DALLAS, TX / ACCESSWIRE / January 25, 2021 / According to a new market report published by Lucintel, the future of the global hydraulic filter market looks promising with opportunities in the construction machinery, mining, petrochemical, aerospace, marine, and transportation industries. The global hydraulic filter market is forecast to grow at a CAGR of 3.6% from 2019 to 2024. The major drivers of growth for this market are increasing production of construction, mining, and other equipment's, stringent government regulations for environmental pollution, and increased focus on preventive maintenance of hydraulic equipment and systems.
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In this market, construction machinery, mining industry, petrochemical industry, agriculture, aerospace, and transportation are some of the major segments of the hydraulic filter market by end use application. On the basis of its comprehensive research, Lucintel forecasts that the construction machinery and mining industry segments will show above average growth during the forecast period.
By product type, pressure side filter, suction side filter, return side, off-line filter, and in-tank breather filter are the major segments of the hydraulic filter market. Suction side filter is expected to show above average growth rate during the forecast period due to its low cost which can be accommodated in all types of equipment's.
APAC is expected to remain the largest region due to high production of construction machinery, high investment in infrastructure, government plans for smart cities.
Asia Pacific and Europe are expected to witness significant growth over the forecast period because of rapidly increasing demand for hydraulic filter products from OEMs.
Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of new micro glass materials, a unique six layer design that delivers 50% more dirt holding capacity, and development of new cyclone effect technology. Parker Hannifin Corp., Mahle International GmbH, Donaldson Company Inco, Eaton Corporation Plc., and UFI Filters are the major hydraulic filter suppliers in the global hydraulic filter market.
The study includes a forecast for the global hydraulic filter market by product type, end use industry, mode of distribution channel, and region, as follows:
By End Use Industry ($ Billion from 2013 to 2024) Construction Machinery Mining Industry Petrochemical Industry Aerospace Transportation Marine
By Product Type ($ Billion from 2013 to 2024) Pressure Side filter Suction Side filter Return Side filter Off-Line filter In-Tank Breather Filter
By Mode of Distribution Channel ($ Billion from 2013 to 2024) OEM Aftermarket
By Region ($ Billion 2013 to 2024) North America US Canada Mexico Europe Germany France Spain United Kingdom Italy Asia Pacific China Japan Taiwan India Indonesia The Rest of the World Brazil
This 189-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link [email protected] .
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis , growth consulting , M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com .
Brandon Fitzgerald Lucintel Dallas, Texas, USA Email: [email protected] Tel. 972.636.5056 Cell: 303.775.0751
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SOURCE: Lucintel View source version on accesswire.com: https://www.accesswire.com/625713/The-Hydraulic-Filter-Market-is-Expected-to-Grow-at-a-CAGR-of-36-by-2024
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