Market Leader - String Wound Filter Materials Market
The global string wound filter materials market size is projected to grow from USD 1.4 billion in 2020 to USD 1.7 billion by 2025, at a CAGR of 4.5% during the forecast year. The global string wound filter materials market has been witnessing consistent growth due to the rise in the demand for string wound filter materials from water & wastewater treatment, chemicals & petrochemicals, oil & gas, and food & beverages is expected to drive the string wound filter materials market globally. The demand for string wound filter materials is witnessing steady growth in these industries. Investment for the expansion activities or setting up new manufacturing facilities are also expected to boost the demand for string wound filter materials in the coming years for replacements and new installations.
Industry players in the string wound filter materials market include Coats (US), Johns Manville Corp (US), MMP Filtration (India), W.Barnet (Germany), SMW International (US). These players have adopted various growth strategies to enhance their market footprint and improve product portfolios.
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Due to the COVID-19 pandemic, there has been a decline in demand for string wound filter materials across the globe, owing to which, the company such as Johns Manville have reported a decline in the sales of their products.
Most of the North American and European countries, especially the US, Italy, Spain, the UK, France, and Germany, are severely impacted by the COVID-19 pandemic. The suspension of operations in several manufacturing sectors has resulted in a decline in demand for the string wound filter materials. Moreover, due to the COVID-19 pandemic, the demand from the industrial sector had declined sharply in Q-1 and Q-2 2020. This impact was further intensified with the declining oil & gas prices and the massive gap between supply and demand. However, the market is expected to be on the path of recovery with the resumption of operation in the end-use industries.
Related Reports:
String Wound Filter Materials Market by Yarn Type (PP and Cotton), Core Material (PP and Stainless Steel), End-Use Industry (Water & Wastewater Treatment, Chemical & Petrochemical, and Food & Beverage), and Region - Global Forecast to 2025
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