Global Hydraulic Hose Market estimated to cross USD 1.65 Billion by 2024
Posted On September 14, 2018
Value Market Research has recently published the market study on Global Hydraulic Hose Market. As per the study the global hydraulic hose market was valued USD 1.21Billion (by revenue) in 2017 and is estimated to reach USD 1.65 Billion by 2024 with a CAGR of 5.10%. Hydraulic hoses are specifically designed for use in mechanical applications. Most of the hydraulic hoses are intended to be specific in sizes, lengths and have custom connectors to work on specific machines. Technically, the hydraulic system is built of different materials; the most commonly used materials include thermoplastics, elastomers, fluoropolymers and silicone, metal, and composite or laminated structures.
According to the report, the hydraulic hose market is likely to grow on account of ongoing urbanization and rise in various manufacturing units across the globe. With the growing mining activities, the demand for hydraulic hose has been increased drastically. Also, rising demand for modern agricultural equipment’s along with the growing industrialization and ongoing construction projects worldwide is likely to propel the market growth. Moreover, the rising manufacturing sector, improving supply chain scenario, and growth in automotive industries is again fueling the demand for the product.
The report "Global Hydraulic Hose Market Report By Type (Spiral Wire Hydraulic Hose and Wire Braided Hydraulic Hose), Application (Engineering Machinery, Mining, Industrial Application, and Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024” studies the attractiveness of the hydraulic hose market on the basis of factors such as driver, restraints and market size.
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The global hydraulic hose market is segmented by type into spiral wire hydraulic hose and wire braided hydraulic hose. Out of which wire braided is leading the segment owing to its major applications in the fields of mine hydraulic bracket, automatic hydraulic systems of oil field exploiting machine, mine projects, and other industrial sectors. By application, the market is bifurcated into engineering machinery, mining, industrial application, and others. Industrial segment is dominating the segment owing to high demand from the end use industry since it is oil-resistant, weather-resistant, fabric-braided, steel-braided and spiral wire features.
The market of hydraulic hose is analyzed across the region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Considering all the region, Asia- Pacific is ruling the global hydraulic hose industry owing to increasing industrialization along with the growing construction projects in the region. Also, increasing mining activities in emerging economies such as India and China are contributing towards the growth of hydraulic hose market. Followed by North America is a lucrative market for hydraulic hose and is projected to grow at a healthy rate due to the presence of major manufacturers such as Tiefenbach, ContiTec, and HANSA-FLEX.
The Report Segments Global Hydraulic Hose Market –
- Spiral Wire Hydraulic Hose
- Wire Braided Hydraulic Hose
- Industrial Application
- North America
- Latin America
- Middle East & Africa
Alfagomma, Bridgestone, Gates, Parker, Manuli, Yokohama Rubber, Eaton, Semperit, HANSA-FLEX, Sumitomo Riko, Continental, RYCO, Kurt, and Others.
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