Filter Bags Market Projected to Reach US$ 4.3 Bn by 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.
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