Aerospace Filter Market will Experience Halting Growth Due to COVID-19 Pandemic; Long term outlook stays Positive, Opines Fact.MR
Major aerospace filter players are focusing on the acquisition of regional players to fortify their global impressions, boost business operations, and bump up their market share.
ROCKVILLE, MD / ACCESSWIRE / October 12, 2020 / The aerospace filter market is set to witness mounting growth at more than 7% CAGR over the assessment period, 2020-2030. Passenger safety concerns together with escalating government spending on military aircraft across various nations will generate several prospects for players boosting demand for the aerospace filter market in the approaching years.
“Unexpected consequences of the COVID-19 pandemic have ensued in decreasing air traffic, worldwide, which, consecutively, is slowing down the expansion of the aerospace filter market. Without any near-term resolution, aerospace filters demand will remain slow at least up to 2020 end.” says the Fact.MR report.
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Aerospace Filter Market - Key Takeaways
- In terms of product, the engine air intake filters will remain dominant among other categories by holding around 18% of the market share by 2030 end.
- Based on end-use, military aviation is foreseeing surging demand in the global market.
- Based on the aircraft, the narrow-body aircraft category will reflect impressive growth in the aerospace filter market during 2020-2030.
- Aftermarket sales channel will record a positive growth trend during the assessment period.
- North America will remain at the forefront progressing at a 5% CAGR over the assessment period.
Aerospace Filter Market - Driving Factors
- Regulations related to emission standards and environmental safety to lower carbon emissions from commercial planes will boost the aerospace filters market demand.
- Rapidly mounting geopolitical tensions have boosted the demand for military aircraft, thus generating growth avenues for the market.
Aerospace Filter Market - Constraints
- Prevailing backlogs in aircraft deliveries is limiting the aerospace filters market growth.
- Replacement and disposal cost constraining the market growth over the assessment period.
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has adversely affected the aerospace filter market on the demand and supply side, triggering a downslope in sales. Post COVID-19, a surge in passenger air traffic and rising airline fleets are anticipated to generate new growth prospects for stakeholders in the aerospace filter market.
Explore the Aerospace Filter market comprising of 181 figures and 82 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/27/aerospace-filter-market
Major companies identified in the aerospace filter market are Freudenberg & Co. KG, Donaldson Company, Inc., Honeywell International Inc., Mott Corporation, Parker-Hannifin Corporation, Pall Corporation, Swift Filters, Inc., Porvair plc, Amphenol Corporation, Woodward, Inc., and Hollingsworth & Vose Company. These companies are focusing on boosting their market presence in the global market through acquisitions.
For instance, Parker Hannifin Corporation acquired LORD Corporation, to create an organization with robust electrification and materials science capabilities, and aerospace product offerings.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the aerospace filter market. The market is scrutinized based on product (cabin air filters, avionic filters, hydraulic filters, engine air intake filters, fuel filter, oil & lube filters, and others), filter media (fiberglass, metal mesh, pleated paper, and others), aircraft (narrow body aircraft, wide body aircraft, regional body aircraft, turboprop, and rotary wing), end use (commercial aviation, business aviation, and military aviation), and sales channel (OEMs and aftermarket), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, and has offices in Dubai. FACT.MR’s latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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