Market

Oil Filter Element Market

The global Oil Filter Elements Market is estimated to be valued at US$ 3.59 Bn or Billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Oil filter elements are essential components used in automotive, industrial and commercial vehicles to remove dirt particles and impurities from the engine oil. They help increase engine life and reduce maintenance costs.

Market key trends:
One of the key trends driving the growth of oil filter elements market is the increasing demand for renewable energy sources like solar and wind energy across the globe. Oil filter elements play a vital role in ensuring smooth operation of engines used in wind turbines and other related equipment. They help remove dirt and abrasive particles from hydraulic oil circuits, gear boxes and lubrication systems of wind turbines and contribute to minimizing downtime. This is expected to significantly boost the demand for oil filter elements over the forecast period.
Segment Analysis
The global oil filter elements market is segmented on the basis of element type, vehicle type, and region. Based on element type, the market is segmented into cellulose, synthetic, and others. The cellulose segment dominated the market in 2022 owing to its lower cost compared to synthetic filters, which makes it affordable for mass use. However, the synthetic segment is expected to witness the highest growth over the forecast period due to synthetic filters’ superior performance in terms of higher filtration efficiency and longer service life.

Key Takeaways
The global Oil Filter Elements Market Share is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing vehicle production and rising adoption of oil filter elements for effective engine protection.

Regional analysis
Asia Pacific dominated the global oil filter elements market in 2022 and is expected to witness the fastest growth during the forecast period. This can be attributed to the presence of emerging economies like China and India with rising vehicle production and sales. Europe and North America are also expected to hold significant shares in the global market due to stringent emission norms mandating periodic replacement of oil filters in these regions.

Key players
Key players operating in the oil filter elements market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH, Donaldson Company, Inc., Clarcor Inc. (Acquired by Parker Hannifin Corp), Sogefi SpA, Hengst SE, ACDelco (Subsidiary of General Motors), Cummins Inc., Fram Group, K&N Engineering, Inc., Freudenberg Group, WIX Filters (MANN+HUMMEL), UFI Filters. The global market is dominated by tier 1 players like MANN+HUMMEL, Mahle GmbH, and Denso Corporation owing to their huge product portfolios and widespread distribution networks.

Read More,

Leave a Reply

© 2023 THEWION - WordPress Theme by WPEnjoy