In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
In January 2019, MAHLE Behr Service GmbH had acquired ZG-Zahnrade and Getriebe GmbH, which is a component testing and transmission designer, with this acquisition expected to help Mahle to acquire technical know-how in this area, apart from being able to offer integrated system solutions for the drive train as well as gearbox design coming from a single source.
In October, 2018, Donaldson Company, Inc., which has been involved in the design and manufacture of fume extraction systems spanning a broad range of industrial air filtration applications had completed its acquisition of BOFA International Limited, a company whose headquarters is based in Poole, United Kingdom. The company is engaged in the sale of fume extraction systems to OEM customers, apart from distributors and end users, in addition to having repeat sales of replacement filters. Through this acquisition, Donaldson expects to expand its business into new industrial air filtration markets, considering the strong customer relationships as well as the superior product quality maintained by BOFA.
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.
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).
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
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.
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.
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.
Ans: Increasing urbanization and the infrastructural developments, along with increasing number of mining activities are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 3.43% over the forecast period, i.e. 2019-2027.
Ans: Steady growth in the registration of new cars coupled with huge demand for agricultural machinery in Europe are some of the factors anticipated to provide more business opportunities for the growth of the market in the future.
Ans: The major players 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.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by end-use industry, by vehicle type, by channel, by material, by type and by region.
Ans: The construction industry segment, which is a sub-segment of the end-use 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.
Ans: Growing adoption of electric actuators in vehicles is one of the major factors anticipated to act as a barrier towards the growth of the global hydraulic filters market.