By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific By-Pass Lubrication Filter market accounted for largest market share in 2022 and is expected to exhibit a significant CAGR growth during the study period. . The growing government investment in the marine sector is likely to increase the demand for by pass lubrication filter which is used to clean engine oil using finer filter elements which results in cleaner oil as well as less wear in the engine are likely to create huge opportunities for its market growth.
For example, in March 2021, by 2035, India plans to invest USD 82 billion in port developments, increase the use of clean renewable energy sources in the maritime industry, expand seaplane services, and develop waterways. According to the government, 400 projects with a combined investment potential of USD 31 billion are available for funding. "Under the Sagarmala Project, more than 574 projects worth USD 82 billion have been identified for construction between 2030 and 2035.
Apart from this, the recent government strategies in order to expand the automotive sector are likely to create huge opportunities for the bypass filter market in the upcoming years. For instance, in December 2022, in an initiative to make India a global hub for manufacturing sector, the Centre has set a target to help the sector double its growth in the upcoming years.
Hence, to achieve this, the Minister for Road Transport and Highways stated the government is targeting the auto industry to grow to USD 0.18 Bn by the end of 2024, making it the world top country in the auto sector. Furthermore, the Indian automobile industry currently contributes around six percent of the total country’s GDP which amount to USD 0.086 Billion.
Figure 3: By-Pass Lubrication Filter Market, by region, 2023 & 2032 (USD Million)
The North America region includes major markets such as the US, Canada, and Mexico. The growing sales of vehicles across the U.S. is likely to increase the demand for by pass filters in order to remove contaminant, dirt and unburned fuel from circulation which is set to positively influence its market growth. For instance, according to the U.S. government, in 2018, the sales of U.S. light vehicles reached 17.2 million units, the fourth straight year in which sales reached or surpassed 17 million units.
Besides this the recent government investment in the automotive sector is likely to contribute to its overall market growth. For example, in October 2022, Volkswagen and Continental a leading automotive companies invested USD 1 Billion. In addition, Volkswagen stated that it would invest USD 763.5 million between 2022 and 2025 as its complex in Puebla, one of the largest Volkswagen manufacturing facilities globally, to built a new paint plant and start production of a new gasoline-powered car.
Apart from this, the growing crude oil production across the U.S. is likely to increase the demand of by pass filters which in turn may create lucrative opportunities for its market growth. For example, according to U.S. Energy Information Administration, in the U.S., crude oil production will rise by 540,000 b/d in 2023, averaging 12.4 million b/d for the entire year. In addition, U.S. crude oil output will rise by 400,000 b/d to an average of 12.8 million b/d in 2024. The Permian region's rising output is what is causing crude oil production in the US to surge.
In 2023, the average daily output of crude oil in the Permian region would rise by 440,000 barrels (b/d). Furthermore, in 2024, the Permian region will once more be the primary driver of expansion in the United States' crude oil output, increasing by 270,000 barrels per day. In contrast to other U.S. regions (other than the GOM and Permian region), the growth in crude oil output in the GOM will increase by 140,000 b/d in 2024Italy, UK, Spain, Japan, South Korea, Australia, UAE, South Africa, Saudi Arabia, Argentina, and Brazil.
