The global bag filter market is projected to reach USD 10.2 billion by 2023 from an estimated USD 7.8 billion in 2018, at a CAGR of 5.54%. This growth can be attributed to factors such as growth in the cement and mining industry, requirement of the safe working environment in industries, and environment and safety regulations set by different governments to reduce air pollution.
The global bag filter market is dominated by few major players that have a wide regional presence. The leading players in bag filter market are Babcock & Wilcox (US), Eaton (Republic of Ireland), Donaldson (US), Camfil Farr (Sweden), and Parker Hannifin (US).
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The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, and collaboration. Mergers & acquisitions was the most commonly adopted strategy from August 2015 to November 2018. These industry players also adopted contracts & agreements and new product launches as major strategies during that period.
The Asia Pacific region is estimated to be the fastest growing market for bag filters during the forecast period. The region has been segmented, by country, into China, Japan, India, Australia, and Rest of Asia Pacific. The growth of this region is primarily driven by countries such as China and India which are among the top 5 polluters in the world. To improve the air quality, these countries are investing in technologies such as industrial filters and bag filters to reduce the particulate emission from industries. Stringent emission norms in this region for industrial air pollution especially related to industries such as cement, power generation, and mining is expected to drive the growth of the bag filter market in the region.
The bag filter market, by fluid type, is segmented into air and liquid. The air fluid type bag filter segment holds the largest market share in 2018 and is projected to grow at the highest CAGR during the forecast period. Air type bag filters are increasingly used in highly polluting industries such as power generation, mining operation, chemical, and cement industry. These filters prevent the entry of pollutants from these industries into the surrounding environment.
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The report segments the bag filter market, by application, into Power Generation, Chemical, Mining, Cement, Pulp & Paper, Municipal Waste, and Others. The cement application segment of the bag filters is expected to grow at the highest CAGR during the forecast period, because the cement industry is one of the most pollution causing industries in the world, and the rapid expansion of cement plants to meet the growing infrastructure requirements act as the driver for bag filters in the cement industry. The Asia Pacific region is expected to hold the largest market share for the cement segment between 2018 and 2023 because China and India are among the top 2 cement producers in the world.
With growing emphasis on reducing operation downtime and boost continuous productivity industries are continuously investing in technologies such as pulse jet bag filters and reverse air filters.