Press release
Global Hydraulic Hose Market to be Driven by the Increasing Demand from the End Use Industries in the Forecast Period of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size (2020): USD 1.98 Billion
Forecast CAGR (2021-2026): 4.35%
Forecast Market Size (2026): USD 2.56 Billion
The major factors that propel the hydraulic hose market include the growing demand for hydraulic hose in various industries such as mining, agriculture, and growing construction activities across the globe. The hydraulic hoses provide various benefits to these industries such as cost-effectiveness, being better able to absorb shock and vibration, easier to route and install, dampening pressure surges and others.
The significant application of hydraulic hoses in hydraulic machines can create strong low-speed torque and manage the speed and movement of machines with extreme accuracy that further encourages the demand for hydraulic hoses in various end-use industries. The ongoing construction projects worldwide are likely to propel 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, the growing usage of hydraulic hoses in the military and industrial sectors has also raised the demand for the product.
Industry Definition and Major Segments
Hydraulic hoses are used to transport hydraulic fluid from one hydraulic system to another. These are equipped with the necessary connectors and are used to convey fluid / fluid power within a hydraulic system while maintaining high pressure. Hoses are generally flexible, but they are frequently reinforced with multiple layers because hydraulic systems frequently work at very high or high pressures, and they are utilised in machinery and equipment for lifting, hoisting, compressing, shearing, extending, moulding, and other applications. These are used in a variety of industries, including manufacturing, agriculture, and construction.
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By product, the market is divided into:
Reinforced
Corrugated
Coiled
Others
The leading application of the market includes:
Agriculture
Construction
Material Handling
Others
On the basis of region, the industry is divided into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The rise in agriculture activities, along with the advancement in the industry such as harvesters, tractors, transport vehicles, and other machinery in emerging economies, provides significant growth opportunities to the hydraulic hose market. Technological developments in core construction and infrastructure industries are expected to increase demand for the hydraulic hose market owing to increasing industrialisation.
The use of hydraulic hoses in transporting petroleum oil and liquids with high-water contents in several industrial applications is further driving the market growth. During the forecast period, the global hydraulic hoses market is predicted to rise due to an increase in manufacturers' research and development activities and the expansion of key hydraulic hose manufacturers in developing economies. The rapid development and increasing investment in the construction sector are key factors driving the growth of the hydraulic hose market.
Key Market Players
The major players in the market are Parker-Hannifin Corporation, Eaton Corporation plc, Bridgestone Corporation, RYCO Hydraulics Pty Ltd, and ContiTech AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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