A new Freedonia study finds that the Chinese market for internal combustion engine, air, and fluid filters will approach $18 billion in 2022, and remain the largest in the world. Among the factors driving market growth, efforts by regulators to curb the nation’s notorious air pollution problem, such as by raising filtration standards, will continue to have an impact. For example, as China neared its 2020 air-quality targets ahead of schedule, the government introduced stricter goals.
More information about the study is here: https://www.freedoniagroup.com/industry-study/global-filters-3711.htm
Here are four ways China is shedding its reputation as the smog capital of the world:
- Imposing more demanding vehicle and factory emissions standards: While less restrictive than those in the US or the EU, Chinese emissions limits have decreased in recent years, creating need for higher-performing filters and significantly improving air quality.
- Shuttering tens of thousands of polluting factories, and cracking down on both lax and excessive enforcement by local authorities via a national inspection system: An unintended result of a “one size fits all” approach to environmental standards in China has been an effective blanket-ban of heavy industry, but now local governments are allowed to set their own targets.
- Investing in green energy and advanced filtration technologies: China leads the world in renewable energy investment, and as concerns about pollution continue to grow in China, consumers will increase their use of air and fluid filtration products.
- Partnering with other governments and organizations to address key goals: For example, ongoing collaboration between China’s Ministry of Ecology and Environment and the US Environmental Protection Agency has yielded stronger methods for assessing and mitigating pollution levels.
But China is not the only country making strides in this arena. Freedonia’s Global Filters study examines trends in all major national filter markets to provide historical demand by major product group and end-use market, as well as sales forecasts for 2022 and 2027.
Global Filters (published 04/2019, 470 pages) is available for $6500 from The Freedonia Group. Please link citations to https://www.freedoniagroup.com/Global-Filters-Market-Forecast.html