Global Hydraulic Filters Market Expected to Grow at a CAGR of 3.43% by 2027 | Industry Crucial Players- HYDAC Technology Corporation, Hengst SE, UFI Filters S.P.A.
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.
The global hydraulic filters market is estimated to witness a growth in its CAGR of 3.43% over the forecast period, i.e. 2019-2027. Some of the notable factors that are anticipated to boost the growth of the market over the next decade are the development of infrastructure over many regions of the world, including growing urbanization levels happening in several regions of the world. The shift of population from the rural areas to urban areas is growing at a faster pace than before, with the requirement for additional infrastructure for regions becoming high in demand. The countries of China, Japan and India together contribute around 39% of the global infrastructure investment needs, with the investment in infrastructure expected to be reached in China to reach USD 28 trillion in the next few years. This is expected to cover nearly half of Asian region needs, apart from covering about 30% of global needs. The number of commercial vehicles that are being produced have been increasing steadily and the advancements that have taken place in technology in the recent years has raised the demand for material transportation that has increased the number of commercial vehicles being sold across the globe.
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The global hydraulic filters market is segmented into end-use industry, vehicle type, channel, material, type and by region. Based on end-use industry, the market is segmented into mining, construction, aerospace, automotive, marine, petrochemical, agriculture and others. The largest market share of 29.20% is anticipated to be held by construction industry over the forecast period, on account of greater demand for hydraulic filters in construction machinery which can provide better assistance to ensure that the machine is kept clean, apart from ensuring that the engine and hydraulic components would work for a longer time period.
Based on region, the global hydraulic filters market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific region is predicted to hold the largest market share of 56.13% over the forecast period, mainly on account of the presence of some of the biggest automotive assembly plants in the region, in addition to being the biggest market in terms of passenger vehicle production. On the other hand, the market in Europe is anticipated to observe significant growth over the forecast period by falling behind Asia Pacific in terms of market share, particularly with the region seeing a rise in the number of new car registrations, apart from the demand for agricultural machinery increasing in the region in the recent years, all of which are anticipated to drive the demand for hydraulic filters in the market over the forecast period.
Surge in the number of Mining Activities across the Globe
The growth of mining activities has been significantly increased over the past decade, owing to the increasing demand for various products, resources and materials arising from several regions across the globe. The demand for materials across various regions has driven the rise in the number of mining and extraction activities. The largest coal producing nations are United States and China. More than 70% of the global production of rare earth metals has been coming in from China in the year 2018. Besides, China has also been the third-largest producer of iron ore. Additionally, machineries that are advanced are being deployed for the purpose of extraction of metal and non-metal constituents, whether they are in pure or impure form. These machineries would also be fitted with hydraulic systems for use in mining, which is anticipated to drive the growth of the market over the next few years.
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However, some of the factors such as the growing number of electric actuators being adopted for use in vehicles and with massive advancements taking place in automotive products and suspension systems undergoing various advancements and changes in order to provide comfort and safety for passengers which has been in great demand across various regions of the world. Additionally, the slowdown in the global economy has led to automotive passenger vehicles experiencing a decline in their production in the past few years in several regions, apart from adversely affecting the growth of the market, especially in view of their higher 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.
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