The homopolymer acrylic filter bags market size from oil and gas application will exceed USD 40.5 million by the year 2025.
Rising product demand from oil & gas, printing, F&B, cement, and pharma sectors will drive homopolymer acrylic filter bags market size. These bags have commendable properties such as excellent dimensional stability and durability, and can withstand harsh temperature conditions. They also assist in eliminating particulate matters. Rising level of awareness to prevent air pollution has increased the demand for these bags to absorb harmful emissions and will drive homopolymer acrylic filter bags market share over the forecast timeframe.
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The homopolymer acrylic bags market share is forecast to exceed USD 1 billion-dollar mark by 2025.
Asia Pacific homopolymer acrylic based filter bags market will grow significantly over the upcoming years. The growth trends will be driven by the high homopolymer acrylic filter bags market demand from developing economies like India and China.
The power plants in the U.S. are utilizing homopolymer acrylic filter bags to lower carbon footprint. This will drive U.S. homopolymer acrylic filter bags market size from power generation that will register a CAGR of 5 percent over 2019-2025.
The increasing number of efforts by prominent oil firms to lower carbon footprints of the oil and gas sector will majorly fuel homopolymer acrylic filter bags market share. Many countries are taking huge steps to shut down polluting manufacturing and refining units to accelerate the shift toward clean energy and ensure the maintenance of overall public health standards.
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Lately, oil and gas firms are increasingly focusing on deploying equipment such as filter bags in their facilities that would enable the reduction of harmful emissions and substances. Prolonged exposure to petroleum fumes can cause life-threatening nervous system and respiratory ailments. Therefore, homopolymer acrylic filter bags are being preferred by oil majors to absorb the hazardous petroleum fumes.
The dependency of the power generation domain on conventional fuels will lead to advanced deployment of filter bags to reduce emissions in the power generation utilities and maintain environmental standards. This would also lead to expansion of the global filter bags market.
The sustained success of the production restraint deal between the Organization of the Petroleum Exporting Countries (OPEC) and the non-OPEC nations has led to the recovery of the overall oil and gas industry. The continued support of higher government spending and recent tax cuts will help to further expand the oil and gas sector leading to a rise in carbon emissions.
Homopolymer acrylic filter bags are majorly used in myriad applications such as oil and gas, chemical, metal, power generation, pharmaceutical, cement, and food & beverage. This will lead to an expansion in the consumer base of homopolymer acrylic filter bags market in the years to come.
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According to the U.S. Energy Information Administration, about 4.18 trillion kWh of electricity was generated at large-scale energy generation units across the U.S in the year 2018. Around 63 percent of this electricity was generated from fossil fuels such as petroleum, natural gas, and coal, about 17 percent was from renewable energy sources and 20 percent from nuclear energy. The power generation sector of the U.S. is thus heavily dependent on the conventional energy sources to fulfil the electricity demand of the nation.
Homopolymer acrylic based filter bags are used massively in the F&B sector owing to its dust capturing properties. The expansion of the F&B sector will drive China homopolymer acrylic based filter bags market size. Global Market Insights, Inc., states that China homopolymer acrylic based filter bags industry size from food and beverage application will register a CAGR of 4.5% over 2019-2025. Shifting consumer preferences and rising food production will also fuel the industry growth.
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