ALBANY, New York, July 9, 2019 /PRNewswire/ -- The global filter bags market is fairly consolidated as the leading five players jointly accounted for more than 66.0% of the global revenues in 2015, finds Transparency Market Research (TMR). Leading names include BWF Envirotec, Clarcor Inc., and Eaton Corporation. The presence of a plethora of players of all sizes renders the landscape increasingly competitive. Regional players, such as those in Asia Pacific, have teamed up with local vendors and OEMs to produce low-cost products. In this way, the firms aim to gain stronghold in the global filter bags market. To counter the emerging competition, prominent companies in the filter bags market are focusing on strengthening their distribution channels. Furthermore, several of them are engaged in consolidating their geographic footprints, observes TMR.
The global filter bags market stood at approximately US$1.82 bn in 2015, and is projected to reach worth of more than US$2.9 bn by 2024-end. If these figures hold true, the market is expected to clock a CAGR of 5.6% during 2016–2024.
Among the various applications, the oil and gas industry led the global filter bags market in 2015. Opportunities in the segment are expected to be CAGR of 6.2% during 2016–2024. The growth is propelled by extensive demand for filter bags for a large range of filtration applications world over.
Region-wise, Asia Pacific is expected to be the most lucrative region in the global filter bags market during the assessment period. This is attributed to a prolific demand for effective filtration solutions in various end-use industries.
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Need for Cost-Effective Filtration Systems in Range of Applications keeps Demand Lucrative
A large part of the drive for the filter bags market can be attributed increasingly to the considerable demand for cost-effective filtration systems in wide range of industrial applications. The system can be used for the removal of oil, dirt, and dust, and in the filtration of a variety of particulate emissions and fluids. Rising applications of filter bags in the oil and gas industry in various parts of the world has helped accentuate the revenues potential in the global filter bags market. Filter bags have witnessed commercialization in various industries as their application reduces waste disposal cost, save workers from exposure to toxic liquid and emissions, and improve maintenance of industrial equipment.
The global filter bags market has witnessed solid growth momentum due to the stringent implementation of emission regulations put forth by governments. Especially in developing and developed nations, industries and governments are making concerted efforts to transition to low-carbon economy. Strict implementation of National Emission Standards for Hazardous Air Pollutants (NESHAP) in the cement industry is a case in point.
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Compliance with Emission Regulations in Numerous Industries bolsters Uptake
Sheer pace of industrializations has bolstered the prospects of the filter bags market, including rising demand for filter bags in the cement, mining, and power sectors. Over the past few years, these industries have witnessed the demand for specially engineered filtration media, thereby underpinning rapid expansion of the filter bags market. Moreover, filter bags are witnessing rising application in applications such as dust control, gas purification, fly ash handling, and storage.
However, the availability of advanced air filtration technologies in developed markets has constrained the potential if the filter bags market to an extent. Nonetheless, deployment of these systems usually elevates the cost of compliance for industries emerging economies. Moreover, the advent of engineered filtration media to meet the demand for custom filters keeps the demand for filter bags significantly rewarding for market players. Further, in recent years growing numbers of industries in developing regions find filter bags an economical choice to meet workers' safety regulations. This will also open new avenues for multinational companies in the global filter bags market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Filter Bags Market (Size - 4" OD x 10", 4" OD x 17", 6" OD x 20", 7" OD x 17", and 7" OD x 32" Long Filter Bags; Media – Woven and Non-woven; Type - Liquid Filter Bags and Air Filter Bags; Application - Oil and Gas, Cement, Mining, Power Plants, Automobiles, Aerospace, Defense and Marine, and Water Treatment) - Global Industry, Size, Share, Growth, Trends and Forecast 2016 – 2024."
The global filter bags market is segmented based on:
- 4" OD x 10" Long Filter Bag
- 4" OD x 17" Long Filter Bag
- 6" OD x 20" Long Filter Bag
- 7" OD x 17" Long Filter Bag
- 7" OD x 32" Long Filter Bag
- Liquid filter bag
- Air filter bag
- Oil and Gas
- Power Plants
- Aerospace, Defense and Marine
- Water Treatment
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SOURCE Transparency Market Research