Growing Emphasis on Reducing Carbon Emissions to Create Growth Prospects
OREANDA-NEWS. The growing emphasis on reducing carbon emissions and providing a high-quality and safer environment at the workplace in the industrial sector is fueling the usage of filter bags across the world. Small- and medium-sized enterprises (SMEs) have been increasingly utilizing these bags for industrial filtration due to the cost efficiency and high competence they offer. According to Transparency Market Research (TMR), the global market for filter bags, which was valued at US$1.8 bn in 2015, is expected to rise at a CAGR of 5.60% from 2016 to 2024 and reach an opportunity worth US$2.9 bn by 2024.
Analysts at TMR answer significant queries about the global filter bags market in this blog post:
Q. What are the factors that will shape the future of the global filter bags market?
The growing concerns over carbon emission have been impelling manufacturing companies to undertake preventive measures to reduce the carbon footprint in their operations. As filter bags are highly efficient in controlling industrial waste, their demand is expected to increase significantly due to this factor.
In addition, the continual advancements in filter bag features to improve their performance and the reduction in their costs are projected to bolster their usage in small-scale manufacturing firms, leading to considerable growth of this market in the near future. The implementation of various reforms regarding employee healthcare, compelling employers to improve the atmosphere at work, is also expected to boost the adoption of filter bags in offices in the coming years.
Q. Which of the key regional filter bags markets is likely to seize the leading position?
The global market for filter bags is spread across Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa. Teeming with the most promising opportunities, Asia Pacific is likely to emerge as the leading market for filter bags in the coming years. Driven by the soaring demand for air filter bags, the regional market is estimated to rise at a CAGR of 6.20% during the period from 2016 to 2024.
The demand for filter bags is also anticipated to report a high growth rate in the Middle East and Africa over the next few years. The rising implementation of environment protection plans and strict regulations to curb carbon emissions is projected to compel the utilization of filter bags in factories and industrial units in this region.