The global filter bags market is fragmented with a high number of both small and large players competing in the market. Some of the leading players in the market include Eaton Corporation, BWF Envirotech., and Clarcor Inc. These three players accounted for two third of the whole market in 2015. Domestic players are selling products in low rates, outdoing large international players, states Transparency Market Research in a recent report. Large players can strengthen their sales by expanding their operations across untapped areas with growth potential.
According to Transparency Market Research, the global opportunity inn filter bags market will rise from US$1,811.7 mn in 2015 to US$2,950.1 mn by 2024, expanding at a 5.6% CAGR between 2016 and 2024. By product, the market is expected to be led by the air filter bags segment. It is predicted that the air filter bags market will expand at a 6.2% CAGR from 2016 to 2024. On the basis of geography, the Asia Pacific market for filter bags will continue to lead in the coming years. Asia Pacific is currently leading and is expected to hold promising potential even in the future. The need to control the emission of dust is expected to boost the demand for filter bags from the oil and gas, cement, and power plant industries. By application, the oil and gas sector is anticipated to be the leading revenue generator and expand at a high CAGR in the coming years.
Need for Emission Control Boosting Adoption of Filter Bags across Globe
The need to purify gas, and control dust, handle flying ash, and store these dust particles is creating a heightened demand for air filter bags. The growing focus on emission control and reduction so as to provide a clean and safe environment for workers has led to the growth of the filter bags market. Safe and clean environment leads to high quality work environment, boosting productivity, and this is expected to boost the growth of the market. Moreover, cost reduction has also encouraged the high use of filter bags in small and medium sized enterprises. Innovations and emergence of efficient products are also resulting in a positive outlook for the market. To add to that, governments across different countries are offering incentives to make use of green technologies and are taking measures to prevent carbon footprint by establishing several regulatory reforms. All these factors are creating a conducive environment for the growth of the filter bags market.
Availability of Substitutes Threatens Demand for Filter Bags
The availability of substitutes such as air filters, incinerators, filter cartridges, and electrostatic precipitators are expected to challenge the demand of filter bags. Not only these substitutes are available in the market, but also, they are effective in controlling emissions and give a very high performance when compared to filter bags, and thus offering a substantial hindrance to the growth of the market. “Furthermore, the adoption of green energy solutions across developed nations, especially, has led to a sizeable decline of coal fired power plants and this has led to a sharp decline of the demand for filter bags,” states a TMR analyst. However, the use of filter bags in automobiles, water treatment, aerospace, and defense and marine is expected to continue to create a demand for filter bags.
The review is based on Transparency Market Research’s report, titled “Theater Linen Market for Health Care Application (Material Type - Traditional Cotton or Polyester/Cotton, Disposable/Single Use, and Microfiber) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
For this study, the global filter bags market has been segmented as follows:
- 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
- North America
- The U.S.
- Western Europe
- The U.K.
- Rest of Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- United Arab Emirates (the UAE)
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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