The Hydraulic Hose Market is likely to grow at a significant CAGR of 4.3% during 2023-2028, to reach US$ 7.7 Billion in 2028, states Stratview Research.
DETROIT, Dec. 11, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the hydraulic hose market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | US$ 7.7 Billion in 2028 |
Growth (CAGR) | 4.3% during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2016-2021 |
Base Year | 2022 |
Number of Segments Covered | 6 |
Number of Tables & Graphs | 70+ |
Country-Level Market Assessment | 20 |
Segment Insights on the Hydraulic Hose Market
The hydraulic hose market is segmented based on end-use industry type, reinforcement type, pressure type, tube material type, pressure system type, and region.
Based on end-use industry type- The market is segmented into agriculture, construction, industrial/manufacturing, mining, transportation, oil & gas, and others. The construction industry dominates the hydraulic hose market, driven by factors such as growing urbanization, rapid investment towards infrastructure developments, and economic growth. Hydraulic hoses in the construction industry are used in equipment, such as excavators, dump trucks, loaders, bulldozers, and pavers, to withstand the pressures necessary for lifting heavy loads of construction materials.
Based on reinforcement type- The market is segmented into wired-braided hoses, spiral-wired hoses, and textile-braided hoses. Wired-braided hoses are expected to remain the largest segment of the market during the forecast period, owing to increasing demand from medium- and high-pressure applications such as construction equipment, heavy-duty trucks, and fleet vehicle applications.
Moreover, wired-braided hydraulic hoses provide burst resistance as well as flexibility, making them a preferable choice for a wide array of industries. Spiral-wired hoses are expected to witness the highest growth during the forecast period, owing to increasing demand from applications where extremely high pressure is encountered, such as heavy-duty machinery like mining excavators and off-road dump trucks.
Based on pressure type- The market is segmented into low-pressure hoses (less than 300 psi), medium-pressure hoses (300 to 3000 psi), high-pressure hoses (3000 to 6000 psi), and extremely high-pressure hoses (more than 6000 psi). High-pressure hoses are expected to maintain their dominance during the forecast period driven by increasing demand for high-pressure applications from the agriculture, manufacturing, mining, and construction industry.
Based on material type- The market is segmented into elastomer/rubber hoses, thermoplastic hoses, and others. Elastomer/rubber hoses held the largest share of the market. Elastomer/rubber hoses are in demand owing to their flexibility and provide excellent resistance to a variety of fluids, such as mineral oils, water, and petroleum products.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that Asia-Pacific is expected to remain the largest market for hydraulic hoses over the forecast period. In addition to that, the region is also likely to witness the highest growth in the coming years.
This growth is majorly attributed to the following -
- Major factors, such as increasing construction activities owing to rapid urbanization and economic growth, expanding industrial sector, and huge capital investments towards automation and reducing carbon emissions are driving the growth of the hydraulic hose market in the region.
- China, India, South Korea, Japan, and ASIAN countries are the key economies playing a vital role in the region's market.
Hydraulic Hose Market Drivers
Some of the key drivers listed in the report are given below.
- The growing construction industry, expanding transportation industry, increasing capital expenditure in the mining industry, and surge in investment towards infrastructure development.
- In addition, growth in the agriculture industry, modernization in agriculture equipment, and rapid urbanization and industrialization.
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Top 10 Companies in the Hydraulic Hose Market?
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the hydraulic hose market:
- Gates Corporation
- Danfoss
- Sumitomo Riko Company Limited
- Parker-Hannifin Corp.
- Bridgestone Corporation
- Continental AG
- Alfagomma S.p.A
- Semperit Group
- Manuli Rubber
- Yokohama Rubber
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth Analysis of the Hydraulic Hose Market |
How lucrative is the future? | Market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market segment analysis and forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirements? | 10% free customization |
Related reports which might be useful:
•Aerospace Hose and Tube Assemblies Market
•Transportation Hydraulic Hose Market
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