Air Purification Market is estimated to grow at a CAGR of 17.7% from 2021 to 2028.

The increase in urbanization would necessarily augment the need for air filter products in residential and commercial applications at large scale which would help drive the market growth over the forecast period. The countries in developing economies are most predominantly experiencing the rise in urbanization at faster pace. The rise in population is also aiding the people shifting towards urbanization which is helping the market to grow. As per the World Bank Group, the world’s urban population will increase by 1.5 times to 6 billion in 2045. Also, as per the World Economic Forum, the world’s population living in cities is expected to rise from 55% in 2022 to 80% by 2050. The countries in Asia Pacific region have unprecedented opportunities to catalyze economic development through increased urbanization in coming years. The growing income and spending capacity of people in developing economies and increasing demand in various end-use sectors such as automotive, healthcare & medical, building & construction, manufacturing, and energy & utilities are the major factors driving the growth of the air purification market. The rise in urbanization includes expansion of schools, colleges, hospitals, commercial complexes, residential houses and other factors, wherein, the need for clean air emerges which helps drive the market growth. The increase in urbanization led to enormous indoor and outdoor air pollution which is further escalating the demand for air purifiers driving the market growth.

Daikin Industries, Ltd., Honeywell International Inc., The Camfil Group, LG Corporation and Panasonic Holdings Corporation – Prominent Market Participants in Air Purification Market

The growth prospects in industrial activities are primarily attributed to the growing country’s economic, formulation of new business practices, supportive government policies which helps encourages new investment in business and technology. The rise in industrial operations would lead to increase in emissions in the environment as well as in the working environment. Thus, strict regulations pertaining to industrial emissions and concern about occupational health and safety of the workers have led the industrial and commercial sector to prioritize the need for air purification products at the operating and manufacturing facilities. As per the Trading Economics data, industrial production in India increased by 12.3% year-on-year in June of 2022, following a 19.6% jump from the previous month. The industrial output increased in all sectors namely, manufacturing from 12.5% in June 2021 to 20.6% in 2022 and mining from 7.5% to 10.9%. Thus, such growth prospects in industrial sector is emerging the need for air purification for health safety of workers which is further propelling the market growth over the market growth.

The government regulations are formulating policies for enhancing the air quality of industrial and commercial environment which is further strengthening the demand for air purifiers across various applications. For instance, Clean Air Act (CAA), EPA sets limits on certain air pollutants, including setting limits on how much can be in the air anywhere in the United States. The growing initiatives from the government in terms of removing small particles which helps improve the air quality is further fueling the market growth. For instance, in July 2022, the Canadian government had introduced clean air delivery rate (CADR) policy. Wherein, the CADR describes how well the machine reduces tobacco smoke, dust and pollen.

The COVID-19 outbreak dramatically impacted the global economy during its initial days and peak in 2021. In pre-pandemic scenario, there were significant investments in the development of Air Purification that could strengthen the market growth. However, the eruption of pandemic had slowed down the investments and shut production units, which hampered the Air Purification market growth. During the initial days of the pandemic, the crisis has restricted all business deals, collaborations, and partnerships, which shattered the market significantly. The COVID-19 pandemic has had a swift and severe impact on the globally integrated manufacturing industry. The pandemic disrupted the parts exports from China, interrupted large scale manufacturing across Europe, and closed assembly plants in the US. All these factors are declining the demand for Air Purification across the world. However, with ease in restrictions and reopening of business units, the demand for woodworking and meat processing is rising and achieving the new normal. From 2021, market players have significantly invested in adopting advanced technologies in the industrial equipment and machinery industry. The pandemic has forced businesses to restructure their business models focusing on strengthening strategies to achieve economies of scale.

The top five companies in the market includes Daikin Industries, Ltd., Honeywell International Inc., The Camfil Group, LG Corporation and Panasonic Holdings Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below: