by The oil filter elements market is estimated to be valued at US$ 3.59 Bn 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 components installed in internal combustion engines to remove impurities from engine oil, ensuring smooth operation and extending the life of engines. Key types of oil filter elements included full-flow filter elements and bypass oil filter elements. Full-flow oil filter elements filter the entire volume of oil passing through the engine lubrication system, while bypass oil filter elements filter only a portion of the oil circulating through the system. Oil filter elements are utilized across automotive, industrial, and commercial vehicles to protect critical engine components. Rising global vehicle production and the need for regular oil changes drives demand for replacement oil filter elements.
Market Dynamics:
The key drivers fueling growth of the oil filter elements market include rising motorization rates across developing regions and stringent emission norms mandating periodic engine maintenance. Expanding global automobile parc along with the need for routine oil changes every 5,000-7,500 miles augments replacement demand for oil filter elements. Furthermore, rapid growth of construction, agricultural, and mining equipment driven by robust infrastructure development worldwide drives adoption of heavy machinery suited for harsh environments, stoking sales of heavy-duty oil filter elements. In addition, stringent emission regulations levied by environmental agencies compelling regular servicing of vehicle engines to curb emissions also contributes to the market growth.
Segment Analysis
The oil filter elements market can be segmented based on products such as diesel filter, gasoline filter, industrial filter and others. The diesel filter segment dominates the global oil filter elements market with a share of over 45% in 2022. This is because, diesel engines require more frequent oil changes compared to gasoline engines due to the presence of sulphur and various other impurities in diesel which reduce the life of oil filter elements.
PEST Analysis
Political: Stringent emission norms implemented by governments across the world is compelling the automotive manufacturers to offer advanced emission control systems in vehicles. This is increasing the demand for efficient oil filter elements.
Economic: Rising disposable incomes and growing vehicle fleet is propelling the aftermarket sales of oil filter elements. Further, industrial growth is also fuelling the demand from industrial filters segment.
Social: Increasing consumer awareness regarding vehicle maintenance and timely replacement of auto components is augmenting the market growth.
Technological: Advancements in filter media and introduction of multi-layer filter technologies is helping manufacturers provide longer lasting and high-performance oil filter elements.
Key Takeaways
The global Oil Filter Elements Market Share is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing vehicle fleet across the world. The global oil filter elements market size for 2023 is estimated to reach US$ 3.59 Bn.
Regional analysis: Asia Pacific dominates the global oil filter elements market with a share of over 35% in 2023. This is attributed to massive vehicle production hub and large automotive aftermarket in countries such as China and India. Further, rising middle class population owning personal vehicles is also propelling the regional market growth.
Key players analysis: Key players operating in the oil filter elements market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH, Donaldson Company, Inc., Clarcor Inc. These companies are focusing on new product launches and partnerships with automotive OEMs to strengthen their foothold. For instance, in 2022, MANN+HUMMEL partnered with BMW Group to supply cabin air filters for its electric vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
