Hydraulic Hose and Couplings Market Likely to Inflict Positive Growth Trend During 2018-2027 | Key Players are Bridgestone Corporation, Parker Hannifin Corporation, Alfagomma Spa, etc.
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The global market for hydraulic hose was valued at US$ 9.8 Bn in 2017. The market is forecast to expand at a CAGR of 5.23% by value during the forecast period, 2018-2027. Hydraulic hose is the replacement of the rigid pipes specially designed to transfer fluid to or among different hydraulic components such as actuators, valves, and tools. The industrial hydraulic system usually operates at high pressure, and therefore, the hydraulic hose is often reinforced with several construction layers and are flexible. The important parameters such as dimension, construction options, performance specifications, and features are required for the hydraulic hose to use in different end-use industry. The dimensional parameters important for hydraulic hose selection are outside and inside diameters and minimum bend radius.
Drivers & Restraints
The growth of the evergreen agriculture industry which is replacing traditional to mechanized agriculture processes is likely to create a growth opportunity for the hydraulic hose market. The hydraulic hose is widely used for various agriculture purposes mainly irrigation equipment. The modernization in agriculture equipment and requirement of hydraulic hose in the agriculture industry is expected to grow in the near future. The agriculture industry growth in countries such as the US, China, India, and Australia with a significant pace is likely to drive the growth of the hydraulic hose market in the forecast period.
The requirement of hydraulic hose for high-pressure hydraulic oil lines in agriculture, machine tool and construction industry is likely to contribute to the growth of the market.
In the mining industry, the hydraulic hose is used in different equipment such as dozers, hydraulic shovel, scrappers, drill rigs, haul trucks, hydraulic shovels, and water trucks. The hydraulic hose provides the required working pressure to different machines. The hydraulic hose is used for both surface mining and under growing mining processes. The growing mining industry is anticipated to contribute to the significant growth of the hydraulic hose market.
The main application of the hydraulic hose is to surge pressure as required according to the work conditions. The hydraulic hose is used by hydraulic machines to create low-speed torque and maintain speed and movement of the machines. Hydraulic hoses are used for different purposes including the reduction in the effects of vibration or providing the movement gap between two port locations. Moreover, the hydraulic hose can also be used for ease of installation or availability of hose manufacturing equipment.
The growing construction industry equipment also inclines for the use of hydraulic hose in machines such as bulldozers, backhoes, wheel loader, and excavators and others. The demand for the hydraulic hose is estimated to grow at a substantial rate from the construction industry owing to the requirement of high operating pressure and maximum abrasion resistance to the equipment. Moreover, the demand driven from the other end-use industries such as transportation industry is likely to boost the market growth in the forecast period.
North America, prominent Producer and Consumer of the Hydraulic Hose
North America is estimated to account for considerable value share in the global hydraulic hose market in the year 2017, and the market share (US $) is anticipated to get near about one and half times during the forecast period, 2018-2027. The continent is steered by the maximum production of hydraulic hose and will continue to demand maximum for hydraulic hose. Moreover, the growth of construction and agriculture industry in the APEJ region is likely to boost the overall market. A market value gets almost double in 2027 makes the Asia Pacific the behemoth in the hydraulic hose market across the globe
Agriculture Industry to be Most Popular End-Use Application Industry in the Hydraulic Hose Market
Among the different end-use application industry of the Hydraulic Hose market agriculture industry end use application have quite more share than the construction and mining end use application which is probably growing with modest growth rate during the forecast period, however transportation industry shows considerable growth rate over the forecast period in hydraulic hose market by the end of 2027.
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