Albany, NY -- (SBWIRE) -- 03/05/2018 -- 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.
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.
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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.
Need For Curbing Carbon Emission in Industrialized Nations to Bolster Demand
The substantially growing demand for filter bags in several end-use industries to reduce emissions and to ensure a healthy and safe environment for workers in various regions is a factor driving the market. The growing awareness of curbing carbon emission in various industrialized nations by reducing industrial emissions in various developed nations is boosting the market. In addition, governments in several developing and developed economies focusing on achieving low-carbon economy and preserving the ecology is a crucial factor accentuating the growth of the market. A number of governmental agencies proving tax credits and incentives for enterprises and companies adopting green processes is contributing to the demand for filter bags.
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The vastly rising demand for air filter bags in several key processes in industries such as mining, oil and gas, cement, and power is boosting the market. The efficacy of air filter bags in controlling the dust particle emission and industry effluents is a key factor bolstering the demand for filter bags in processes such as storage, dust control, gas purification, and fly ash handling.
Stricter Implementation of Workplace Safety Norms to Open Up Lucrative Prospects
However, the availability of advanced filtration technologies such as technologically advanced particulate air filters, incinerators, electrostatic precipitators, and filter cartridges, is a key factor is a key factor adversely affecting the growth of the market. The high performance levels of these substitutes has negatively impacted the demand for these filter bags in some developing and developed countries. Furthermore, with numerous environmental regulations in place in various developed regions, industries are already harping on the production of renewable energies such as solar power and hydropower.
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Nevertheless, the declining cost of filter bags is a key factor bolstering their adoption among small and medium-scale enterprises. Furthermore, the stricter implementation of workplace safety norms in various developing economies is a notable factor bolstering the demand for filter bags for managing the quality of ambient air and reducing harmful emissions.