Report : Asia Pacific Hydraulic Filters Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product (Suction Filter, Pressure Filter, Return Line Filter, Off-Line Filter, Breather Filter, and Others), and End-user (Manufacturing, Marine, Automotive, Chemical and Petrochemical, Power Generation, Agriculture, Construction, Metal and Mining, and Others)
Manufacturing Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to a new market research study on “APAC Hydraulic Filters Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product and End-User” is expected to reach US$ 1,300.59 million by 2027 from US$ 646.93 million in 2019. The market is estimated to grow at a CAGR of 9.3% from 2020 to 2027. The report provides trends prevailing in the APAC hydraulic filters market along with the drivers and restraints pertaining to the market growth. Cyclone effect technology is combining with hydraulic filters and this is the major factor driving the growth of the APAC hydraulic filters market. However, issues associated with hydraulic complex Installation and Slow Design Process to slow down the growth of hydraulic filters market in APAC.
The APAC hydraulic filters market is segmented based on the product and end-user. Based on product, the APAC hydraulic filters market is segmented into suction filter, pressure filter, return line filter, off-line filter, breather filter, and others. Return line filter is dominating the market during the forecast period. Based on end-user, the APAC hydraulic filters market is segmented into manufacturing, marine, automotive, chemical and petrochemical, power generation, agriculture, construction, metal and mining, and others. Manufacturing segment held a substantial market share during 2017-2027.
Also the ongoing COVID-19 pandemic is having a negative impact over APAC region. The India and China are the two most populated countries as well as manufacturing hubs in the APAC region. The strict lockdown and social isolation in China have negatively impacted the manufacturing as well as production of numerous equipment and machinery for several weeks, resulting in shrinking its country economy. Moreover, the country also isolated its import as well as export of critical raw materials and industrial equipment for numerous industry vertical impacting the supply chain of various end-user industries. Similarly, India also imposed a nationwide lockdown to mitigate the increasing number of COVID-19 cases across the country. Additionally, the closure of several retailers, distributors, and other important distribution channels also has reduced the availability of hydraulic filters or its related component from other region based market players. The governments of various countries in APAC are taking possible steps to reduce the COVID-19 effects by renouncing lockdown, which in turn will impact the revenue generated by the hydraulic filters market.
Bosch Rexroth Corporation; Donaldson Company, Inc.; Eaton Corporation Plc.; Filtration Group Industrial; HYDAC Technology Ltd.; MANN+HUMMEL Group; MP Filtri S.p.A.; Pall Corporation; Parker-Hannifin Corporation; YAMASHIN-FILTER CORP. are among the leading companies in the APAC hydraulic filters market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Yamashin Filter Corp. established new subsidiary in Vietnam, YAMASHIN VIETNAM Co., Ltd. to expand its operation in Vietnam by opening a manufacturing facility in this region.
The report segments the APAC Hydraulic Filters Market follows:
APAC Hydraulic Filters Market – By Product
- Suction Filter
- Pressure Filter
- Return Line Filter
- Off-Line Filter
- Breather Filter
APAC Hydraulic Filters Market – By End-User
- Chemical and Petrochemical
- Power Generation
- Metal and Mining
APAC Hydraulic Filters Market – By Country
- South Korea
- Rest of APAC
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