As per FMI, the Latin America hydraulic filtration market is projected to grow from US$ 156.4 Mn in 2022 to US$ 251.9 Mn by 2032, with overall sales exhibiting a CAGR of 4.9% throughout the forecast period.
The market for hydraulic filtration across Latin America is being propelled by the increasing applications of hydraulic systems in various end use sectors. Similarly, increasing need for enhancing the overall efficiency and life cycle of hydraulic systems is pushing the demand for hydraulic filters in the market.
Adoption of hydraulic systems is rising rapidly across Latin American countries due to robust expansion of industries like automotive food & beverages, and energy. In order to enhance the safety of internal components of hydraulic systems as well as to increase their life cycle, industries use hydraulic filters. This will continue to act as a catalyst for the growth of Latin America hydraulic filtration market during the forecast period.
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The installation of hydraulic filters is quick and easy in various sectors like construction and mining equipment. The equipment has a high degree of adaptability, which is driving up demand for hydraulic filters.
The growth of the product in the market is, however, constrained by the lack of skilled labour required for hydraulic filters to operate effectively. On the other hand, technological advancements in hydraulic filter products, such as the implementation of remote operation and the use of the Internet of Things (IoT) and Artificial Intelligence (AI) by installing sensor monitoring of these filters, increase the equipment’s efficiency, which is expected to create high growth opportunities for hydraulic filters in upcoming period.
Key Takeaways from Market Study
The Latin America Hydraulic Filtration market is expected to grow at 4.9% CAGR during the upcoming period due to rapid expansion of industrial sector in the region.
- By product type, suction filter segment is projected to hold 1/3rd share of the market in terms of volume in 2022.
- Based on technology type, with sensor segment is projected to grow at a CAGR of 4.7% during the forecast period.
- By sales channel, the aftermarket segment is anticipated to create an absolute $ opportunity worth US$ 73.7 Mn during the forecast period.
- Brazil is expected to hold around 1/3rd value share of the Latin America hydraulic filtration market by the end of 2032.
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Who is Winning?
Among the industry’s key players are Parker Hannifin Corporation, Donaldson Company Inc, Pall Corporation, Eaton Corporation, Filtration Group Industrial, MANN+HUMMEL Group, Moog, Yamashin Filter Corp, MP Filtri S.P.A., HYDAC, Bosch Rexroth Corporation, Norman and others.
Key manufacturers are focusing on increasing their regional market and are involved in marking their direct presence in the local markets by expanding their dealer network. Players are also collaborating with local distributors to supply their products globally.