The global filter bags market, valued at USD 2.5 billion in 2021, is projected to grow steadily, reaching USD 2.7 billion by 2022 and USD 4.3 billion by 2032, expanding at a CAGR of 4.9% during the forecast period from 2022 to 2032. This growth trajectory underscores the increasing demand for filter bags driven by stringent environmental regulations and growing industrialization.
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Key Factors Driving Market Growth
- Stringent Environmental Regulations:
- Governments worldwide are enforcing strict regulations to curb air pollution. These regulations are a significant driver for the adoption of filter bags, as industries strive to comply with air quality standards to avoid penalties and promote public health. For example, the European Union aims to reduce premature deaths from air pollution by 55% by 2030 through tightened Euro 7 rules and other measures.
- Industrial Growth and Urbanization:
- Rapid urbanization and industrial expansion, particularly in emerging economies, are leading to increased air pollution levels. This has necessitated the use of filter bags in various industries, including cement, mining, and power generation, to control emissions and particulate matter.
- Technological Advancements and Product Affordability:
- Innovations in filter bag materials and designs have led to more efficient and cost-effective products. This has enhanced the adoption of filter bags across small and medium-sized enterprises (SMEs), contributing to market growth.
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.
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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.
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