The global filter bag market is experiencing significant growth, with its market size reaching USD 2.4 billion in 2023. According to market forecasts, demand is expected to rise at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2034, driving the market value from USD 2.5 billion in 2024 to an anticipated USD 3.4 billion by 2034.
Key Factors Driving Market Growth:
- Post-Pandemic Industrial Expansion: The industrial sector has seen robust recovery and growth post-pandemic, particularly in developed and developing regions. This resurgence has led to a heightened demand for filter bags as industries increasingly focus on meeting stringent regulatory standards through effective filtration systems.
- Cleaner Processes Across Sectors: The growing emphasis on cleaner processes in various sectors has significantly boosted the demand for filter bags. These bags are essential for removing contaminants and pollutants, ensuring compliance with environmental regulations, and maintaining product quality.
- Technological Advancements in Filtration Materials: Industry leaders have heavily invested in developing advanced filter bag materials, such as polypropylene and polyethylene terephthalate. These materials offer superior performance compared to conventional options, making them the preferred choice across industries.
- Manufacturing Sector Expansion: The manufacturing sector’s growth, particularly in countries known for their industrial strength like China, Germany, and India, has been a major contributor to the filter bag market’s expansion. High-quality filtration is crucial for maintaining the safety and consistency of production processes in these regions.
- Increasing Health and Safety Awareness: The rising awareness of health and safety standards among businesses and consumers is driving the demand for better filtration options. As a result, the need for high-performance filter bags has surged, further supporting market growth.
- Regulatory Requirements: Governments worldwide are implementing stricter regulatory requirements for industrial processes, pushing for improved filtration standards. Filter bags, with their ability to meet these stringent standards, are becoming increasingly integral to industrial operations.
Major Market Trends
Increased Use in Coal-Fired Power Plants: Filter bags, particularly those made from polyphenylene sulfide (PPS), are in high demand in coal-fired power plants due to their ability to withstand acidic environments and high temperatures. This reduces the operating costs and downtime for maintenance in power plants, thereby increasing their efficiency and appeal.
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
- 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.
Access Full Report: https://www.futuremarketinsights.com/reports/filter-bags-market
Key Segments
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube