Filter Bags Market 2021 In-Depth Analysis of Industry Growth Trends & Forecast up to 2024
Global filter bags market is anticipated to depict a CAGR of 5.8% through 2024, having recorded a valuation of USD 2.5 billion in 2017. By 2024, the market is expected to hit a remuneration of USD 4 billion, further claims the latest study by Global Market Insights Inc.
The global filter bags market has recently been experiencing appreciable growth on account of the rising awareness concerning high quality and a safe environment. Filter bags remove particulates and withstands high temperature conditions in an efficient manner, which makes them suitable for usage in metal, cement and power generation industries, thus propelling the growth of filter bags industry.
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The utilization of filter bags in controlling industrial emissions owing to its molecules and particles holding capacity will boost the product demand, thereby driving the growth of the overall industry. Rising emissions in China and India due to the growing industrial activities will further augment the growth of the filter bags market in the upcoming timeframe.
A major factor that will propel the industry is the growing automotive sector across the globe will contribute to the rise in steel production. The filter bags used in the reactor exhausts in steel manufacturing industry, will result in an accelerated demand for the product, stimulating the overall industry growth. Furthermore, the filter bags are also used in pulverized coal injection apparatus and coal fired boilers in the power generation industry for capturing fine coal sediments. Increasing electricity usage with regards to the growing commercial and industrial activities will enhance power generation.
As per reliable reports, the filter bags market size from power generation is anticipated to witness a notable growth rate across economies such as China and India. Indeed, the coal-fired electricity generation in China, in 2017, had increased for meeting a 6% growth in electricity demand. Moreover, Asia accounted for the largest increase in coal demand, which was up 35 million tons oil equivalent (mtoe), in contrast with the previous year.
Driven by the fact that filter bags are utilized for capturing fine coal sediments in pulverized coal injection apparatus and coal fired boilers for generating electricity, the power generation sector is touted to hugely contribute towards the expansion of the filter bags market in the forthcoming timeline. Indeed, filter bags industry share from power generation applications is anticipated to register a CAGR of 5.5% over 2018-2024.
The pharmaceutical industry is expected to emerge as one of the most lucrative application avenues for this industry. According to reliable reports, the pharma industry is valued at a consistently high remuneration, and is among the top five industries by total value in the global economy. Filter bags have a number of properties, among which their high dust holding capability finds immense prominence in dryers and boilers for manufacturing drugs. Furthermore, rising R&D activities as well as technological advancements for manufacturing safe drugs will drive the demand for filter bags in the pharma industry, catapulting the overall industry growth.
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Data Tables
TABLE 1 Filter bags market industry 3600 synopsis, 2013 - 2024
TABLE 2 Global filter bags industry, 2013 – 2024, (Million Units) (USD Million)
TABLE 3 Global filter bags industry volume, by region, 2013 – 2024, (Million Units)
TABLE 4 Global filter bags market revenue, by region, 2013 – 2024, (USD Million)
TABLE 5 Global filter bags industry volume, by type, 2013 – 2024, (Million Units)
TABLE 6 Global filter bags industry revenue, by type, 2013 – 2024, (USD Million)
TABLE 7 Global filter bags industry volume, by media, 2013 – 2024, (Million Units)
TABLE 8 Global filter bags market revenue, by media, 2013 – 2024, (USD Million)
TABLE 9 Global filter bags industry volume, by material, 2013 – 2024, (Million Units)
TABLE 10 Global filter bags industry revenue, by material, 2013 – 2024, (USD Million)
TABLE 11 Global filter bags market volume, by application, 2013 – 2024, (Million Units)
TABLE 12 Global filter bags industry revenue, by application, 2013 – 2024, (USD Million)
TABLE 13 Vendor matrix
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