Air filters are mainly used in places with high air quality requirements such as commercial buildings, hospitals, and semiconductor manufacturing. In recent years, the HVAC air filter industry in China has developed rapidly, and the growth of air conditioning demand in China began ten years ago. Due to the limited service life, high power consumption, and aging components of old air conditioners, there has been a huge demand for replacement and upgrading, which has become an important increment in the air conditioning industry. The market size of HVAC air filters in China has grown from 840 million US dollars in 2014 to 1.25 billion US dollars in 2018, with a compound annual growth rate of 10.4%. It is expected that in the next five years, the HVAC air filter industry in China will maintain high-speed growth at a compound annual growth rate of 15.0%, and the size of the Chinese HVAC market will reach 2.49 billion US dollars by 2023.
Due to the rapid development of upstream industries in the industry, the technology of filter materials has been improved. Currently, the consumption proportion of primary and medium efficiency air filters in the entire air filter market exceeds 90%, mainly because primary and medium efficiency air filters need to be replaced 2 to 3 times a year. Compared with the replacement frequency of high-efficiency air filters that can last for 1 to 10 years, the replacement cycle of primary and medium efficiency air filters is shorter and the consumption frequency is faster. With the increasing awareness of environmental protection, higher requirements for air quality, and the growing demand for air purification in industrial production sectors, air filters have maintained rapid development in the domestic market in China. However, while developing rapidly, it is also necessary to continue to increase industry concentration and change the terminal competition situation dominated by price wars, promote the industry to shift from price competition to quality competition, continuously optimize product structure, and expand industry scale.