November 19, 2019

Industry Insight Air Filtration – 2019 has been another strong year, mainly driven by company integration but also with some exciting deals

„Welcome to our new air filtration industry insight, giving you a brief market overview especially in from an M&A perspective. In general, consolidation is actively pursued by multinational companies trying to grow geographically on a global basis and to diversify their product portfolios. 2019 has been another strong year, mainly driven by company integration but also with some exciting deals.“

Market Insights

Market Overview

The air filtration market, which comprises HVAC (Heating, Ventilation and Air Conditioning), automotive and industrial filters, is expected to grow by 7.3% p.a.

While HVAC filters have the biggest market share, with almost 50% of the total air filtration market, automotive filters are expected to grow the fastest with 8.5% p.a.


Enlarging automobile production in developing regions coupled with increasing purchasing power
A general shift towards new fiber materials and innovative technologies is influencing the competitive positioning

Major drivers for this market are, among others, increasing demand for hygiene, cleanrooms and data centers
Need for complex installation and regular maintenance of HVAC air filters offers higher demand for service possibilities and digitalization

Strong forecasted infrastructural and industrial development especially in the Asia Pacific region will contribute significantly to growth
Demand for washable and reusable filters will play a major role

Selected Transactions

Key Performance Indicators Peer Group

The Peer Group contains internationally-listed companies which differentiate in product portfolio, size and relative competitive advantage.

With just minor fluctuations in expected multiples, market valuations prove to be stable. Companies are highly valued for their profitability and the low risk within the market. Peer group EV/EBITDA (NTM) multiples stay within a solid range of 9 to 13 x EBITDA.

Stock prices have also performed well during the last six months, peaking at the current value of +15%.

EV/EBITDA (Next 12 Months)

6M Stock Price Development Peer Group

Want to know more?

If you would like to learn more about the valuations and deals of your industry, the transaction mentioned above or generally our way of working, we would certainly be happy to demonstrate our m&a PLUS® principle in a confidential meeting.
Just get in touch and we will share our experience on how to grow businesses with long-lasting partnerships.

With passion for M&A,
Your SAZUN Team