Projected to be valued at US$ 2.5 billion in 2021, the global filter bags market is anticipated to reach US$ 2.7 billion by 2022. Over the forecast period from 2022 to 2032, the market is projected to expand at a promising Compound Annual Growth Rate (CAGR) of 4.9%, ultimately reaching a valuation of US$ 4.3 billion by 2032.

The Filter Bags Market in the Asia Pacific region is witnessing robust growth, driven by factors such as industrial expansion, increasing environmental regulations, and the rising focus on air and water quality. The region’s burgeoning manufacturing sector, particularly in countries like China and India, has escalated the demand for efficient filtration solutions. Stringent environmental norms, coupled with the awareness of the adverse effects of air and water pollution, are propelling industries to adopt advanced filtration technologies, thus boosting the market for filter bags. Additionally, the growing emphasis on sustainable practices and the need for clean energy sources further contribute to the expanding market. With a diverse range of applications across industries such as power generation, chemicals, and pharmaceuticals, the Asia Pacific Filter Bags Market is poised for sustained growth as it aligns with the evolving environmental and industrial landscape in the region.

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Competitive Landscape

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

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 US$ 4.3 Billion 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 US$ 716 Million 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.”

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.

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