(EMAILWIRE.COM, October 18, 2018 ) The global spin-on hydraulic filter market, by Application (Agriculture Machinery, Metallurgical, Construction Machinery, and Machine Tools), by Distribution Channel (Original Equipment Manufacturing (OEM) and Aftermarket), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), was valued at US$ 1,293.0 million in 2017, and is expected to increase to US$ 1,677.1 million by 2025, registering a CAGR of 3.4% over the forecast period (2018-2025), according to the market report published
by Coherent Market Insights.
Government regulations for the reduction of CO2 emission from vehicles is one of the major factors driving growth of the spin-on hydraulic filter market. Increasing global warming, rising focus on regulations concerning CO2 emission, dearth of conventional fuels, and increasing fuel prices is increasing the demand for hydraulic filters in vehicles. For instance, the European Union has set its own emissions standards. EU Regulation No 443/2009 sets an average CO2 emissions target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will be applicable from 2021. These factors are expected to boost growth of the global spin-on hydraulic filter market over the forecast period.
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Increasing vehicle production across the globe is one of the major factors driving growth of the market
Increasing production of vehicles, especially in emerging economies, leading to rising demand for spin-on hydraulic filter in the automotive industries is fueling growth of the market. Emerging economies such as China, Japan, India, and South Korea are the growth engines for the Asia Pacific spin-on hydraulic filter market. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2016, vehicle production in China accounted for 29.6% of the global production. Moreover, the countrys production increased about 14.5% in 2016 from 2015.
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Key Trends and Analysis of the Global Spin-on Hydraulic Filter Market:
Latin America is expected to witness considerable market growth in the global spin-on hydraulic filter market in 2017 and is expected to grow at significant rate by 2025. This growth is attributed to increased production of vehicles in the region. For instance, according to the Brazil Nation Association of Automobile Manufacturers Anfavea, the production of cars in Brazil increased by 14.6% in the first three months of 2018, as compared to 2017, as manufacturers ramped up output to meet growing domestic demand. Therefore, increasing vehicle production is proportionally increasing the demand for spin-on hydraulic filters in this region, thereby driving growth of the regional market.
Among application, construction machinery segment accounted for the largest market share in 2017 and is expected to retain its dominance over the forecast period. This is attributed to increasing usage of spin-on hydraulic filters in construction industries to protect hydraulic cylinders and control hydraulic systems. These machines are used in extreme conditions, where internal and external contamination can enter the hydraulic systems. These contaminants contribute to around 70% of the failures caused on hydraulic systems. Therefore, for eliminating the contaminants, spin-on hydraulic filters are used in the construction machinery, which is expected to propel growth of the spin-on hydraulic filter market.
Major players operating in the global spin-on hydraulic filter market include Parker Hannifin, Eaton Corporation Plc., Mahle Gmbh, Schroeder Industries, LLC, Yamashin Filter Corp., Bosch Rexroth AG, Donaldson, Baldwin Filters, Inc., Ikrol S.r.l., Cim-Tek Filtration, Olaer Group Limited, Xinxiang Aviation Industry (Group) Co., Ltd., SOFIMA FILTER, OMT SPA, Marion Fluid Power, Wix Filter, Hydac International Gmbh, SMC Corporation, Lenz Inc., HiFi Filter, Filtrec, and EPE Ltd. The market players are adopting various growth strategies such as merger & acquisition, product launches, collaboration, geographic expansion, and others to expand their market presence in the global spin-on hydraulic filter market.
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