Hydraulic Cylinder Market - Forecasts from 2024 to 2029

The global hydraulic cylinder market is evaluated at US$16.074 billion for the year 2022 and is projected to grow at a CAGR of 5.92% to reach a market size of US$24.051 billion by the year 2029.

Hydraulic cylinders are component devices or sub-equipments used for the transmission of mechanical force by using hydraulic fluid and systems. Hydraulic cylinders are mostly employed for the transmission of linear mechanical forces through hydraulic fluid. A hydraulic cylinder is a sub-equipment that is widely used in the fields of construction, industry, the production sector, automotive, aeronautical, marine, and defense.

Hydraulic cylinders work by following the principle of hydraulic laws of force. Hydraulic cylinders also vary according to the type of fluid employed in the cylinder. Like oil, emulsions, grease, and synthetic oil, oil is the major hydraulic fluid employed in the hydraulic cylinder.

MARKET TRENDS:

The developing construction and production fields are driving the growth and demand for hydraulic cylinders in the global market. The use of hydraulic cylinders in heavy equipment used for mining and drilling purposes is also increasing the value of hydraulic cylinders in the global market. The progressing marine, production, aerospace, and defense fields are also increasing the need for hydraulic cylinders which have a wide range of applications.

Hydraulic cylinders have a prominent role and a wide range of applications in sectors that employ heavy-duty machines. The accuracy, efficiency, and safety provided by hydraulic cylinders in heavy-duty machines boost the use and application of the cylinders.

MARKET DRIVERS:

• The growing mining and construction industry is anticipated to drive the market's growth.

The steady growth and developments taking place in the mining industry are driving the demand for heavy-duty machines like hydraulic cylinders. Hydraulic cylinders are one of the major pieces of equipment that are used in heavy-duty machines that are employed in large-scale mining industries. Mining of iron from iron ore is the field where the need for heavy-duty machines is greater compared to those of other metal mining.

The demand for highly efficient and precise hydraulic heavy equipment in the mining sector is boosting the market for hydraulic cylinders in the global market. The UNGABC (Global Alliance for Construction and Buildings) accounts show that the global construction sector accounts for more than 11% of global GDP. The tremendous growth of construction and mining fields drives the value of the hydraulic cylinder market.

• Innovations in the automotive, marine, and aerospace industries might impact global hydraulic cylinder market growth.

New technological advancements and developments are occurring in the automotive, maritime, and aerospace industries. The automobile industry is showing tremendous growth in the sales and production of heavy-duty four-wheel vehicles in the market. Hydraulic cylinders are major equipment that is employed for braking and transmission in heavy-duty vehicles. The Dalmier Group is referred to as one of the leading heavy truck manufacturers in the world.

The rise in the sales of heavy vehicles like trucks also leads to a hike in hydraulic cylinders in the market. The progress and developments taking place in the aerospace industry and defense sectors have been boosted on an annual basis in every country and region with both private and government support. Hydraulic cylinders are sub-equipment mostly used in heavy-duty industries. The growth of heavy-duty industries like aerospace, automobiles, and marine is also anticipated to boost the growth of hydraulic cylinders in the market.

RESTRAINTS:

The price volatility of raw materials, especially steel, which is essential to the production of hydraulic cylinders, is a major obstacle in the market. Variations in the cost of materials can have an impact on manufacturers' profit margins and pricing policies, which can limit market growth. Furthermore, makers of hydraulic cylinders may face increased manufacturing costs and a longer time to market as a result of compliance requirements imposed by strict rules and standards about worker safety and environmental protection.

In addition, geopolitical unrest and worldwide economic downturns may discourage investment in industrial and infrastructural projects, which would lower the need for hydraulic cylinders in the mining, manufacturing, and construction industries. Hydraulic cylinders face competition from other technologies like electromechanical actuators, which are gaining popularity in some applications.

Asia Pacific is anticipated to be the major regional market.

Geographically, major growth in the construction industry is anticipated in the Asia Pacific region which in turn fuels the hydraulic cylinder market. Furthermore, the need for hydraulic cylinders in the manufacturing, mining, and construction industries is being driven by the fast industrialization and urbanization of nations such as China, India, and Japan. The need for hydraulic cylinders in industries such as material handling, and industrial machinery is expected to grow as infrastructure projects continue to be implemented.

Besides that, the need for hydraulic cylinders in the area is being driven by continuous investments in infrastructure development efforts, such as energy infrastructure, transit networks, and urban building projects. The construction and mining operations taking place in regions like Europe, and South America are leading to the rising market value of hydraulic cylinders in these regions.

Key Developments:

• In May 2023, the manufacturer of custom hydraulic cylinders Southern Hydraulic Cylinder, Inc. was acquired by Miller Industries, Inc., the largest towing and recovery equipment manufacturer in the world. The acquisition was completed in an all-cash deal for an estimated total purchase price of $17.5 million, subject to certain pre- and post-closing adjustments for cash and net working capital.
• In December 2022, the formal start of the building of Liebherr-Components Kirchdorf GmbH's new facility in Oberopfingen, Germany, was announced. The new structure, which will be occupied by the mechanical manufacture of hydraulic cylinders, will be operational starting in 2024 and is situated at Kirchdorf a der Iller.
• In May 2022, the construction cylinder line of SPX FLOW, Inc., a top supplier of process solutions for the industrial and nutrition & health sectors, has grown to include a range of locking hydraulic cylinders. The new RGL Series is perfect for heavy equipment maintenance, mining, and construction applications that need mechanical cribbing or long-term load support.

Segmentation:

By Type

• Telescopic cylinder
• Tie rod cylinder
• Mill type cylinders
• Welded cylinders

By Function

• Single-Acting Hydraulic Cylinders
• Double-Acting Hydraulic Cylinders

By Application

• Mobile
• Industrial

By End-User

• Construction
• Aerospace & Defense
• Material Handling
• Agriculture
• Automotive
• Mining
• Oil & Gas
• Marine
• Others

By Bore size

• <50 MM
• 50-150 MM
• >150 MM

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others