Hydraulic Filters Market Overview
Hydraulic filters are basically used for the purpose of protecting components of hydraulic system that may be damaged due to reasons such as oil contamination or other hydraulic fluid that are in use and caused by particles. These particles that are present have the ability to inflict damage to the components of hydraulic system, as hydraulic oil gets contaminated easily. The life of hydraulic components would improve considerably, with proper and adequate maintenance provided to a hydraulic filtration system.
Growth Highlights based on Region during 2018-2027
The global hydraulic filters market is anticipated to attain a CAGR of 3.43% over the forecast period, i.e., 2019-2027. The market in Asia Pacific region is projected to hold the highest market share of 56.13% over the forecast period, owing to the presence of the largest market for passenger vehicle production as well as the availability of the largest automotive assembly plants located in the region. Further, the market in Europe is also anticipated to follow behind Asia Pacific by occupying a significant market share over the forecast period, owing to a steady growth in the registration of new cars, in addition to huge demand for agricultural machinery in the region. These factors are anticipated to increase the demand for hydraulic filters in these regions over the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By End-Use Industry
On the basis of end-use industry, the global hydraulic filters market is segmented into mining, construction, aerospace, automotive, marine, petrochemical, agriculture and others. Construction industry is anticipated to hold the largest market share of 29.20% over the forecast period, owing to the high demand for hydraulic filters in construction machinery that can help in keeping the machine clean as well as making the engine and hydraulic components last for a longer duration period.
By Vehicle Type
The market is segmented on the basis of vehicle type into passenger and commercial vehicles. The commercial vehicles segment is predicted to register the largest market share over the forecast period, owing to technological advancements taking place globally that has pushed the demand for transportation of materials and has resulted in increase in the growth of sales of commercial vehicles in several parts of the world. Further, with the industrial sector passing through a phase of expansion particularly in the developing economies, in addition to a steady development observed in commercial operations in logistics is anticipated to drive the growth of the commercial vehicles segment over the forecast period.
On the basis of channel, the market is further segmented into OEM and aftermarket. The OEM segment is projected to occupy the highest market share over the forecast period, owing to high demand from among OEMs for these hydraulic filters, especially in small packages that provide high quality performance due to the constraints faced in terms of availability of space for the machines that are being currently in use.
On the basis of material, the market is further segmented into wire mesh, micro glass, metal screen and synthetics. Micro Glass is predicted to hold the highest market share over the forecast period, owing to its attractive characteristics that include higher capacity to hold dirt, in addition to better retention of minute contaminated particles and at the same time ensuring proper performance during the life of the element. These factors are anticipated to increase the demand for micro glass over the forecast period.
On the basis of type, the market is further segmented into magnetic filter, bag filter and screen filter. Bag filter is estimated to garner the largest market share over the forecast period, as they are particularly beneficial in the case of filtering any dirt, or particles that may have entered the system through a cylinder rod. These factors are estimated to raise the demand for bag filters over the forecast period.
Market Drivers and Challenges
Rapid Growth in Development of Infrastructure
The global population has been growing at a steady pace, and this has been followed by high levels of urbanization taking place across most of the regions of the world. This has led to a greater demand for development of infrastructure in many places of the world. Countries such as China, India, and Japan constitute nearly 39% of the global infrastructure investment needs. Moreover, the infrastructural investment required by China is anticipated to reach $28 trillion in the coming years, which is approximately more than half of Asia’s total needs and about 30% of global needs. Moreover, the rate of migration of the global population from rural to urban areas has been increasing at a faster rate, which has raised the demand for providing infrastructural support for various regions. The demand for advanced hydraulic mechanical equipment is anticipated to increase significantly, owing to the requirement to build new infrastructure for the various regions, that is further expected to drive the growth of the supplementary market for hydraulic filters over the forecast period.
Growing Number of Mining Activities
The demand for resources, products and materials have been increasing significantly in many regions of the world, that is driving the heavy demand for resources, products and materials. United States and China are the world’s largest coal-producing countries. China is also the third-largest producer of iron ore and has produced over 70% of the rare earth metals global production in 2018. The growing number of mining and extraction activities are indicative of the significant increase in demand for materials across various regions. Moreover, the extraction of metal and non-metal constituents either in their pure or impure form are being done using highly advanced machineries. According to United States Geological Survey 2019, U.S. mines have produced approximately USD 82.2 billion of raw mineral materials in 2018 which is a 3% hike over 2017. Hydraulic systems are normally fitted into the machinery that is used for mining which is predicted to boost the growth of the market over the forecast period.
Rise in Commercial Vehicle Production
The number of activities taking place in the construction sector have been increasing globally along with the growth of e-commerce sector, that is mainly on account of advancements that have taken place in technology. This has led to high demand for transportation of materials that has resulted in the rise in the sales of commercial vehicles all over the world. According to OICA, in the year 2018, about 95.6 million commercial vehicles had been manufactured globally. Moreover, OICA reports that out of the close to 120 million commercial vehicles that are operating on-road, 14.7 million units had been sold in the year 2017.
Growing Adoption of Electric Actuators in Vehicles
The global hydraulic filters market is faced with some barriers to its growth, due to some factors being the increase in adoption of electric actuators in vehicles, particularly with automotive products undergoing rapid advancements and upgradation of suspension systems taking place to meet the rising demand for comfort and safety of passengers. Moreover, the fall in the production of automotive passenger vehicles around the world has operated as a major barrier to the growth of the hydraulic filters market, mainly due to their higher application in automotive vehicles primarily that is currently witnessing a slowdown in sales in the recent years. All these factors are estimated to limit the growth of the market over the forecast period.
Top Featured Competitive Landscape
Some of the renowned industry leaders in the global hydraulic filters market are HYDAC Technology Corporation, Hengst SE, UFI Filters S.P.A., Baldwin Filters, Inc., Bosch Rexroth Ltd., SMC Corporation, Donaldson Company, Inc. and Mahle, Inc. Moreover, many other market players have been actively involved in the manufacture of hydraulic filters who are working to gain a competitive edge over other market players in the global hydraulic filters market.