Oil Filter Elements Market Poised to Grow Steadily at 6.8% CAGR owing to Increasing Automotive Industry
Oil Filter Elements Market Poised to Grow Steadily at 6.8% CAGR owing to Increasing Automotive Industry
Blog Article
The oil filter element market is an integral part of the automotive industry. Oil filter elements filter out dirt, dust, and debris from engine oil to maintain optimal lubrication and long engine life. Advantages of oil filter elements include trapping harmful particles to prevent engine wear, extending oil drain intervals, and improving overall vehicle performance.
The Global Oil Filter Elements Market is estimated to be valued at US$ 4.03 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the oil filter elements are Sumitomo Electric Industries, Johnson Electric Holdings Limited, Molex LLC, Axon' Cable, Nicomatic, Würth Elektronik Group, Cicoil LLC, Parlex Corporation, O-Flexx Technologies, Samtec Inc., Hitachi Cable America Inc., BizLink Technology, Cvilux Corporation, Shin-Etsu Polymer Co. Ltd., and Mei Tong Electronics Co. Ltd. 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
Oil Filter Elements Market Growth automotive sales especially in emerging economies of Asia Pacific is fueling demand for oil filter elements. Technological advancements including compact design and improved filtration efficiency are facilitating market growth.
Market Trends
The growing adoption of electric vehicles poses a challenge for oil filter element manufacturers as EVs do not require engine oil filters. However, increasing research into reusable and recyclable filter materials provides new opportunities. Nanofiber technology is gaining prominence in oil filtration due to superior contaminant removal capability. Nanofiber oil filters are more durable and last 3-5 times longer than conventional filters.
Market Opportunities
Rising automotive repair and maintenance services especially in developing countries present significant opportunities. Oil filter element manufacturers can capitalize on this trend by partnering with automotive workshops and retail chains. There is also scope for developing advanced anti-drainback valves and bypass valves to improve oil flow and filtration efficiency. Specialized oil filters tailored for heavy commercial vehicles offer avenues for expansion into new segments.
Impact of COVID-19 on Oil Filter Elements Market
The Oil Filter Elements Companies in COVID-19 has significantly impacted the growth of the oil filter elements market. The global lockdowns, travel restrictions, and supply chain disruptions resulted in significant decline in oil consumption during 2020 and early 2021. Many automotive and industrial production facilities were shut down to curb the spread of the virus. This negatively affected the demand for oil filter elements from automotive and industrial sectors. However, with phased resumption of economic activities and rollout of vaccination drives, the demand has started recovering gradually post Q2 of 2021. Though the recovery is still uneven across different regions and sectors, the growth is expected to gain momentum in 2022. For long term growth, key players need to focus on innovation, cost efficiencies and supply chain resilience to mitigate future disruptions. Diversifying supplier base and leveraging advanced manufacturing technologies can help build competitive advantage.
Geographical Regions:
The oil filter elements market in terms of value is highly concentrated in North America and Europe. North America presently dominates the global market, accounting for over 35% value share, led by strong demand from the US. Large fleet of vehicles, stringent emission norms and focus on maintenance of vehicles and industrial machinery drive the consistent demand for oil filter elements in the region. Europe is another major market with around 30% value share. Germany and UK contribute significantly to the European market. The demand in these developed regions is expected to remain robust over the forecast period due to replacement needs of the existing large vehicle and industrial infrastructure base.
Fastest growing region for Oil Filter Elements Market:
The Asia Pacific region is expected to exhibit fastest growth in the oil filter elements market during the forecast period. With overall economic expansion and improving standards of living, the vehicle parc and industrial activities are growing at a healthy pace in developing countries of Asia Pacific such as India and China. This is leading to substantial increase in demand for engines oils and filter elements from automotive and industrial sectors. Furthermore, low labor costs are attracting major manufacturing investments in Asia Pacific countries, which is expected to further fuel the replacement demand for oil filter elements. The growth rates in India and China are projected to be higher than the Asia Pacific regional average in the coming years.
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