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.
The United Kingdom’s filter bags market is on a trajectory to achieve substantial growth, with an expected valuation of USD 93.2 million. This growth is accompanied by a commendable Compound Annual Growth Rate (CAGR) of 4% throughout the forecast period, spanning from 2022 to 2032. Several key factors contribute to this upward trend, with stringent regulations from the European Union playing a pivotal role.
The European Union’s imposition of rigorous rules and regulations, including the Air Quality Directive, IPPC Directive, and the VOC Solvents Emissions Directive, has significantly shaped the market landscape. These mandates have compelled major industries to adopt and install filter bag systems as an essential component of their operations. These systems help in mitigating emissions and ensuring compliance with environmental standards, thus promoting cleaner air and a healthier environment. The United Kingdom’s filter bags market is, therefore, a testament to the growing importance of environmental responsibility and air quality enhancement in the industrial sector, promising sustained growth in the years to come.
According to the analysis, the global filter bags is expected to be dominated by the USA during the forecast period. The evaluation states that the USA market is predicted to secure a market value of USD 716 Million while witnessing a CAGR of 4.4% during the forecast period from 2022 to 2032.
As per the analysis, the market in China is projected to procure USD 491.4 Million while expanding at a CAGR of 4% during the forecast period from 2022 to 2032. The market in China is anticipated to grow significantly during the assessment period owing to the rapid economic growth.
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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.
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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