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 Filter Bags Market in the Asia Pacific region is witnessing robust growth, driven by factors such as industrial expansion, increasing environmental regulations, and the rising focus on air and water quality. The region’s burgeoning manufacturing sector, particularly in countries like China and India, has escalated the demand for efficient filtration solutions. Stringent environmental norms, coupled with the awareness of the adverse effects of air and water pollution, are propelling industries to adopt advanced filtration technologies, thus boosting the market for filter bags. Additionally, the growing emphasis on sustainable practices and the need for clean energy sources further contribute to the expanding market. With a diverse range of applications across industries such as power generation, chemicals, and pharmaceuticals, the Asia Pacific Filter Bags Market is poised for sustained growth as it aligns with the evolving environmental and industrial landscape in the region.
Get our Sample Report to discover how recent industry developments, like https://www.futuremarketinsights.com/reports/sample/rep-gb-14436
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
Request Customizations:
https://www.futuremarketinsights.com/customization-available/rep-gb-14436
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?
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
