The global filter bags market is estimated at USD 2.5 Bn in 2021 and is projected to procure USD 2.7 Bn by
2022. The market is anticipated to garner USD 4.3 Bn by 2032 while recording a
CAGR of 4.9% during the forecast period from 2022 to 2032. Expansion of the
market can be attributed to the increasing initiatives of the government to
reduce air pollution and the rapid urbanization taking place across various
developing countries.
The environmental and safety regulations of various
Global Filter Bags Market governments to reduce air pollution is projected to
Attraction be one of the vital factors driving the market
expansion.
Moreover, the growing cement and mining industries are another salient factor
augmenting the industry in the assessment period. The growing usage of filter
bags in coal-fired power plants is likely to offer significant opportunities
for expansion in the industry in the forecast period.
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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.”
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What are the Major Trends in the Global Filter Bags Market?
The major trend witnessed in the global filter bags market is the surging usage of these bags in coal-fired power plants. Filter bags composed of polyphenylene sulfide are witnessing a significant demand in coal-fired powered fire stations and dust chamber filters in incinerators.
The increased demand can be attributed to their high tolerance towards the acidic environment and high temperature in coal-fired power plants. It lessens the operating cost of power plants, along with downtime for maintenance activities. There has been an increased demand for these filter bags in APAC for modulating air and water pollution in coal plants.
China is expected to secure the largest market for polyphenylene sulfide filter bags. However, it principally relies on imports for demand. Market players are growing their influence by installing compounding plants. Globally, Japan is the largest producer of PPS. Players have been operating at low costs to offer lucrative opportunities for market expansion.
Competitive Landscape
Key players in the global filter bags market include
- Babcock & Wilcox Co.,
Pall Corporation, - Thermax D Ltd.,
- Eaton Corporation, and Mitsubishi Hitachi
Power Systems Ltd.
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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