by The global 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:
An oil filter element is a filtering medium used to remove particulate contaminants from engine oil. It is a key component of an oil filtration system. Filter elements are constructed with paper, mesh, fabric or other porous materials designed to trap dirt particles while allowing oil to pass through unimpeded. They help keep engine components clean and functioning properly. Advances in filter material science and construction have made modern filter elements highly effective at removing even the smallest particles from circulating oil. Their widespread use helps maximize engine lifespan and performance.
Market key trends:
One of the major trends driving the oil filter elements market is rising automotive production and the increasing vehicle parc globally. Growing demand for personal mobility is boosting the automotive industry. As vehicles age, oil filter elements need to be replaced at regular service intervals, generating repeat sales. Another factor fueling the market is stricteremission norms requiring superior oil filtration for advanced engines.Also, technological developments like synthetic oil blends and advanced filter media are improving filtration efficiency and longevity of filter elements. This encourages higher replacement rates.
Porter’s Analysis
Threat of new entrants: The oil filter elements market requires high R&D and capital investments for product development and manufacturing facilities, limiting the threat of new entrants.
Bargaining power of buyers: The presence of numerous filter element manufacturers reduces the bargaining power of buyers in this market.
Bargaining power of suppliers: Leading automobile manufacturers hold strong bargaining power over filter element suppliers due to their huge demand.
Threat of new substitutes: There exists no close substitute for oil filter elements, reducing the threat from substitutes.
Competitive rivalry: The oil filter elements market witnesses high competitive rivalry due to the presence of numerous global and regional players.
Key Takeaways
The global Oil Filter Elements Market Share is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing vehicle production and stringent emission norms requiring superior filter technology.
Regional analysis: Asia Pacific dominates the global oil filter elements market, owing to the large base of vehicle production and sales in China, India, and Japan. Rapid industrialization and improving economic conditions in the region boost the demand for oil filter elements.
Key players: Key players operating in the oil filter elements market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH, Donaldson Company, Inc., Clarcor Inc. (Acquired by Parker Hannifin Corp), Sogefi SpA, Hengst SE, ACDelco (Subsidiary of General Motors), Cummins Inc., Fram Group, K&N Engineering, Inc., Freudenberg Group, WIX Filters (MANN+HUMMEL), UFI Filters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
