Filter Bags Market : Segmentation and Company Analysis to 2024

The global market for filter bags is chiefly driven by the rising adoption of high-quality filter bags across numerous industries owing to the increased focus on reducing emissions and providing safer and high-quality work environment to employees.

The market is expected to exhibit a CAGR of 5.6% over the period between 2016 and 2024. The global filter bags market, which held an opportunity of US$1,811.7 mn in 2015, is expected to reach US$2,950.1 mn by 2024 at this pace. The corresponding volume demand for filter bags in 2015 was estimated at 397 mn units.

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The key varieties of filter bags in the global market can be segmented into liquid filter bags and air filter bag. Of these, the segment of air filter bags finds enormous usage in applications such as dust collection and industrial emissions control.

The performance of this segment is expected to surpass that of the segment of liquid filter bags over the period between 2016 and 2024. The segment of air filter bags is anticipated to exhibit a CAGR of 5.6% over the said period.

The key applications of filter bags are found in industries such as oil and gas, cement, mining, power plants, automobiles, aerospace, defense and marine, and water treatment.

Of these, the oil and gas industry surpassed other industries and emerged as the leading revenue contributor to the global filter bag market in 2015. The industry is also anticipated to outdo other industries in terms of demand for filter bags, expanding at a CAGR of 6.2% from 2016 through 2024.

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Of the key regional markets for filter bags, Asia Pacific is expected to emerge as the most promising one, expanding at a CAGR of 6.2% over the period between 2016 and 2024. The Asia Pacific filter bag market is chiefly driven owing to the high demand for air filter bags.

Middle East and Africa is anticipated to acquire the place of the second most promising regional market, expanding at a CAGR of 5.9% from 2016 through 2024.

Some of the key vendors contributing to the growth of the global filter bag market are Thermax D Ltd., Pall Corporation, Babcock & Wilcox Co., Mitsubishi Hitachi Power Systems Ltd., Donaldson Company Inc., Eaton Corporation, Clarcor Inc.General Electric, Filter Concept Pvt Ltd., Camfil Farr Inc., Lenntech B.V., Rosedale Products Inc., W.L. Gore & Associates, Inc., Parker Hannifin Corporation and BWF Envirotech.

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