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.
The water & wastewater segment estimated to be the largest end-user of string wound filter materials
The water & wastewater industry accounted for the largest share of the string wound filter materials based on the end-use industry. Growing populations, stringent regulations governing the water & waster water treatment norms, and investment in the water treatment plants are the key factors driving the demand for the string wound filters materials
APAC estimated to account for the highest share of the global string wound filter materials market
APAC is projected to lead the global string wound filter materials market from 2020 to 2025. The market in the region is expected to witness a growing demand from the water & wastewater treatment, oil & gas, food & beverages, and chemical & petrochemical industries. The growth of the APAC chemical sector is also creating opportunities for the string wound filter materials market. According to the CEFIC, the total chemical sales in the APAC was USD 1.9 trillion in 2019. The growing desalination industry is also driving the string wound filter materials market in the region.
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