Market Introduction
The SAM region comprises several developed and developing economies, such as Brazil, Chile, Argentina, Peru, and Colombia. These countries are experiencing a rise in the middle-class population as well as growth in urbanization. Also, there is a significant shortage of housing in the region. For the development of the infrastructure, governments of economies in the region are focusing on attracting private investments. For instance, in 2016, Law 13,334 introduced the Investment Partnership Program (Programa de Parceria de Investimentos or PPI) in Brazil, aiming to expand the interaction between the state and the private sector through partnership agreements to implement public infrastructure projects and other privatization measures. Such initiatives are likely to drive the constructions sector in South America and propel the demand for hydraulic filters during the forecast period.
According to the International Trade Administration, Chile needs to invest 3.5% of the country's GDP in obtaining a similar level of infrastructure as developed countries. However, currently, the country invests approximately 2.5% of its GDP on infrastructure development. The country's government announced a US$ 28 billion Infrastructure Master Plan in 2014, aimed at the development of Chile's infrastructure by 2021. Such investments are further anticipated to positively impact the growth of the construction sector in the region. Furthermore, Argentina's government is concentrating on attracting FDIs by taking several initiatives, such as easing import restrictions, signing international bilateral agreements, and loosening restrictions on foreign investments. Such initiatives are expected to help in the development of businesses in the SAM region, thereby contributing toward the growth of various sectors, such as manufacturing, marine, automotive, chemical and petrochemical, power generation, agriculture, and metal and mining. This is ultimately leading to increased demand for hydraulic filters for smooth functioning of the machines used in the above mentioned sectors. Further, growing production of vehicles in this region is likely to boost the growth of the SAM hydraulic filters market.
Also, the ongoing COVID-19 pandemic is adversely impacting the SAM region. In the SAM, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in SAM are taking several initiatives to protect people and control COVID-19's spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to affect the region's economic growth as the region directly will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners. The outbreak has also resulted in the shutdown of production plants, which has impacted the growth of the automotive, manufacturing, and construction industry, among others and has limited the growth of the hydraulic filters market in the region. Additionally, the sales of passenger vehicles in the region has declined which has resulted in the lower demand of the hydraulic filters market. Therefore, the COVID-19 pandemic outbreak has suppressed the hydraulic filters market in the SAM region.
Market Overview and Dynamics
The hydraulic filters market in SAM is expected to grow from US$ 243.25 million in 2019 to US$ 383.22 million by 2027; it is estimated to grow at a CAGR of 6.0% from 2020 to 2027. Further, growing production of vehicles in this region is likely to boost the growth of the SAM hydraulic filters market. For example, according to the Brazil Nation Association of Automobile Manufacturers Anfavea, car production in Brazil increased by 14.6% compared to 2017 in the first three months of 2018, as manufacturers increased output to meet growing domestic demand. Therefore, increasing production of vehicles is boosting the demand for hydraulic filters in this region proportionately, thereby boosting the SAM hydraulic filters market market growth in the region.
Key Market Segments
In terms of product, the return line filter segment accounted for the largest share of the SAM hydraulic filters market in 2019. In terms of end-user, the manufacturing segment held a larger market share of the SAM hydraulic filters market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the hydraulic filters market in SAM are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
- To understand the SAM hydraulic filters market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for SAM hydraulic filters market
- Efficiently plan M&A and partnership deals in SAM hydraulic filters market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form SAM hydraulic filters market
- Obtain market revenue forecast for hydraulic filters market by various segments from 2020-2027 in SAM region.
SAM Hydraulic filters Market Segmentation
SAM Hydraulic filters Market - By Product
- Suction Filter
- Pressure Filter
- Return Line Filter
- Off-Line Filter
- Breather Filter
- Others
SAM Hydraulic filters Market - By End-User
- Manufacturing
- Marine
- Automotive
- Chemical and Petrochemical
- Power Generation
- Agriculture
- Construction
- Metal and Mining
- Others
SAM Hydraulic filters Market - By Country
- Brazil
- Argentina
- Rest of SAM
SAM Hydraulic filters Market - Company Profiles
- 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.