Research Nester released a report titled “Global Hydraulic Filters Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global hydraulic filters market in terms of market segmentation by end-use industry, vehicle type, channel, material, type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Hydraulic filters are utilized primarily in places where any form of contamination is required to be removed from the particles present in the hydraulic system. The contamination of particles can take place through the reservoir that is created at the time of manufacture of components of a system. The maintenance of the hydraulic filtration system must be timely and properly carried out at appropriate time periods that could aid in the effective improvement of the life of hydraulic components. The global hydraulic filters market is predicted to observe a CAGR growth of 3.43% over the forecast period, i.e., 2019-2027.
The market is segmented by end-use industry, vehicle type, channel, material, types and by region. The end-use industry segment is sub-divided into mining, construction, aerospace, automotive, marine, petrochemical, agriculture and others. The highest market share is estimated to be held by construction industry with a market share of 29.20% by end of forecast period. This is mainly on account of factors such as greater demand for hydraulic filters in construction machinery for helping keep the machine in a clean condition, in addition to ensuring that the engine and hydraulic components survive for a higher time period. The vehicle type segment is sub-divided into passenger and commercial vehicles. Out of these, the commercial vehicles segment is anticipated to occupy the highest market share over the forecast period, owing to global advancements in technology observed across many regions of the globe which has increased the requirement for transporting materials, which has driven the rise in sale of commercial vehicles in many regions across the globe. The industrial sector has also been expanding at a steady rate, especially in the emerging economies, apart from commercial operations in logistics observing some improvements which is further estimated to drive the growth of the segment over the next few years.
The global hydraulic filters market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is estimated to register a market share of 56.13% over the forecast period, i.e. 2019-2027, owing to the presence of some of the biggest automotive assembly plants in the region and the existence of the biggest market that is associated with passenger vehicle production. On the other hand, the market in Europe closely follows Asia Pacific market in terms of market share held globally. This is on account of rise in the number of vehicles being registered across the Europe region as well as the agricultural machinery seeing a significant jump in demand in the region. These factors are estimated to drive the growth of the market in these regions over the forecast period.
High Infrastructure Growth and Increasing Production of Commercial Vehicles
The growth in the population at a rapid rate followed by rising levels of urbanization all over the world has driven the huge demand for bringing in infrastructure development across regions of the world. Moreover, the migration of individuals from rural to urban areas taking place rapidly has significantly increased the need to speed up the support to be extended by nations for developing the infrastructure for their nations. This is pushing the demand for advanced hydraulic mechanical equipment at a higher rate, with the necessity and compulsion to build new infrastructure in several regions. Additionally, the growing number of activities occurring in e-commerce and construction sector, followed by new advancements taking placein technology has given rise to increased demand for materials to be transported, thereby paving the way for more number of commercial vehicle sales to be sold in the past few years. OICA had released its statistics in the year 2018 that stated that about 95.6 million commercial vehicles were being manufactured globally. These factors are estimated to drive the demand for hydraulic filters in the coming decade. However, factors such as increase in the electric actuators being adopted globally across several regions, apart from advancements happening in automotive products, including advancements in suspension systems taking place to offer comfort and security to the passengers that has seen a big demand in the recent years are predicted to lower the demand for hydraulic systems globally. Moreover, the global economic slowdown that has decreased the consumption of automotive passenger vehicles in several regions has affected the demand for hydraulic filters as they have a much bigger use in automotive vehicles.
This report also provides the existing competitive scenario of some of the key players of the global hydraulic filters market which includes company profiling of HYDAC Technology Corporation, Hengst SE, UFI Filters S.P.A., Baldwin Filters, Inc., Bosch Rexroth Ltd., SMC Corporation, Donaldson Company, Inc. and Mahle, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global hydraulic filters market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.