Filter bags are an essential component of filtration systems, widely used in diverse industrial applications. They play a pivotal role in maintaining air and liquid quality by effectively capturing impurities and contaminants. The Filter Bags Market has seen significant growth due to its critical role in ensuring process efficiency and product quality across various industries. In this comprehensive article, we will delve into the world of filter bags, exploring their types, applications, benefits, and more.
Filter Bags Market: Understanding the Basics
Filter bags, also known as filter socks or filter sleeves, are cylindrical filtration devices made from various materials. They are designed to trap and remove solid particles, liquids, and even hazardous substances from the fluid streams they encounter. The Filter Bags Market has witnessed substantial expansion, owing to their ability to meet stringent filtration requirements across a wide range of industries.
Projected to be valued at USD 2.5 billion in 2021, the global filter bags market is anticipated to reach USD 2.7 billion by 2022. Over the forecast period from 2022 to 2032, the market is projected to expand at a promising Compound Annual Growth Rate (CAGR) of 4.9%, ultimately reaching a valuation of USD 4.3 billion by 2032.
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Competitive Landscape
Key global filter bag market players include Babcock & Wilcox Co., Pall Corporation, Thermax D Ltd., Eaton Corporation, and Mitsubishi Hitachi Power Systems Ltd.
On the contrary, fluctuating prices of raw materials are expected to be the major factor hindering the market expansion. Moreover, the complexity of pollution control reforms is another factor impeding the industry expansion in the forecast period.
Key Takeaways from the Market Study
- The global filter bags market to hold a value of USD 4.3 Bn while recording a CAGR of 4.9% during the forecast period.
- Oil & Gas segment to expand at a CAGR of 5.6% during the forecast period
- The U.S market expected to secure USD 716 Mn while expanding at a CAGR of 4.4%
- China to record a CAGR of 4% during the forecast period
- India to witness a CAGR of 6% during the forecast period
“The global filter bags market is expected to show a remarkable growth in the forecast period owing to the growing environmental concerns and the increasing imposition of stringent rules by the government of several countries to curb the air pollution.”
Some of the recent key developments among the players are:
- In May 2021, Mitsubishi Heavy Industries, Ltd. disclosed an agreement under which Mitsubishi Power Ltd. would be integrated into MHI. According to the new agreement, the business operations and employees of Mitsubishi Power involved in the sale, design, installation, and engineering of thermal power generation systems would be transferred to MHI.
- In February 2022, Babcock and Wilcox Enterprises, Inc. disclosed that it had acquired Fossil Power Systems, Inc., an eminent manufacturer of natural gas, hydrogen, and renewable pulp and paper combustion equipment.
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Key Segments Covered in the Filter Bags Industry Report
By Type:
- Air Filter Bags
- Liquid Filter Bags
By Size:
- 7″ OD x 17″ Long Filter Bag
- 7″ OD x 32″ Long Filter Bag
- 4″ OD x 10″ Long Filter bag
- 4″ OD x 17″ Long Filter Bag
- 6″ OD x 20″ Long Filter Bag
By Media:
- Woven Filter Bags
- Non-Woven Filter Bags
By Application:
- Filter Bags for Oil & Gas
- Filter Bags for Mining
- Filter Bags for Cement
- Filter Bags for Power Plants
- Filter Bags for Automobiles
- Filter Bags for Water Treatment
- Filter Bags for Aerospace, Defense & Marine
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Answered in the Report
- What is the estimated market value of the global filter bags market?
- What is the estimated size of the global filter bags market in 2021?
- Which region is projected to garner maximum market share?
- What is the expected growth rate of China?
- Which segment is anticipated to dominate the market?
- Who are the key participants of the global filter bags market?
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