Filter Bags Market (Media - Woven, Non-woven; By Type - Liquid Filter Bags, Air Filter Bags): Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/23/2017 -- The global filter bags market is divided among a vast number of large and small players, observes Transparency Market Research (TMR) in a new report. However, the market features dominance of some prominent vendors that include BWF Environtech, Clarcor Inc., and Eaton Corporation which collectively accounted for close to two-third revenue share of the market in 2015.
A notable trend observed in regional markets such as Asia Pacific is the significant hold of local vendors who are giving tough competition to international players with low-cost products and alliances with domestic OEMs. Large players thus need to strengthen existing sales channels and expand operations in small markets as an effective strategy to accomplish business objectives in these markets.
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As per estimations by TMR, the global filter bags market is expected to rise at a CAGR of 5.6% between 2016 and 2024. Progressing at this pace, the market which was evaluated at US$1,811.7 mn in 2015, is expected to become worth US$2,950.1 mn by the end of 2024.
In terms of product type, air filter bags find enormous use in applications in dust collection and control of industrial emissions. Expanding at a CAGR of 5.6% between 2016 and 2024, the segment is expected to outdo liquid filter bags in the upcoming years.
Among the key application segments of the global filter bags market, the oil and gas industry stood as the leading revenue contributor in 2015. The industry is anticipated to outdo other application segments in terms of demand, expanding at a CAGR of 6.2% between 2016 and 2024.
Asia Pacific is presently the leading regional market for filter bags; the region is expected to be the most promising in terms of growth rate over the forecast period. The growth of the region is primarily driven by the high demand for air filter bags.
Statutes for Reduced Emissions and Safe Work Environment in the Industrial Sector to Drive Market
In recent years, several countries have implemented strict regulations to curb carbon emissions and to prevent degradation of the environment. Government agencies are providing incentives and tax rebates for companies that are adopting green technologies and are undertaking proactive measures to reduce carbon footprint in their overall operations. As a result, industries are increasingly using barriers such as filter bags for effective control of industrial effluents and discharges.
In the industrial sector, implementation of workplace safety statutes has compelled employers to meet required standards of safety and efficiency of the work environment. This has boosted the adoption of filter bags for blocking harmful emissions to mix in the ambient air. This has particularly bolstered the use of filter bags in cement and mining industries and in power plants.
Emergence of Superior Alternatives Hampers Market
The emergence of newer filtration technologies such as high-efficiency particulate air filters, incinerators, filter cartridges, and electrostatic precipitators have affected the demand for filtration bags. These newer substitutes are more effective in terms of emission control and outdo filter bags in terms of performance. This is having a negative impact on the global filter bags market.
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The increasing production of green energy such as solar power and hydropower, especially in developed regions has led to a significant reduction in coal-powered energy production. This has curbed the demand for filter bags from the energy sector.