Asia-Pacific Hydraulic Tools and Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, End User Industry and Company : Global Opportunity Analysis and Industry Forecast, 2022-2031

The Asia-Pacific Hydraulic Tools and Equipment Market Size was valued at $20,888.7 million in 2021 and is projected to reach $36,468.3 million by 2031, registering a CAGR of 5.6% from 2022 to 2031. Hydraulic tools and equipment use pressurized oil to generate force and perform a wide range of machining operations. Hydraulic systems typically include components such as pumps, cylinders, valves, seals, and fluid reservoir.    

Market Dynamics

The increase in number of construction & infrastructure development projects such as highway and public infrastructure largely drive the market; especially, in emerging economies, such as India, China, Vietnam, Brazil, South Africa, and others. For instance, with the new National Infrastructure Pipeline project of India, the country aims to develop social and economic infrastructure such as roads & highways, railway networks, ports, shipping, and inland waterways infrastructure. 

Furthermore, mining industry is witnessing a significant rise. This is led by high commodity prices, trend of electrification worldwide and demand for minerals and ores by metal industry. In last decade, revenue generation has increased by more than 30%. Moreover, favorable government policies of various economies around the world also play an instrumental role in growth of the mining industry. For instance, in May 2022, the Government of India eased environmental approvals for coal mining to tackle fuel shortage. 

Hydraulic tools and equipment are used in various aspects of mining and construction industry. For instance, hydraulic cylinders, jacks, torque wrenches and skates are used in manufacturing of construction and mining equipment. Also, hydraulics systems are used in mine ore processing. Thus, the growth of the mining and construction industry drives the growth of the market. 

Furthermore, according to United Nations and The World Bank, it is estimated that the world population will reach above 9 billion in 2050, from around 7 billion in 2020. Furthermore, the number of vehicles in developing economies is witnessing exponential growth. For instance, India and China have emerged as major automotive markets in the last decade with rapidly growing automotive industry. For instance, the automotive industry in China has grown by about 10% since 2021 till 2022. In addition, according to International Energy Agency, India has approximately 25 vehicles per thousand people as of 2020, and the number is expected to cross 150 vehicles per thousand people by the year 2040. Moreover, hydraulic systems are extensively used in automobile industry for manufacturing and maintenance activities. Hence, the growth of the automotive industry increases the use of hydraulic tools and equipment.

Hydraulic systems are based on Pascal's law which states that pressure exerted anywhere upon an enclosed liquid is transmitted undiminished, in all directions, to the interior of the container. This principle allows large forces to be produced with relatively lesser effort than mechanical, electrical, or pneumatic systems. Thus, hydraulic systems such as cylinders and jacks can be used to lift heavy loads safely and efficiently. Furthermore, hydraulic systems have the ability to provide constant torque. In addition, hydraulic systems offer other advantages such as less machine down time and flexibility of use. Also, hydraulic systems can be used for smaller operations such as controlling brake systems of a vehicle as well as for heavy lifting. For instance, hydraulic gantries have the capability of lifting loads as heavy as 1,000 tons. These factors drive the growth of the market.

Hydraulic tools can be large and complex. Also, they consist of various components such as cylinders, pumps, gaskets, seals, and reservoir among other. This makes hydraulic systems difficult to manufacture, and increase its manufacturing costs, thereby, making it less practical for use in small workshops. Furthermore, leakage of hydraulic fluids can result in the down time of the machines as well as cause safety issues in the workplace. Also, contamination of hydraulic fluid can negatively affect the performance and productivity of the equipment. Moreover, hydraulic systems require period maintenance and are more complex to use as compared to mechanical systems. These factors may constrain the growth of the market during the forecast period.

Segmental Overview

The Asia-Pacific hydraulic tools and equipment market is segmented on the basis of product, end user industry, company, and country. By product, the market is categorized into tools, cylinders, pumps, wrenches, workholding, bolt tensioners, presses, powered multipliers, gantries, jacks, lifting tools, skids, and skates. On the basis of end user industry, it is divided into mining, construction, oil & gas, industrial manufacturing, aerospace, railway, automotive, power & energy, and others. As per company, the market is categorized into top key players and other. Country wise, the market is analyzed across China, Japan, South Korea, South East Asia, and Rest of Asia-Pacific.  

By Product:

In 2021, the presses segment dominated the Asia-Pacific hydraulic tools and equipment market share, in terms of revenue, and the tools segment is expected to grow with a higher CAGR during the forecast period. Hydraulic presses use hydraulic cylinders to apply strong compressive force to a workpiece for processes such as bending, straightening, flattening, and stamping. Hydraulic presses are used in a wide range of industries such as aerospace engineering, appliance, automotive manufacturing, marine manufacturing, military and defense, ceramics, food and beverage processing, and pulp and paper. Thus, the growth of these industries drives the demand for hydraulic presses. Asai Corporation and Kojima Iron Works Co. Ltd. are some of the major providers of hydraulic presses in Asia. Furthermore, hydraulic tools offer various advantages such as precision, easy usability, and operational flexibility.

By End User Industry:

In 2021, the mining segment dominated the hydraulic tools and equipment market, in terms of revenue, and the oil & gas segment is anticipated to exhibit the highest CAGR during the forecast period. Mining is one of the most important sectors in the world. Globally, the demand for metal has increased; thus, mining of metal ores has also increased. For instance, iron ore exports of India reached $2.23 billion in financial year 2021, registering an increase of 21.8% YoY. Mining equipment make significant use of hydraulic equipment such as cylinders.

For instance, double-acting cylinders give the mining equipment operator more control, particularly when moving rocks and objects downwards. The oil & gas industry engages in the exploration, extraction, refining and transportation of oil products such as petrol and fuel oil. This industry mainly uses earthmoving, drilling, trenching, and tunneling equipment, hauling equipment, and hoisting heavy equipment for site preparation. Therefore, the increase in  spending on oil and gas exploration, and rise in demand for oil and gas are expected to increase the demand for hydraulic bolt tensioners, torque wrenches, skids, and cylinders.

By Country:

In 2021, China accounted for the largest share of the market, and rest of Asia-Pacific is expected to experience rapid growth during the forecast period.
Hydraulic tools and equipment are widely used in many industries throughout the Asia-Pacific region, especially in China, India, and Japan. The Asia-Pacific region is witnessing rapid growth in the construction industry. For instance, in March 2021,  China State Construction Engineering Corporation (CSCEC) signed a construction agreement with Thai transportation authorities for the first phase of high-speed rail development. The project's overall cost is estimated to be $5.85 billion. Furthermore, in February 2023, the $3.9 billion project in Arunachal Pradesh, with a capacity of 2,880 megawatts, has been approved by the Indian government as its largest hydropower project so far. All such instances are anticipated to provide lucrative opportunities for the Asia-Pacific hydraulic tools and equipment market growth, owing to the extensive use of hydraulic tools and equipment in construction and power & energy sector.

Competition Analysis 

Key companies profiled in the Asia-Pacific hydraulic tools and equipment market forecast report include Asai Corporation, Atlas Copco AB, Eaton, Enerpac Tool Group Corp, Guangdong Metal Forming Machine Works Co., Ltd., ITH Bolting Technology, Kojima Iron Works Co. Ltd., Kudos Mechanical Co. Ltd., Nord-Lock International AB, Parker Hannifin Corporation, Robert Bosch GmbH, Sun Engineering Co. Ltd., and TorcStark.

Key benefits for stakeholders 

• The report provides an extensive analysis of the current and emerging Asia-Pacific hydraulic tools and equipment market trends and dynamics. 
• In-depth Asia-Pacific hydraulic tools and equipment market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031. 
• Extensive analysis of Asia-Pacific hydraulic tools and equipment market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of the region is provided to determine the prevailing opportunities.
• Asia-Pacific hydraulic tools and equipment market forecast analysis from 2022 to 2031 is included in the report.
• The key players within Asia-Pacific hydraulic tools and equipment industry are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of Asia-Pacific hydraulic tools and equipment industry.

  Asia-Pacific Hydraulic Tools and Equipment Market Report Highlights