Booming Construction Industry Drives Demand for Hydraulic Thermoplastic Hose and Couplings, Market to Reach US$747.2 mn by 2022

In a recent market study released by Transparency Market Research (TMR), the global hydraulic thermoplastic hose and couplings market is expected to display a modest 4.5% CAGR from 2014 to 2022. The report, titled “Hydraulic Thermoplastic Hose and Couplings Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, states that the market, with a valuation of US$504.5 mn in 2012, will be worth US$747.2 mn by 2022.

The TMR research report is a strategic examination of the course of the global market for hydraulic thermoplastic hose and couplings for the forecast period between 2014 and 2022. The study covers market growth based on applications, product types, and geography, the three main criteria on which the market is segmented.Worldwide, the rising population and urbanization, especially in Asia Pacific, have been the major reasons for the upswing in economic activities over the past years. This, in turn, has led to surging demand for commercial and residential spaces, thereby boosting demand for construction equipment such as hydraulic thermoplastic hose and couplings.

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In addition to this, in emerging economies such as Brazil and India, the adoption of newer agricultural practices is stimulating the demand for agricultural equipment, which in turn will benefit the global thermoplastic hose and couplings market. However, lack of standards for product differentiation is a major challenge faced by this sector. Due to this, intense price competition among regional manufacturers is a reason for crunching profit margins, thereby leading to fewer investments for product innovations. Hence, product enhancement, product diversification suitable for multiple applications, and expanding the potential customer base are some of the opportunities available for product manufacturers at the regional level.

In addition to this, utilization of newer thermoplastic composites that offer high tensile strength, high chemical resistance, low conductivity, and low weight, such as fluoropolymers and fiberglass, can open avenues for better market penetration.The report divides the global hydraulic thermoplastic hose and couplings market on the basis of products, applications, and regional markets.

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By application, the market is divided into agricultural equipment, construction equipment, lubrication lines, power and telephony mobile equipment, and industrial and material handling equipment, amongst others (such as blowout preventer control lines).In 2013, the segment of construction equipment, including excavators, cranes, and loaders, was the largest application segment, with a 26.1% share in the overall market. The application segment is expected to exhibit dominance and will also emerge as the fastest growing segment during the forecast period.

The report states that hydraulic couplings and hydraulic thermoplastic hoses are the two segments of the market on the basis of product. For the 2014-2022 forecast period, the hydraulic couplings market will exhibit faster growth, at a CAGR of 4.6%, as compared to the hydraulic thermoplastic hose market. Hydraulic couplings are more susceptible to damage in the hose assembly, leading to higher replacement demand.

The global hydraulic thermoplastic hose and couplings market is segmented into:

Hydraulic Thermoplastic Hose and Couplings Market, By Product Type
Hydraulic Thermoplastic Hose
Hydraulic Couplings

Hydraulic Thermoplastic Hose and Couplings Market, By Application
Agriculture Equipment
Construction Equipment

Industrial and Material Handling Equipment
Lubrication Lines
Power and Telephone Mobile Equipment
Other Applications (Blowout Preventer Control Lines, etc.)

Hydraulic Thermoplastic Hose and Couplings Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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This release was published on openPR.