Filter Bags Market Size, Share, Growth Trends, and Forecast Analysis to 2032

The global filter bags market is estimated at USD 2.5 Bn in 2021 and is projected to procure USD 2.7 Bn by 2022. The market is anticipated to garner USD 4.3 Bn by 2032 while recording a CAGR of 4.9% during the forecast period from 2022 to 2032. Expansion of the market can be attributed to the increasing initiatives of the government to reduce air pollution and the rapid urbanization taking place across various developing countries.

Moreover, the growing cement and mining industries are another salient factor augmenting the industry in the assessment period. The growing usage of filter bags in coal-fired power plants is likely to offer significant opportunities for expansion in the industry in the forecast period.

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On the contrary, fluctuating prices of raw materials are expected to be the major factor hindering the market expansion. Moreover, the complexity of pollution control reforms is another factor impeding the industry expansion in the forecast period.

Key Takeaways from the Market Study

The global filter bags market to hold a value of USD 4.3 Bn while recording a CAGR of 4.9% during the forecast period.
Oil & Gas segment to expand at a CAGR of 5.6% during the forecast period
The U.S market expected to secure USD 716 Mn while expanding at a CAGR of 4.4%
China to record a CAGR of 4% during the forecast period
India to witness a CAGR of 6% during the forecast period
"The global filter bags market is expected to show a remarkable growth in the forecast period owing to the growing environmental concerns and the increasing imposition of stringent rules by the government of several countries to curb the air pollution."

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Competitive Landscape

Key players in the global filter bags market include Babcock & Wilcox Co., Pall Corporation, Thermax D Ltd., Eaton Corporation, and Mitsubishi Hitachi Power Systems Ltd.

Some of the recent key developments among the players are:

In May 2021, Mitsubishi Heavy Industries, Ltd. disclosed an agreement under which Mitsubishi Power Ltd. would be integrated into MHI. According to the new agreement, the business operations and employees of Mitsubishi Power involved in the sale, design, installation, and engineering of thermal power generation systems would be transferred to MHI.

In February 2022, Babcock and Wilcox Enterprises, Inc. disclosed that it had acquired Fossil Power Systems, Inc., an eminent manufacturer of natural gas, hydrogen, and renewable pulp and paper combustion equipment.

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Key Segments Covered in the Filter Bags Industry Report

By Type:

Air Filter Bags
Liquid Filter Bags

By Size:

7″ OD x 17″ Long Filter Bag
7″ OD x 32″ Long Filter Bag
4″ OD x 10″ Long Filter bag
4″ OD x 17″ Long Filter Bag
6″ OD x 20″ Long Filter Bag
By Media:

Woven Filter Bags
Non-Woven Filter Bags

By Application:

Filter Bags for Oil & Gas
Filter Bags for Mining
Filter Bags for Cement
Filter Bags for Power Plants
Filter Bags for Automobiles
Filter Bags for Water Treatment
Filter Bags for Aerospace, Defense & Marine

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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Key Questions Answered in the Report

What is the estimated market value of the global filter bags market?
What is the estimated size of the global filter bags market in 2021?
Which region is projected to garner maximum market share?
What is the expected growth rate of China?
Which segment is anticipated to dominate the market?
Who are the key participants of the global filter bags market?

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This release was published on openPR.