The global filter bags market is estimated at USD 2.5 Billion in 2021 and is projected to procure USD 2.7 Billion by 2022. The market is anticipated to garner USD 4.3 Billion 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.
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.
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.
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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.”
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.
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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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