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Hydraulic Filters Market Analysis – 2018-2027
Hydraulic filters are primarily used for removal of the any form of dirt and particles on a regular basis. Industries such as construction, chemical, automotive normally involve the usage of hydraulic systems. The global hydraulic filters market was valued at USD 5020 million in the year 2018 and is anticipated to register a CAGR of 3.43% over the forecast period i.e. 2019-2027. This growth can be attributed to the fact that the population has been growing steady and high in many parts of the world, followed by growing levels of urbanization that has driven the demand for the most advanced and recent infrastructure in the recent years, along with increasing investments by government of nations for the development of infrastructure. Growing activities such as mining and extraction have been taking place, especially with advanced machineries being deployed in order to extract metal as well as non-metal constituents in pure as well as impure form. Moreover, along with the increasing commercial vehicle production, the machineries that are used for mining are composed of hydraulic systems that are fitted into it, which is estimated to drive the demand for hydraulic filters over the forecast period. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), United States registered as one of the highest commercial vehicle production nations with a value of 8,518,734 units in the year 2018. It was followed by China at 4,279,773 units and Japan at 1,370,308 units.
The market is segmented on the basis of end-use industry, vehicle type, channel, material, type and by region. Commercial vehicles falling under vehicle type segment occupied the largest market share of 72.16% in the year 2018 is anticipated to grow at a significant rate over the forecast period. The material segment comprises of four sub segments namely micro glass, wire mesh, metal screen and synthetics, with micro glass segment holding the largest market share of 42.26% in 2018 is also anticipated to grow at a noteworthy rate over the forecast period. Micro glass that is produced as a result of micro-fiberglass material which is bonded with resin also provides one of the best filtration qualities and are commonly used in systems that are highly sensitive to contamination, which can include servo valves and piston pumps.
Based on region, the global hydraulic filters market comprises of five segments that include North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The market in Asia Pacific is estimated to grow at a rate of 3.70% over the forecast period, owing to the region consisting of various large light vehicle makers, apart from the region holding several rich mineral resources. Further, the increasing usage of vehicles and machinery in mining process is estimated to aid the growth of the hydraulic systems market, with demand for hydraulic filters anticipated to increase significantly in the region over the forecast period. The Asia Pacific hydraulic filters market was valued at USD 2750.96 million in the year 2018 and is further anticipated to reach a notable market value by the end of 2027. The market in Europe is anticipated to fall behind Asia Pacific in terms of growth. Europe is a global leader in the automobile sector that had recorded about 15 million new car registrations in the year 2018. Further, rise in demand for passenger cars in addition to demand for agricultural machinery is projected to raise the demand for hydraulic filter systems in the region and is also anticipated to boost the growth of the market over the next decade.
Some of the key industry leaders in the global hydraulic filters market are HYDAC Technology Corporation, Hengst SE, UFI Filters S.p.A., Baldwin Filters, Inc., Bosch Rexroth Limited, SMC Corporation, Donaldson Company, Inc. and Filtration Group Corporation.