Oil Filter Market – Snapshot
An automotive oil filter plays an important role in improving engine life, as it competently traps dirt and debris from the fuel that damages the internal parts of an engine such as pistons and cylinders. The engine is likely to get damaged even by a small particle of soil, which may lead to costly repairs. Furthermore, lubrication is required for certain engine joints and components. Engine oil filters enable proper fluid flow to the engine and components, thus maintaining the quality of lubricating oil. They help enhance the emission control system and minimalize ignition problems, which can give rise to serious drivability issues. Proper fuel flow enables the engine to function perfectly, thereby reducing fuel consumption as well as emissions. These factors are likely to drive the demand for automotive oil filters considerably during the forecast period.
Increase in the industrialization, which is boosting the logistics industry, expansion of the IT industry, especially in metropolitan areas, increased population and migration towards urban areas for better job opportunities, thereby augmenting daily commutation, are all attributing toward increased production of commercial vehicles. Combustion of diesel produces harmful carbon and more greenhouses gases as compared to the combustion of gasoline and alternative fuels. Increased diesel combustion is likely to pose a threat to the environment. Deteriorating environmental conditions in some regions have raised serious concerns about the environment. Emission from vehicles leads to the production of greenhouse gases such as carbon dioxide and methane, which pollute the air, thereby causing several respiratory disorders. Regulatory bodies are imposing stringent environmental norms to curtail rising carbon emissions of automobiles. All these factors are likely to provide better opportunity for the oil filter market.
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Lubrication and appropriate fluid supply is imperative for proper efficiency and better functioning of the engine. Filtration is an integral process for the supply of fluid before reaching the components, wherein hydraulic and other filters plays a crucial role. This, in turn, is anticipated to boost the hydraulic oil filter market for automotive. However, introduction of electric vehicles is likely to hamper the oil filter market during the forecast period. The global oil filter market for automotive is expected to expand at a CAGR of more than 3% between 2018 and 2026.
Usage of diesel as fuel is increasing as it has major applications in medium and heavy commercial vehicles. This, in turn, is estimated to increase the demand for automotive diesel fuel oil filters. The health of the engine is a major concern and lubrication done by the oil enhances the lifespan of the engine. Increased awareness about engine efficiency is expected to propel the oil filter market for automotive. Scheduled maintenance and services, which involve oil filter replacement, are likely to boost the oil filter market for automotive. Fuel filter is necessary to purify the fuel entering in the engine cylinder for proper combustion of fuel in the engine cylinder and curb carbon deposits.
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Rise in vehicle miles driven in various regions impact the sales channel of the automotive oil filter market. Replacement and life of oil filter is directly proportional to the vehicle miles driven. Rising vehicle miles driven across globe, increases the frequency of replacement of oil filters. This is a primary reason for the large market share held by the aftermarket segment. Decline in car loan interest rates, availability of customized financial schemes, and increase in per capita income of consumers are some factors attributing toward the large market share held by the passenger vehicle segment of the automotive oil filter market. Increase in pollution levels and requirement for high efficiency cars are likely to boost the demand for these filters during the forecast period.
In 2017, Asia Pacific held a prominent share of the global oil filters market for automotive. The market in Latin America is expected to witness significant expansion, owing to the increase in production of vehicles in countries of Latin America. Key factors that are driving the market in these regions are an increasing need for efficiency and productivity coupled with the stimulus to increased industrial activities. IC engine vehicle production is high in Asia Pacific countries such as China, Japan, and Korea, which are simultaneously paying more emphasis on the commercialization of electric vehicles and fuel filter and engine oil filter segments of the market in these countries are likely to expand at a moderate growth rate during the forecast period. Increasing production of passenger vehicles in emerging countries such as India and Indonesia, owing to several factors such as lower cost of production, better economic condition, better GDP per capita income, launch of affordable car models targeting the low income groups, launch of app based cab facility such as OLA, Uber, and lowered car interest rates are anticipated to drive the automotive oil filters market in Asia Pacific region during forecast period.
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The oil filter for automotive market witnesses the presence of several players, as manufacturing of oil filters is not a highly complicated and expensive affair. Numerous regional players dominated the market for particular applications and the aftermarket segment. Major players operating in the global oil filter market for automotive include Sogefi SpA (Italy), MAHLE GmbH (Germany), MANN+HUMMEL GmbH (Germany), A. L. Filter (Israel), Robert Bosch GmbH (Germany), Donaldson Company, Inc. (U.S.), North American Filter Corporation (U.S.), Fildex Filters Canada Corporation (Canada), K&N Engineering, Inc. (U. S.), Filtrak BrandT GmbH (Germany), Luman Automotive Systems Pvt. Ltd. (India), ALCO Filters Ltd. (Cyprus), and Siam Filter Products Ltd., Part. (Thailand). Key players are focusing more on mergers and acquisitions with regional players in order to expand their business. Several prominent players are concentrating more on R&D activities in order to improve the functionality and efficiency of the oil filter.
Rising Disposable Income Leading to an Increase in Passenger Vehicles Sales, Eventually Boosting the Growth Prospects of the Oil Filter Market
The oil filter market is prognosticated to gain substantially during the forecast period of 2018-2026 on the back of the thriving automotive industry. The rising disposable income and the booming urbanization levels are proving to be vital growth factors for the growth of the oil filter market.
- Oil filters have a crucial role in maintaining the engine life as it traps debris and dirt from the oil that is supplied to the automotive engine. Pure and safe oil ensures longer engine life and smooth performance for an extended period. Owing to these extensive advantages, the demand for oil filters has increased manifold over the years. All these aspects bode well for the growth of the oil filter market.
- The premium passenger cars segment is expected to bring profitable growth for the oil filter market as the purchasing power parity of many individuals around the globe has increased substantially. The compact car segment will also garner immense growth for the oil filter market due to the emergence of nuclear families in large numbers and the booming middle-class working populace. These factors will prove to be pillars of growth for the oil filter market.
- The players in the oil filter market are involved in intense research and development activities that help in increasing their revenues. The players also indulge in strategic collaborations which further help in boosting the growth rate of the oil filter market.
- The COVID-19 pandemic has a large negative impact on the growth of the oil filter market. The enforcement of strict lockdowns by many countries on the back of the rapid COVID-19 transmission levels resulted in the shutting down of manufacturing facilities and production units. These factors ruined the growth prospects of the oil filter market. Nevertheless, the relaxations in the restrictions will prove to be a relief for the players in the oil filter market.
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