Albany, NY -- (SBWIRE) -- 11/16/2018 -- Prominent players operating in the global filter bags market accounted for a combined revenue share of over 66.0% in 2015, notes Transparency Market Research (TMR). Top players include Eaton Corporation, Clarcor Inc., and BWF Envirotec. The market is fairly competitive and features the presence of a significant number of small and large players. In several of the key regions, notably in Asia Pacific, regional players are putting forth tough competition to global players with their low-cost products. These regional players are also entering into alliances with domestic OEMs and vendors, in a move to gain a strong foothold in the market. International players, therefore, are focused on consolidating their sales channels and expanding their operations to tap lucrative opportunities in emerging markets. These strategic shifts will help them gain a competitive edge in various regional markets.
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The global filter bags market is projected to expand at a CAGR of 5.6% from 2016 to 2024. The market stood at US$1,811.7 mn in 2015, is projected to reach a valuation of US$2,950.1 million by the end of the assessment period.
The various application areas of filter bags are cement, mining, oil and gas, power plants, automobiles, defense and marine, aerospace, and water treatment. Of these, the oil and gas industry accounted for the leading share in the market in 2015 and is projected to rise at a CAGR of 6.2% from 2016 to 2024. The demand for filter bags from the industry is expected to surpass all other application segments.
The various regional markets are North America, Western Europe, Asia Pacific, Eastern Europe, Australia, the Middle East & Africa (MEA), and Latin America. Of these, Asia Pacific is estimated to lead the pack currently. The regional market is anticipated to be the most attractive market offering abundant promising opportunities through the forecast period. The growth is attributed largely to an extensive demand for air filter bags in the region.
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