The air treatment products market comprises a wide range of products that help in improving indoor air quality. Air purifiers utilize various technologies like HEPA, activated carbon, UV, and ionizers to filter out allergens, pollutants, and microorganisms from the indoor air. They are highly effective in filtering out pollutants like dust, pet dander, smoke particles, pollen, odors, and more from the indoor air. In addition, air cleaners are increasingly being adopted in various commercial establishments like offices, hospitals, hotels, and others to maintain good air quality. The rising pollution levels and growing awareness about health issues due to air quality are boosting the demand for air purifiers globally.
The Global Air Treatment Products Market is estimated to be valued at US$ 48,581.0 Mn in 2019 and is expected to exhibit a CAGR of 11.8% over the forecast period 2020-2027.
Key Takeaways
Key players operating in the air treatment products market include 3M Company, Honeywell International Inc, Daikin Industries Ltd., SharperTek USA, LG Electronics, and Blueair AB.
Air Treatment Products Market Growth construction activities of commercial buildings and rising infections due to airborne diseases are expected to present numerous growth opportunities in the market over the forecast period. Moreover, innovations including Wi-Fi enabled smart purifiers with in-built sensors for real-time monitoring and control of indoor air quality are expected to drive the market.
Furthermore, advancements like the adoption of HEPA air filtration systems for effective removal of 99.97% of air pollutants 0.3 microns in size have enhanced the efficiency of air purifiers significantly.
Market Drivers
The increasing health issues such as asthma, allergies, and other breathing problems caused due to poor indoor air quality have compelled people to invest more in air purifiers and cleaners. This is a major factor driving the demand for different air treatment products globally.
Current challenges in Air Treatment Products Market
The Air treatment products market is facing challenges due to rising prices of raw materials and components used in manufacturing air purifiers. Strict regulations regarding energy efficiency of air purifiers have increased the cost of R&D for manufacturers. Growing consumer awareness about indoor air quality and different pollutants has increased demand for innovative air treatment technologies. However, providing innovative products within budget remains a challenge for players in this market.
SWOT Analysis
Strength: Energy efficient products with smart connectivity features gains more consumer trust. Wide distribution network of major players increases access of products.
Weakness: Initial higher costs compared to conventional products acts as restraint for many consumers. Reliance on limited number of components suppliers increases supply chain risks.
Opportunity: Rapid urbanization and growing pollution levels in developing nations to drive future demand. Adoption of IoT and AI features to introduces personalized and effective solutions.
Threats: Threat from local and unorganized players offering low cost alternatives. Economic slowdowns can negatively impact sales of higher priced innovative products.
Geographical regions with major market share
North America holds the largest share in the global air treatment products market, led by United States. Stringent regulations and growing consumer awareness about importance of indoor quality drives significant market revenues. Asia Pacific is the fastest growing regional market with double digit CAGR over forecast period led by China and India. Rising pollution levels, improving standards of living and expanding middle class population present lucrative opportunities.
Fastest growing geographical region
Asia Pacific region is poised to be the fastest growing market for air treatment products over forecast period. Rapid economic development, large population base and deteriorating air quality due to pollution presents strong demand growth potential. In particular, countries like China and India are key drivers of the APAC market with sales expected to double over coming years. Initiatives by governments and increasing consumer spending on health and wellness enables sustained market expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
