The report provides cross-sectional analysis of the global filter bag market in terms of market estimates and projections for all the segments across different geographic regions. The report also covers profiles of major players, their growth strategies, their market positioning, and the various recent developments, and includes market positioning analysis of key players operating in the filter bag market.
Albany, NY -- (SBWIRE) -- 04/18/2017 -- Market Research Reports Search Engine (MRRSE) has recently announced the addition of a new report to its ever-expanding online repository of market intelligence on Global Filter Bags Market . This report is titled as "Global Filter Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024". Numerous industries are adopting filter bags on account of growing awareness regarding harmful emissions and a need to provide high quality and safe work environment to employees. The adoption of filter bags is also encouraged by governments across regions, as they offer incentives. Furthermore, governments of various countries are implementing employee health reforms in order to assure employee safety, thus compelling employers to improve the work environment. All these factors are expected to drive the market for filter bags, resulting in a healthy 5.6% CAGR from 2016 to 2024. According to a report published by Transparency Market Research (TMR), the market is expected to rise from US$1,811.7 mn in 2015 to US$2,950.1 mn by 2024.
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The competition in the global filter bags market is expected to rise to high in the regional markets of Asia Pacific as the domestic players in this region offer low cost products. These domestic players are have partnered with domestic OEMs and thus, giving fierce competition to international and large players.
Asia Pacific to Emerge as Lucrative Regional Market for Filter Bags
The Asia Pacific filter bag market is expected to witness a significant rise from 2016 through 2024 on account of high demand for air filter bags. This product segment is expected to lead over all other products in the coming years in Asia Pacific. The surge in oil and gas, mining, power, and cement industries in Asia Pacific is driving the demand for air filter bags. Air filters help control dust particle emissions along with other industry effluents. They also help in gas purification. Dust control, storage, and fly ash handling, thus becoming indispensable in the aforementioned industries to ensure a clean and safe environment for workers.
The industrial sector in the Middle East and Africa is also expected to witness an increasing adoption of filter bags, making it the second most lucrative market in the coming years. The demand for filter bags is fueled by stringent regulatory reforms in various countries in this part of the world to curb carbon emission and protect the environment. Saudi Arabia is anticipated to be a key contributor to the growth of the filter bags market in the Middle East and Africa.
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Oil and Gas Industry Continues to Contribute to Growth of Filter Bags Market
The application areas of the filter bags market are cement, oil and gas, mining, automobiles, power plants, aerospace, water treatment, and defense and marine. Of these, the industry that is making the maximum contribution to the global filter bags market is oil and gas. The oil and gas industry not only has been contributing the highest in terms of revenue to the filter bag market but is expected to continue doing so in the forthcoming years. Filter bags are extensively adopted by the oil and gas industries to achieve distillation and cracking, filtration of lube oils, filtration of glycol fluids, and gas turbine air/oil filtration. The demand for filter bags from the oil and gas segment is expected to expand at a 6.2% CAGR between 2016 and 2024.
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