The latest market report published by Credence Research, Inc. “Filter Bags Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global filter bags market was valued at US$ 1,870.3 Mn in 2016, and is expected to each US$ 2,950.1 Mn by 2025, expanding at a CAGR of 5% from 2017 to 2025.
Browse the full Filter Bags Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/filter-bags-market
The global filter bags market has witnessed a significant rise in strategic mergers and collaborations among the manufacturers. Such growth strategies are focused at augmenting their service portfolio. Large scale companies in countries such as Asia Pacific, North America, and Europe are increasingly indulging in filter bags manufacturing due to availability of resources, desire to reduce costs and growing need to focus on core competencies. With further expansion and consolidation activities taking place in the industry, steady growth of the global filter bags market is anticipated to continue through the forecast.
Environment & safety regulations of different governments to reduce particulate emission from various industries along with the development in cement & mining industry is driving the growth of the filter bags industry worldwide. The overall filter bags market has a potential of around US$ 1,870.3 Mn in 2016. Growing health concerns and deteriorating environmental conditions is due to increasing urbanization and industrialization. Governments across the globe have introduced environment protection regulations and industrial standards to control the emission of chemicals or pollutants into the atmosphere. Some of these regulations and standards followed globally include Euro 5, Euro 6, CEPA, CAA, ASHRAE.
Considering the competition, this market is characterized by presence of over 1,000 market players, of which small-scale players are the largest in number. However, to tackle such fierce competition, it is lately observed that mid-sized and small-sized corporations are adopting strategies such as consolidation activities and entering in long-term contracts with client companies.