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Filter Bags Market is anticipated to reach over $4 billion by 2024

Author : Rahul Varpe | Published Date : 2019-05-31 

The pharmaceutical industry is expected to emerge as one of the most lucrative application avenues for this industry. According to reliable reports, the pharma industry is valued at a consistently high remuneration and is among the top five industries by total value in the global economy. Filter bags have a number of properties, among which their high dust holding capability finds immense prominence in dryers and boilers for manufacturing drugs.

The global filter bags market has recently been experiencing appreciable growth on account of the rising awareness concerning high quality and a safe environment. Filter bags remove particulates and withstands high temperature conditions in an efficient manner, which makes them suitable for usage in metal, cement and power generation industries, thus propelling the growth of market. Rising R&D activities as well as technological advancements for manufacturing safe drugs will drive the demand for filter bags in the pharma industry, catapulting the overall industry growth.

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The utilization of filter bags in controlling industrial emissions owing to its molecules and particles holding capacity will boost the product demand, thereby driving the growth of the overall industry. Rising emissions in China and India due to the growing industrial activities will further augment the growth of the filter bags market in the upcoming timeframe.

A major factor that will propel the filter bags market is the growing automotive sector across the globe will contribute to the rise in steel production. The filter bags used in the reactor exhausts in steel manufacturing industry, will result in an accelerated demand for the product, stimulating the overall industry growth. Furthermore, the filter bags are also used in pulverized coal injection apparatus and coal fired boilers in the power generation industry for capturing fine coal sediments. Increasing electricity usage with regards to the growing commercial and industrial activities will enhance power generation.

Driven by the fact that filter bags are utilized for capturing fine coal sediments in pulverized coal injection apparatus and coal fired boilers for generating electricity, the power generation sector is touted to hugely contribute towards the expansion of the filter bags market in the forthcoming timeline. Indeed, filter bags industry share from power generation applications is anticipated to register a CAGR of 5.5% over 2018-2024.

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Filter bags market size from power generation is anticipated to witness a notable growth rate across economies such as China and India. Indeed, the coal-fired electricity generation in China, in 2017, had increased for meeting a 6% growth in electricity demand. Moreover, Asia accounted for the largest increase in coal demand, which was up 35 million tons oil equivalent (mtoe), in contrast with the previous year.

As a matter of fact, the global filter bags market size from pharmaceutical applications is anticipated to hit a appreciable valuation of around USD 215 million by the end of the year 2024.

Endorsed by an ubiquitous application terrain, the filter bags market is estimated to depict a highly lucrative remuneration graph in the upcoming time. As per estimates, the valuation of market would cross a colossal of US$4 billion by the end of 2024.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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