Fluid Power Shipments Up in October but Continue Trending Downward

Fluid power shipment data from the National Fluid Power Association (NFPA) shows a 4% increase in total shipments in October 2024 compared to the previous month. However, shipments were 14% below those recorded in October 2023. 

The association's latest data also shows the 3/12 and 12/12 rates of change for total fluid power, hydraulic, and pneumatic shipments are negative and trending downward. This has been the general trend for the industry in 2024. 

Lower demand in many customer markets, including large segments such as construction equipment and agricultural machinery, has led to lower demand for the hydraulic and pneumatic components utilized in them as well. The Association of Equipment Manufacturers (AEM) reports U.S. sales of agricultural tractors declined 14.2% in October from the previous year. Sales for combines were also down during the month, as were sales for tractors and combines in Canada. 

Recovery is projected for 2025 in both the mobile and industrial segments, although that will be dependent upon the continued lowering of interest rates and inventory levels — two of the key factors which have led to lower machine demand in many of the fluid power industry's customer markets. 

Material handling, packaging machinery and semiconductors are some of the markets which have fared better thus far, and are expected to remain positive areas for the hydraulics and pneumatics industry.

The charts in this media gallery are supplied by NFPA and drawn from data collected from more than 70 manufacturers of fluid power products by NFPA’s Confidential Shipment Statistics (CSS) program.