Albany, NY -- (SBWIRE) -- 06/07/2017 -- The global filter bags market comprises a large number of both global and regional players. According to Transparency Market Research, BWF Envirotech., Eaton Corporation, and Clarcor Inc., have dominated the global filter bags market till 2015, collectively taking up over two-thirds of the market's revenue share. The competitive landscape for the global filter bags market is expected to remain intense in regional markets such as Asia Pacific, where domestic manufacturers surpass the more prominent global players through their low-cost products and strong partnerships with domestic OEMs. A more efficient growth strategy for the global players looking to penetrate these regions would be to reinforce existing distribution channels and expand their operations phase-wise across untapped regional markets that currently hold high potential.

According to TMR, the global filter bag market will exhibit a healthy CAGR of 5.6% within a forecast period from 2016 to 2024. The market was valued at US$1.81 bn in 2015, and is expected to rise to US$2.995 bn by the end of 2024. In terms of key products available in the global filter bags market, air filter bags are expected to outperform the sales and demand of liquid filter bags. The air filter bags segment is expected to exhibit a 6.2% CAGR from 2016 to 2024. From a regional perspective, Asia Pacific is currently leading the global filter bags market in terms of revenue and is also likely to continue showing a high growth rate over the given forecast period.

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Industrial Sectors Under Regulatory Pressure to Reduce Emission Norms

"A growing number of nations have been implementing stricter regulatory reforms when it comes to reducing carbon emissions. Industries have also been presented several incentives and opportunities to do the same. As a result, more and more companies are taking up green technologies as well as industrial architecture to cut back on their power consumption as well as lower their emission ratings. This currently forms one of the leading drivers for the global filter bags market," states a TMR analyst.

The global filter bags market is also being propelled by factors such as the reduction in product costs and the use of improved performance products, augmenting their rate of use across SMEs. The global filter bags market is also being driven by the growing implementation of employee health reforms.

Demand for Filter Bags Lowered by Presence of Alternatives

One of the key factors restraining the global filter bags market at the moment is the emergence of alternate filtration technologies that are finding a growing level of preference. These include filter cartridges, high-efficiency particulate air filters, electrostatic precipitators, and incinerators, as operational substitutes to conventional filter bags. Another factor restraining the market is the modifications in industry processes that allow effective emission control and high performance without the use of filter bags. Another key restraint confronted by the global filter bags market is the deteriorating demand for these products across the energy sector. The extremely high growth rate of green energy solutions, especially across developed regions, has led to a significant decay in the number of coal-fired power plants and other relevant industries that make use of filter bags.

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The information presented in this review is based on a Transparency Market Research report, titled, "Filter Bags Market (Media - Woven, Non-woven; Types - Liquid Filter Bags, Air Filter Bags; Applications - Oil and Gas, Cement, Mining, Power Plants, Automobiles, Aerospace, Defense and Marine, and Water Treatment; and Sizes - 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, and 7" OD x 32" Long Filter Bag): Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024."