Furnace Filters Market Size
| Study Period | 2022 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Furnace Filters Market Analysis
The Furnace Filters market is expected to register a CAGR of 4.6% over the forecast period. Furnace filters help protect the furnace from all the dust, debris, hair, and other pollutants the return duct takes in.
- The growing focus on maintaining indoor air quality and rising incidents of airborne allergies play an important role in driving the adoption of furnace filters. Furnace filters enable people inside their homes to breathe safe and clean air after it has been heated or air-conditioned by the furnace and released from a vent.
- Moreover, the ability of furnace filters to maintain indoor air quality is based on the minimum efficiency reporting value (MERV) rating system. All furnace filters capture and remove airborne pollutants that pass through the furnace using a fine mesh or fiber media. A filter's MERV rating indicates how narrow the gaps are between the fibers of the filter media, which reflects how effective it is at trapping airborne pollutants.
- Heating, ventilating, and air-conditioning in a commercial building usually consume more energy than any other activity in the building. According to U.S. Department of Energy studies of commercial buildings, HVAC equipment usually account for over 40% of a building's energy usage. The need to improve the energy efficiency of HVAC systems also boosts the market growth as the use of furnace filters helps to increase the energy efficiency of furnaces significantly.
- However, the furnace filter needs to be replaced or cleaned on a regular basis for optimum furnace maintenance, which increases the maintenance costs, which, in turn, might hinder the market growth.
- In the initial months of the outbreak of the COVID-19 pandemic, the HVAC industry received a significant setback as many construction projects across the residential and construction sectors were halted globally, which temporarily dampened the demand for HVAC equipment, thereby having a negative impact on the market. However, with the pandemic-related restrictions easing in most regions, the market is expected to witness steady growth in the coming years.
Furnace Filters Market Trends
Increasing Demand for Energy-Efficient HVAC Systems
- According to the European Commission, buildings in the EU are responsible for around 40% of the energy consumption and 36% of greenhouse gas emissions, mainly from construction, usage, renovation, and demolition. HVAC systems account for a considerable share of energy usage in these buildings.
- Also, as per the U.S. Department of Energy, heating and cooling account for about 50% of a typical home's energy usage, making high-performance HVAC systems critical to managing energy consumption and costs for homeowners and cumulatively across the nation.
- With increased efforts to reduce carbon footprints worldwide, there is a growing focus on buildings, their role in producing greenhouse gases, and their overall impact on climate change. For instance, the Climate Mobilization Act in New York, United States, mandates that buildings over 25,000 square feet must reduce 40% of their carbon emissions by 2030 or face stiff financial penalties. A higher-efficiency HVAC system can help lower a building's carbon footprint significantly.
- Moreover, Russia's invasion of Ukraine has highly impacted energy markets worldwide, especially in Europe. Since the second half of 2021, there has been a sharp increase in energy prices in the region.
- Air filters are necessary to increase the efficiency of furnaces. Filters are essential furnace parts that help keep the rest of the system clean. Dirty furnaces and air conditioners caused by a lack of air filters use more energy to function, increasing energy bills.
North America to Hold a Significant Share
- According to the U.S. DoE, most homes in the United States are heated with either furnaces or boilers. Also, according to Canada-based HVAC service provider A-Plus Air, around 65% of Canadian homes are warmed by forced-air furnaces. Furnace-based heating systems are popular in North America as they quickly heat a room. Consequently, there is a significant demand for furnace filters in the region.
- The expansion of the area's HVAC equipment market, including furnaces, is driven by the increase in residential and non-residential users. According to new residential construction statistics for February 2022 released in March by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, the number of privately owned housing starts in February 2022 was 1,769,000, 6.8% more than the revised January estimate of 1,657,000. This was 22.3% more than the housing starts rate of 1,447,000 in February 2021. Due to government emphasis and regulations, such expansion in the residential sector will require energy-efficient items like HVAC systems.
- Similarly, according to the American Institute of Architects, the U.S. non-residential construction sector is anticipated to grow by 6% in 2023. With an increase of over 14% year over year in 2023, hotel construction is predicted to have the most significant growth. Because of this, it is anticipated that there will be opportunities for HVAC equipment in residential, commercial, and industrial applications as construction increases in the area.
- Being home to many players in the market, the region also continues to witness significant product innovation. For instance, in September 2022, Filter Warehouse USA launched their Ultra PURE 12x12x1 MERV 11 HVAC Air Filter for use in indoor environments to improve air quality. The air filter comes in a pack of 6 and can be installed in the air vents of most HVAC systems.
- Furthermore, another important factor influencing the market in the area is federal income tax credits and incentives for energy-efficient products. For instance, the Inflation Reduction Act of 2022 was passed by the U.S. government to aid in reducing the effects of inflation. This act contains a variety of tax credits for the installation of home heating and cooling systems that have earned the ENERGY STAR label, which should be of particular interest to homeowners.
Furnace Filters Industry Overview
The Furnace Filters Market is moderately competitive, with many major players. These players in the market use partnerships, mergers, innovations, investments, and acquisitions to improve their products and gain a competitive edge over others.
In January 2023, The MANN+HUMMEL Group announced an investment in a filter manufacturing company in Northern and Eastern Europe, M-Filter Group, with several production facilities in Finland and Lithuania.
In September 2022, AAF International announced the acquisition of the National Air Filter Service Company of New Jersey, a full-service air filtration management company based in the United States.
Furnace Filters Market Leaders
Honeywell
Filtrete
Nordic Pure
Rheem
FilterBuy
*Disclaimer: Major Players sorted in no particular order
Furnace Filters Market News
- December 2022: Camfil launched the next generation of their Absolute VG HEPA filter to increase particle capture efficiency, reduce energy consumption, and decrease the strain on maintenance costs related to installing and maintaining HEPA filtration in critical process applications.
- November 2022: Rheem invested over USD 20 million in its 50+-year-old Fort Smith facility to ensure it continues as a state-of-the-art headquarters for its US air conditioning business unit and the manufacturing of HVAC equipment.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview (Current Scenario of Furnace Filters Market, and KPI Analysis)
4.2 Impact of Macro-economic Factors on the Market (Post-COVID-19 impact, Economic uncertainties, and Political uncertainties)
4.3 Technological Trends/Advances
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Stakeholders Analysis
4.6 Distribution Channel Analysis
4.7 Consumer Preference Analysis (Most commonly used sizes, Filter category preferences, replacement rate, preferred brands etc.)
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Focus on Maintaining Indoor Air Quality, along with the Rising Incidents of Airborne Allergies
5.1.2 Increasing Demand for Energy-Efficient HVAC Systems
5.2 Market Challenges
5.2.1 High Maintenance Costs
6. MARKET SEGMENTATION
6.1 By Geography
6.1.1 North America
6.1.2 Europe
6.1.3 Asia-Pacific
6.1.4 Latin America
6.1.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Honeywell
7.1.2 Filtrete
7.1.3 Nordic Pure
7.1.4 Rheem
7.1.5 FilterBuy
7.1.6 Lennox
7.1.7 AprilAire
7.1.8 MANN-HUMMEL
7.1.9 AAF International
7.1.10 Camfil
- *List Not Exhaustive
8. FUTURE OUTLOOK OF THE MARKET
Furnace Filters Industry Segmentation
Furnace filters filter the air by capturing airborne pollutants, such as allergens, pet dander, dust, smog, and even mold spores. They also protect the blower fan from all the dust the return duct pulls in.
The Furnace Filters Market is segmented by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa). The market size and forecasts are provided in terms of value (in USD) for all the above segments.
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
Frequently Asked Questions
What is the current Furnace Filters Market size?
The Furnace Filters Market is projected to register a CAGR of 4.60% during the forecast period (2024-2029)
Who are the key players in Furnace Filters Market?
Honeywell, Filtrete, Nordic Pure, Rheem and FilterBuy are the major companies operating in the Furnace Filters Market.
Which is the fastest growing region in Furnace Filters Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Furnace Filters Market?
In 2024, the North America accounts for the largest market share in Furnace Filters Market.
What years does this Furnace Filters Market cover?
The report covers the Furnace Filters Market historical market size for years: 2022 and 2023. The report also forecasts the Furnace Filters Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Furnace Filters Industry Report
Statistics for the 2024 Furnace Filters market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Furnace Filters analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
