ALBANY, New York, September 7, 2016 /PRNewswire/ --
Transparency Market Research states that the global filter bag market will exhibit a healthy CAGR of 5.6% between 2016 and 2024. At this pace, the market, which had a valuation of US$1,811.7 mn in 2015, is expected to rise to US$2,950.1 mn by 2024. In terms of key product varieties available in the market, performance of the segment of air filter bags is expected to outpace that of liquid filter bags. The air filter bag segment is expected to exhibit a 6.2% CAGR over the period between 2016 and 2024. In terms of geography, Asia Pacific is presently the leading contributor to the global market's revenues and is also expected to be the region with the most promising growth prospects over the forecast period.
The global filter bag market features a large number of both large and small players. However, select leading players such as BWF Envirotech., Eaton Corporation, and Clarcor Inc., dominate the market presently, collectively accounting for close to two-third of the market's revenue share in 2015, observes Transparency Market Research in a recent report. Competition is intense in regional markets such as Asia Pacific, where domestic manufacturers outdo large international players with low cost products and strong partnerships with domestic OEMs across several application areas. An effective growth strategy for large players would be to strengthen existing sales channels and expand operations across regional markets with untapped growth opportunities.
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Rising Focus of Industrial Sector on Reducing Emissions and Improving Work Environment for Employees to Drive Market
In the past few years, an increasing number of countries have implemented strict regulatory reforms as a part of their carbon emission control and environment protection plans. Several incentives have also been granted by government bodies to companies that promote green technologies and undertake proactive measures to reduce carbon footprint of their overall operations. These factors have sensitized companies towards the increased adoption of solutions such as filter bags, known to effectively control industry effluents and discharges. Reduction in costs and introduction of products with improved performance have also bolstered the growth prospects of the global filter bags market, augmenting their level of adoption across small- and medium-sized enterprises.
Along with these factors, the implementation of employee health reforms, which compel employers to improve the standard, quality, and overall efficiency of work environment so as to nurture personnel safety has also boosted the demand for filter bags in the industrial sector. This factor has especially bolstered the use of filter bags across industries such as cement, mining, cement, and power plants.
Browse the Press Release: http://www.transparencymarketresearch.com/pressrelease/filter-bags-market.htm
Emergence of Alternate Filtration Technologies and Narrowing Demand in Energy Sector to Restrain Growth Prospects
The emergence of alternate filtration technologies such as high-efficiency particulate air filters, filter cartridges, incinerators, and electrostatic precipitators as effective substitute to conventional filter bags is a key challenge faced by the global filtration bag market. Factors such as effective emission control and high performance as compared to filter bags are expected to work in favor of these substitutes and have a negative impact on the growth of the global filter bags market in the next few years.
Another key growth challenge faced by the global filter bags market is the declining demand across the energy sector. The burgeoning growth of green energy solutions, such as wind and hydro power, especially across developed regions such as Europe and North America, has led to a significant decline in coal-fired power plants and other relevant industries. This factor has curbed the demand for filter bags in energy sector and is expected to emerge as a notable challenge for the global filter bags market in the next few years.
Browse Regional PR: http://www.europlat.org/global-filter-bags-market.htm
This review of the market is based on a recent market research report by Transparency Market Research, titled "Filter Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For this study, the global filter bags market has been segmented as follows:
By Size
- 4" OD x 10" Long Filter Bag
- 4" OD x 17" Long Filter Bag
- 6" OD x 20" Long Filter Bag
- 7" OD x 17" Long Filter Bag
- 7" OD x 32" Long Filter Bag
- Others
By Media
By Type
- Liquid filter bag
- Air filter bag
By Application
- Oil and Gas
- Cement
- Mining
- Power Plants
- Automobiles
- Aerospace, Defense and Marine
- Water Treatment
- Others
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