Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "Hydraulic Filter Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The hydraulic filter market was valued at $1,693.258 million in 2019 and is expected to grow at a CAGR of 5.06% over the forecast period to reach $2,315.843 million by 2026.
A Hydraulic filter is a component used by hydraulic systems to continuously remove impurities like contaminants, dust, and moisture from the hydraulic oil and protect the hydraulic system from damage caused by such impurities. These filters ensure the safe working of Hydraulic filters and improve overall efficiency and productivity.
Major industries that employ hydraulic filters are construction, mining, petrochemical,agriculture, aerospace, and transportation.The increase in the number of hydraulic projects, along with the increased sensitivity of components and systems, has also led to the increased utilization of hydraulic filters.
Recent developments which can affect the dynamic of the industry include the introduction of new micro glass materials, a unique six-layer design that delivers 50% more dirt holding capacity, and the development of new cyclone effect technology with enhancing dirt absorption capacities.
Leading manufacturers of hydraulic filters are introducing industry-specific filters to suit the requirements of end-users from various sectors. Other major drivers for the market are increased production of tools used in construction, mining, and other equipment, strict government regulations for environmental pollution, and increased focus on maintenance of hydraulic equipment and systems.
The hydraulic filter market players mainly employ acquisition strategies to expand their operation while retaining their brand identity globally.
Growth Factors
Improved efficiency and productivity
The hydraulic filter removes impurities from hydraulic systems, therefore protecting them from damage and increasing their service life. Good filters require infrequent changes. For instance, Caterpillar launched their new Cat M320 wheeled excavator with long-lasting filters providing 50% longer service life than previous filter designs. With improved filtration performance and 3000 hours replacement interval.
Improved technology
Hydraulic Filters employ various techniques of filtration, including a unique six-layer design of new micro glass materials that delivers 50% more dirt holding capacity and new cyclone effect technology with enhanced dirt-absorption capacities. Industries can also employ industry-specific filters to suit their requirements.
Restraints
High maintenance cost
Due to high maintenance and replacement costs of filters and increased downtime, end-users are likely to prefer more robust and economical alternatives such as lubrication system filters. Hydraulic fluid leakages and hydraulic filter inefficiency are forcing manufacturers to introduce electric filters, which can hamper the growth of the hydraulic filter market.
Complex installation
The complex installation process of hydraulic filters is creating difficulty for market players to gain new customers and boost profitability.
Impact of COVID-19 on the Hydraulic Filter Market
The Covid-19 pandemic negatively affected the hydraulic filter market, consequently shutting down on-premise business processes and manufacturing operations and disrupting supply chains and production schedules.
Businesses, including the hydraulic filters market, are facing severe economic difficulties due to the suspension of operations or reduction of their activities. However, with the ease of restrictions globally, the market is expected to rebound during the forecast period.
Segmentation:
By Type
- Suction side filters
- Pressure side filters
- Return side filters
- Offline filters
- In Tank-breather filter
By Application
- Oil
- Metallurgy
- Mine
- Others
Companies Mentioned
- Lenz Inc.
- Caterpillar
- HYDAC
- UFI Filters
- DTA
- Parker Hannifin Corp.
- Henan Top Environment Protection Equipment Co.
- Samuel Filter
For more information about this report visit https://www.researchandmarkets.com/r/jk35rc
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