With a valuation of US$ 2.5 Billion in 2021 and an anticipated rise to US$ 2.7 Billion in 2022, the global filter bags market is poised for significant growth. Projections indicate a robust expansion to US$ 4.3 Billion by 2032, reflecting a steady Compound Annual Growth Rate (CAGR) of 4.9% throughout the forecast period from 2022 to 2032. The increasing emphasis on environmental sustainability and stringent regulatory measures regarding air and water quality are driving the demand for filter bags across various industrial sectors, contributing to the market’s optimistic trajectory.
A notable trend shaping the global filter bags market is the increasing adoption of these bags in coal-fired power plants. Specifically, there is a growing demand for filter bags made of polyphenylene sulfide, particularly in applications such as coal-fired power stations and dust chamber filters in incinerators. This trend underscores the versatility and effectiveness of filter bags in addressing the specific needs of diverse industrial processes.
The United States is anticipated to dominate the global filter bags market throughout the forecast period, with an estimated market value of US$ 716 million and a projected CAGR of 4.4% from 2022 to 2032. The regulatory framework for air pollution control in the U.S., overseen by the Environmental Protection Agency (EPA), includes significant regulations such as the Clean Air Interstate Rule (CAIR), National Emission Standards for Hazardous Air Pollutants (NESHAPS), and the Clean Air Act. Notably, the implementation of the Mercury and Air Toxics Standards (MATS) has driven advancements in fabric filters to meet stringent PM emission requirements.
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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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