May 23, 2024

Oil Filter Elements is Estimated to Witness High Growth Owing to Increased Demand for Fuel Efficient Vehicles

Oil filter elements are used for filtering contaminants and debris from engine oil in vehicles. Oil filter elements help to prevent particles, sludge, and other impurities from accumulating in the engine and causing excessive wear and damage. They play a crucial role in maintaining optimal engine performance and longevity.

The global oil filter elements market is estimated to be valued at US$ 4.14 Mn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in The Oil Filter Elements Market are Iluka Resources Limited, Tronox Holdings PLC, East Minerals, IREL (India) Limited, Rio Tinto, V.V. Mineral, TOR Minerals, Kerala Minerals & Metals Ltd., Yucheng Jinhe Industrial Co. Ltd., Sierra Rutile Limited, Abbott Blackstone, Murray Basin Titanium Pty. Ltd., and CRISTAL.

The key opportunities in the oil filter elements market include growing vehicle parc and increasing adoption of extended oil change intervals. The rising stringency of emission norms is driving automakers to develop fuel efficient vehicles which is creating demand for efficient oil filtering solutions.

Technological advancements such as development of pleated filter media and synthetic filter materials are allowing oil filter elements to effectively trap smaller contaminants and enable longer drain intervals. Advance coatings are improving corrosion and water resistance of filter elements.

Market drivers

The growth of the global automotive industry is one of the key drivers for the oil filter elements market. As vehicle sales increase worldwide supported by rising incomes and improving road infrastructure in developing nations, the need for effective engine oil filtration is also rising. Stringent emission regulations aimed at curbing air pollution are further accelerating the development of advanced fuel efficient vehicles which rely on high-performing oil filters for optimized lubrication and reduced emissions.

Current Challenges in Oil Filter Elements Market:
The oil filter elements market is facing challenges such as increasing demand for electric vehicles and stringent emission norms. Electric vehicles do not require engine oil and oil filter elements, which is a major challenge for players in this market. Stringent emission norms worldwide are forcing automakers to use sophisticated emission control technologies which could reduce the change intervals for oil filter elements thereby affecting the aftermarket demand for these products.

SWOT Analysis

Strength: Oil filter elements play a crucial role in filtering out dirt, dust and debris from engine oil extending engine life. This makes them an essential automotive component.
Weakness: Changing emission norms requiring advanced filtering technologies pose technical challenges for manufacturers. Higher R&D costs to develop new products could squeeze profit margins.
Opportunity: Growing vehicle parc particularly in developing nations offer new opportunities. Increasing use of oil filter elements in off-highway vehicles and construction equipment also presents scope for growth.
Threats: Rising electrification of mobility poses a long term threat. Stringent environmental regulations could further shorten oil change intervals.

North America accounts for the largest share of the oil filter elements market, both in terms of value and volume. This is mainly due to the large vehicle parc and miles driven in the US and Canada. The growing American construction equipment market also supports demand. Asia Pacific is the fastest growing regional market for oil filter elements driven by China and India’s booming automotive and off-highway sectors.

Europe is another major regional market, though growth is projected to be relatively slower compared to developing Asian countries. Japan accounts for a substantial share as the country is a large automotive manufacturer with mechanized agriculture and construction industries supporting demand. The markets in Middle East and Latin America are expanding steadily backed by automotive manufacturing and infrastructure growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it