Demand for Mechanization of Agricultural Operations to Drive Global Thermoplastic Hose and Couplings Market, reports TMR

The global market for thermoplastic hydraulic hose and couplings features a highly fragmented competitive landscape, reports TMR in a recent market research report. Leading manufacturers in the market are focusing on strengthening their product portfolio and global reach. Regional markets with high growth prospects and relatively cheaper raw material and labor costs are at the focal point of such expansion strategies. Therefore, countries such as India and China have witnessed a vast rise in manufacturing capacities for hydraulic thermoplastic hose and couplings in the past few years.

Transparency Market Research estimates that the global hydraulic thermoplastic hose and couplings market will expand at a healthy pace over the next few years. The market is expected to rise from a valuation of US$543.9 mn in 2015 to US$747.2 mn by 2022 in terms of revenue.

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Some of the key vendors in the market are Parker Hannifin Corporation, Gates Corporation, Eaton Corporation Plc., Manuli Rubber Industries S.p.A., Nitta Corporation of America, Polyhose India Pvt. Ltd., RYCO Hydraulics Pty Ltd., and Poly Flow LLC.

Rise in Construction Activities and Superiority of Thermoplastic Hose and Couplings over Rubber Equivalents to Drive Demand

The rapid influx of people in urban areas globally has resulted in the increased need for new construction projects and development of basic infrastructure for roads, water, sewage and electricity. The resultant boom in construction activities, especially in emerging economies, in the past few years has led to a significant rise in demand for a variety of construction equipment. Furthermore, the rising investments in infrastructure development by governments across BRICS countries have also boosted the global growth prospects of construction equipment such as hydraulic thermoplastic hose and couplings.

Along with these factors, the superiority of thermoplastic hose and couplings for hydraulic applications over rubber- and metal-based products have encouraged the increased adoption of the former in most hydraulic applications in the past years. Thermoplastic products have higher resistance to ultraviolet light and corrosion, higher chemical compatibility, and much higher flexibility even at low temperatures compared to their rubber and metal equals, granting them an extended service life. Thermoplastic hose and couplings are also 70% light in weight as compared to rubber and metal assemblies, making them much easier to route onto any hydraulic equipment.

High Maintenance Costs and Need for Continual Checks at Regular Intervals Restrain Large-scale Adoption

Hydraulic hose assemblies are mostly used across applications and operations that feature extreme operational environment, such as high temperature and pressure. To avoid failure in hose assembly, which may result in production downtime at an industry or stalled operations at construction sites, timely maintenance of hose assemblies is must. Timely maintenance activities are also highly essential to ensure longer workable life of hydraulic hose assemblies.

The high cost incurred in undertaking maintenance activities such as cleanups and repairs is one of the key restraints limiting the overall growth of the global hydraulic thermoplastic hose and coupling market. However, owing to the vast benefits of thermoplastic hose and couplings over rubber and metal products will continue to drive their global demand. TMR analysts suggest that the impact of this restraint will remain moderate over the near future.

Asia Pacific to Retain Leading Stance in Global Market

Geography-wise, Asia Pacific is presently the leading revenue generator for hydraulic thermoplastic hose and couplings and is expected to remain the dominant regional market in the near future as well.

In 2015, Asia Pacific contributed US$215.84 mn to the revenues of the global market. Vast rise in construction activities and demand for mechanization of agricultural operations will keep the demand for hydraulic thermoplastic hose and couplings high in the region in the next few years as well. In terms of product variety, the segment of hydraulic thermoplastic hose leads, accounting for over 80% of market’s overall revenues.

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This release was published on openPR.