An automotive oil filter plays a significant role in the improvement of engine life, as it competently traps debris and dirt from the fuel that causes damage the internal parts of an engine such as cylinders and pistons. The engine is very likely to get damaged even by a small particle of soil, which might lead to expensive repairs. In addition to that, lubrication is needed for certain components and engine joints. Engine oil filters enable proper flow of fluid to the engine and components, thereby maintaining the quality of lubricating oil.
The oil filter for automotive market has experienced the presence of numerous market players, as manufacturing of oil filters is not a highly complicated but also an expensive affair. Several regional players have dominated the said market for certain applications and the aftermarket segment. Eminent market players that are operating in the world market for oil filter comprise names such as Siam Filter Products Ltd., Donaldson Company, Inc., Sogefi SpA, North American Filter Corporation, Fildex Filters Canada Corporation, MAHLE GmbH, K&N Engineering, Inc., MANN+HUMMEL GmbH, Luman Automotive Systems Pvt. Ltd., Filtrak BrandT GmbH, Robert Bosch GmbH, and A. L. Filter.
In accordance with the market intelligence report, the international market for Oil Filter has been forecasted to rise at a healthy CAGR over the period of forecast that extends from the year 2016 to the year 2024.
Which of the Regional Segments to Continue with Dominance Over the Period of Forecast?
On the basis of geography, the said market for oil filter is segmented into North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. In 2017, the region of Asia Pacific held a prominent share of the world market for oil filter. The said market in Latin America is forecasted to experience substantial expansion, due to the increase in production of vehicles in the countries of Latin America. Major factors that are driving the market in these regions are growing need for efficiency and productivity together with the stimulus to augmented increased industrial activities.
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Which of the Market Drivers would Shape the Future of the Market?
Rising amount of greenhouse gases and carbon footprint have resulted in the development of electric vehicles, which are estimated to impact the IC engine vehicles market positively in the next five to seven years. The world market for oil filter in some of the regions is expanding at a moderate pace, due to limited usage of some oil filters such as engine oil filter and fuel filter in electrical vehicles. This, in turn, is very likely to positively impact the demand for oil filters. However, the demand for hydraulic filters and coolant filters are expected to rise due to the rise in the production of vehicles. Regulatory bodies are thereby imposing stringent environmental norms so as to curtail rising carbon emissions of automobiles. All these factors are quite likely to make an offering for better opportunity for the oil filter market.