Oxford Reports Updated: Fluid Power Forecast, By Country Briefings and Forecasts, and Monthly Industry Briefings

Global Fluid Power Report and Forecast  

Includes a global macro summary, by-country customer market forecast & analysis, as well as by-country fluid power industry forecasts. Countries covered in the report: US, Canada, Mexico, Brazil Poland, Netherlands, Italy, Germany, France, Belgium, UK, Russia, Taiwan, South Korea, Japan, Indonesia, India, China, Australia, UAE, and South Africa.   

Insights include:  

• On a global scale, Oxford’s adjusted forecasts for hydraulic-consuming sectors are expected to fall -0.6% in 2024 whereas pneumatics-sectors are forecasted to hit a 3.5% annual growth rate.  
• Global construction outlook is weakening due to delayed interest rate cuts slowing the sector’s previously predicted growth spurt.  
• Electronic components & boards is forecasted to grow 12.0% in 2024, the fastest growing end-use sector this year. Demand for AI-related services and ‘red hot’ semiconductor production are strong contributors to the sector’s recent growth.  
• The snapshot below from the NFPA Stats Dashboard provides a quick view on Oxford’s Fluid Power growth forecast for the United States and several other countries.

By Country Briefings and Forecasts 

These are quarterly country specific reports that examine 68 individual countries and include the following: 

• Global macro summary 
• Detailed data and analysis of customer markets 
• Customer market forecasts 
• Highlights the fastest and slowest growing sectors. 

Insights include: 

• US’s industrial production has been upgraded to grow 2.1% in 2024 and to cool down in 2025 with 1.5% growth.  
  • A robust recovery in steel to support basic metals in 2025 for the US. US’s basic metal production is expected to recover and increase to 2.4% in 2024 after two years of contraction. Demand for basic metals is forecasted to improve later in this year and pick up momentum in 2025, supporting basic metal production’s robust recovery. 

• Metals extraction to boost long-term outlook of the mining sector for Canada.  
  • Oil sand production expansion that grew 2.1% heavily pushed Canada’s crude oil production to an all-time high in 2023. Oxford forecasts the sector to continue to be at the center of global oil extraction.  

• Oxford expects a structural decline in Chinese industrial growth in the coming years 
  • China’s growth in 2025 is expected to be considerably lower than 2024, coming in at 3.7%. A few tandem issues are expected to reach their limit during this time such as China’s debt-fueled government investment and external demand.    

Monthly Industry Briefings 

See the latest developments for eleven major industries around the globe with short industry briefs provided by Oxford Economics. These two-to-three-page briefs include a short-written summary, output/trend graphs, and an output table.  Highlights from the latest briefs include: 

• Energy and Mining: 
  • The Organization of the Petroleum Exporting Countries (OPEC+) recently announced production cuts will be held in Q4 unless market conditions improve. Oxford also notes that recent data on rigs are revealing tempered drilling behaviors which are expected to pull down production in the near future. 

• Motor Vehicles: 
  • Global light vehicle selling rate increased in May and relative to the first five months of 2023, 2024 has seen a 3.4% increase in sales. In the US, Oxfords expects consumers to hold off on major purchases like cars despite the economy growing steadily and strong job market.    

• Electronics and Computers:  
  • Global semiconductor sales increased in April after declining in the previous three months. Oxford states that the demand for AI chips is driving the buoyant growth and that the recovery could be bumpy.  

Questions? Contact Cecilia Bart at cbart@nfpa.com or 414-259-2027.