Rising demand for modern agricultural equipment’s along with the growing industrialization and ongoing construction projects worldwide is likely to propel the market growth. Also, with the growing new projects of thermal power energy, the demand for coal mining has increased drastically which is again expected to fuel market growth. Moreover, growing usage of hydraulic hose in the military and industrial sector has also raised the demand for the product.
As per the new market study added by Value Market Research, The Global Hydraulic Market is projected to reach USD 1,650 Million by 2024 with a CAGR of 5.10%. By volume, the market was estimated at XX.X Million Meter in 2017 and is expected to reach XX.X MN Million Meter by 2024 with a CAGR of X.X%.
WIRE BRAIDED IS HIGHLY PREFERRED TYPE OF HYDRAULIC HOSE
Wire braided is a leading segment and is expected to bring around USD XX.X MN by 2024. The segment is showing high growth on account of its major applications in the fields of mine hydraulic bracket, automatic hydraulic systems of oil field exploiting machine, mine projects, and other industrial sectors. Also, growing applications of wire braided hydraulic hose to transport petrochemicals and hydraulic fluids under relatively high pressures and temperatures is driving the segment growth.
INDUSTRIAL APPLICATION AREA LIKELY TO HOLD MAXIMUM MARKET SHARE
The industrial application segment dominated the industry in 2017 and is expected to bring nearly USD XX.X MN by 2024. This can be attributed to the rising demand from the end use industry owing to its oil-resistant, weather-resistant, fabric-braided, steel-braided and spiral wire features. Also, the use of hydraulic hose in transporting petroleum oil and liquids with high-water contents in several industrial applications is further driving the segment growth.
ASIA-PACIFIC LED THE GLOBAL HYDRAULIC HOSE MARKET
Asia-Pacific region has reported as the highest demand for hydraulic hose in 2017 and expected to touch USD XX.X MN by 2024. Owing to increasing industrialization along with the growing construction projects is driving the growth of the regional market. Also, the dominance of this region is because of increasing mining activities in emerging economies such as India and China. Also, coal mining activities in China has increased drastically which is again adding enormous growth to the regional market.
Alfagomma, Bridgestone, Gates, Parker, Manuli, Yokohama Rubber, Eaton, Semperit, HANSA-FLEX, Sumitomo Riko, Continental, RYCO, Kurt, and Others.
As per this study, the Global Hydraulic Hose Market in terms of revenue was valued USD XX MN in 2019 and is anticipated to reach USD XX MN by 2026 with a CAGR of XX%. By volume, the market was estimated at XX MN Meter in 2019 and is expected to reach XX MN Meter by 2026 with a CAGR of XX%.
Hydraulic hose is designed to carries fluid within hydraulic machinery. Technically, it is synthetic rubber (flexible), thermoplastic or Teflon protected hose, constructed with various layers of the metal body which strengthen the hose to withstand internal and external high pressure. This tool began to be used in the early 1940s when engineers discovered that hydraulic systems were lightweight, more compact, and self-lubricating. In fact, rising application of hydraulic hose in the military has impelled the development of hydraulic machines.
The rising demand for reliable hoses ensuring the safety of workers in the industrial sector by the prevention of hose leaks or bursts drives the growth of the market for hydraulic hoses. Hydraulic hoses have contributed a share of 34% with a majority of the demand coming from an industrial sector which uses high-value premium hoses for power transmission and other purposes.
Mining is another important outlet for hydraulic hose. Mining industry accounts for over 18% share of the revenue generated by hydraulic hose. Growth of mining industry across the world, especially in Asia Pacific, Latin America and Africa, is expected to boost the demand for hydraulic hose industry in the years to come. However, less advancement in technology and the limited number of raw materials available coupled with less scope for product differentiation is likely to hamper the market growth of hydraulic hose.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of hydraulic hose.
The broad hydraulic hose market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application Market Share 2017
- Spiral Wire Hydraulic Hose
- Wire Braided Hydraulic Hose
- Engineering Machinery
- Industrial Application
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for hydraulic hose in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Hydraulic Hose Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the hydraulic hose market includes Parker, Manuli, Alfagomma, Yokohama Rubber, Gates, Bridgestone, Eaton, Semperit, HANSA-FLEX, Sumitomo Riko, Continental, RYCO, Kurt and Others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
Major Company Players Market Share
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.