Selbyville, Delaware, Oct. 18, 2022 (GLOBE NEWSWIRE) --
The filter bags market is expected to cross a valuation of USD 5.5 billion by 2030, according to latest research report by Global Market Insights Inc. The expansion of power generation facilities is a prominent factor driving the product use.
Over the years, a continuous increase in utility investments was observed to develop power plants, especially in developed economies. For instance, in April 2022, Japan-based Toyo Engineering Corporation obtained a contract for the construction of a 50,000-kW biomass power plant in the country. Power plants release substantial emissions, leading to pollution and climate crisis. The filter bags will emerge as critical pollution control equipment to limit the release of hazardous pollutants in process industries.
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Use of acrylic fiber filter bags to curb industrial air pollutant levels
The filter bags market revenue from the acrylic fibers material segment was USD 400 million in 2021. This growth was a result of the increased material usage in smelting, dryers, and electric furnace due to its chemical- and oxidizing agent-resistant properties. With rapid technological advancement, industrial operations are also picking up pace globally. Furthermore, the introduction of environmental policies to curb particulate matter levels will also foster the demand for acrylic fiber-based filter bags.
Rapid steel mill expansions to escalate the adoption of shaker filter bags
The shaker filter bags industry share is poised to depict around 5% CAGR through 2030. Shaker filter baghouses are commonly used to collect fine particles in steel mills, concrete, and other facilities. In recent years, there have been numerous efforts by steel companies to expand their production network. For example, in 2022, U.S. Steel Corp. announced its plan to build its USD 3 billion mini steel mill in Arkansas to double its annual raw steel capacity from 3 million tons to 6.3 million tons. Developments such as these will augment the use of shaker filter bags to collect dust generated from the steelmaking process.
Increasing need for filter bag use in drug manufacturing equipment
The filter bags market from pharmaceutical application type is set to register more than 5% growth from 2022 to 2030. This is credited to its widespread application scope in boilers, dryers, and other drug manufacturing equipment. Filter bags also comes with high dust-holding capacity and increased service life, making them suitable for pharma processing. With the growing burden of cancer, diabetes, and other chronic diseases, drug manufacturing will accelerate and in consequence, bolster the requirement for industrial filter bags in pharmaceutical operations.
Growing investment in chemical processing facilities to boost woven filter bag demand
The woven media segment in industry will attain nearly 6% gains between 2022 and 2030, given its favorable attributes, including high abrasion resistance and tensile strength. Woven filter bags are utilized in chemical processing and other applications where fluid viscosity is high and the removal of fine solid traces is crucial. In recent years, chemical manufacturers have executed capital expenditure plans for the construction of new facilities and other projects. These initiatives will create a favorable environment for woven filter bag production during the forecast period.
Increased EV production in Europe to amplify usage of filter bags
The Europe filter bags market is slated to exhibit over 5.5% growth rate through 2030. The region is dominantly promoting the development of electric vehicle technology. According to the International Council on Clean Transportation, about 25% of the world’s EVs were produced in Europe between 2010 and 2020. Since pulse jet filter bags are utilized in boilers and banbury mixtures to collect dust from tire manufacturing, the increase in EV production will fuel product’s regional demand.
Product range expansion initiatives to strengthen the industry landscape
The competitive landscape of the filter bags sector is inclusive of companies such as Camfil Group, iFIL AG, Parker Hannifin, Green Planet Engineers, Mann+Hummel Group, and Filter Concept Pvt. Ltd. These companies have been undertaking initiatives such as product launches to expand their customer base and global reach. Moreover, in April 2022, Parker Hannifin Corporation’s Industrial Gas Filtration and Generation Division introduced a pleated baghouse filter to collect dust in extreme heat applications. This initiative was intended to reduce time and costs associated with filter installation and removal and enable the company to establish a strong presence in the business scenario.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Global filter bags industry 3600 synopsis, 2022 – 2030
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Material trends
2.1.5 Media trends
2.1.6 Application trends
Chapter 3 Filter Bags Industry Insights
3.1 Industry Segmentation
3.2 COVID-19 overview of the world economy
3.3 Industry ecosystem analysis
3.4 Raw material analysis
3.5 Regulatory landscape
3.6 Technology landscape
3.7 Pricing Analysis
3.8 Cost Structure Analysis
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 North America: Growing chemical industry will surge market growth.
3.9.1.2 Europe: Expanding power generation sector may propel product demand
3.9.1.3 Asia Pacific: Increasing cement sector owing to infrastructure development may drive product demand
3.9.2 Industry pitfalls & challenges
3.9.2.1 Issues with high temperature operations
3.10 Innovation & sustainability
3.11 Growth potential analysis, 2021
3.12 Porter's analysis
3.13 PESTEL analysis
3.14 Overview of baghouse installations
3.15 COVID-19 impact on filter bags demand, by application
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
