USD 10.49 billion
Report ID:
SQMIG20I2062 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
34
|Figures:
74
Global Hydraulic Hoses Market size was valued at USD 10.49 billion in 2022 and is poised to grow from USD 11.01 billion in 2023 to USD 16.27 billion by 2031, growing at a CAGR of 5% during the forecast period (2024-2031).
The majority of the population around the world works mostly in agriculture with industrialization which drives the market growth. Also, the increasing demand for food consumption has helped the agricultural sector to increase crop production, which has increased the demand for hydraulic hoses. The increase in the construction of green buildings has a significant impact on the hydraulic hose market. These hoses operate in critical environments that cause damage such as abrasion, tearing, and premature failure. For high-pressure transfers, hydraulic hoses are best suited and operate at pressures in the millions of psi. Hoses supply a wide range of applications, thus it is becoming an essential component for various industries.
The availability of substitutes, an increase in construction activity, and a significant need for hydraulic equipment all lead to market growth. However, high production and maintenance costs, as well as increased concerns about oil leaks, hamper market expansion.
US Hydraulic Hoses Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.49 billion
Largest Segment
Spiral wire hydraulic hose
Fastest Growth
Spiral wire hydraulic hose
Growth Rate
5% CAGR
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Hydraulic Hoses Market is segmented on the basis of type, application and region. On the basis of type, global Hydraulic Hoses Market is segmented into, wire braided hydraulic hose and spiral wire hydraulic hose. On the basis of application, global Hydraulic Hoses Market is segmented into engineering machinery, mining industry and industrial use. On the basis of region, global Hydraulic Hoses Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Hydraulic Hoses Market Analysis by Type
On the basis of type, global hydraulic hoses market is segmented into, wire braided hydraulic hose and spiral wire hydraulic hose. On the basis of the type segment, the wire braided hydraulic hose segments have a major revenue share in the market and is expected to maintain its dominance over the forecast period. The spiral wire hydraulic hose segment is expected to have the highest CAGR of over 5% due to increasing demand for four to six-wire spiral braided hydraulic hoses in high-pressure applications. It is mostly used in mining, heavy construction equipment, trucks and agriculture machinery.
Hydraulic Hoses Market Analysis by Application
On the basis of application, global hydraulic hoses market is segmented into engineering machinery, mining industry and industrial use. On the basis of the application segment, the engineering machinery segments have a significant revenue share and are expected to maintain its dominance over the forecast period. The engineering machinery segment has the highest CAGR due to the growing demand for construction equipment for new construction and development projects, especially in countries like Europe and Asia Pacific.
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On the basis of region, global hydraulic hoses market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the global market in 2022. The region has a well-established manufacturing base for hydraulic equipment and component suppliers. This region provides easy access to raw materials and skilled labour for manufacturing operations. Also, the strong presence of key players in North America boosts the growth of global market in the region. Increasing growth in construction and manufacturing industries in the region is driving the demand for hydraulic hose North America.
Asia Pacific is expected to be fastest growing market during the forecast period. China and India have growing agricultural, construction, and industrial sectors. Rapid development & increasing investment in the construction sector are key factors driving the growth of global market in the APAC region. Increasing government initiatives and spending on affordable housing schemes, as well as increasing private spending on the development of new high-end construction projects, are the major factors driving the market expansion.
Europe accounts for a significant share of the global hydraulic hose market. Demand for hydraulic hose is expected to increase in the Europe region, due to its use in various machinery and equipment used in agriculture, forestry, and the manufacturing sector, as well as in marine, mining, and tunnel boring. Rapidly growing demand for hydraulic hoses from various end-use industries, manufacturers are focusing on increasing production capacity, which led to the growth of the market in the region.
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Hydraulic Hoses Market Driver
Industrial hoses of PVC material are becoming popular in automotive, pharmaceuticals, infrastructure, oil & gas, food & beverages, mining, and agriculture industries for manufacturing and using tubes and pipes for the transportation of air, water, chemicals and fluids from one end to another. The demand is increased due to their wide range of applications, such as mineral oils, water, technical and domestic gases, steam, and fuels. The high demand for PVC hoses material drives global hydraulic hose market.
The application of industrial hoses includes moving fluids, chemicals, air, water, oil, and other materials from one place to another. Customers must evaluate a variety of key characteristics before selecting hoses including failure, permeability, chemical compatibility, temperature, external environment, and vacuum, which is fuelling the demand for durable hoses in the market.
Hydraulic Hoses Market Restraint
Hydraulic hoses are used in a variety of industries to improve operating efficiency and transmit fuels, chemicals, bulk materials, and air, from one place to another place. However, hydraulic hoses have various challenges in environments such as temperature range, and this factor affects the overall performance and efficiency of the system. This factor hampers the growth of global hydraulic hoses market.
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Global hydraulic hoses market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of Global hydraulic hoses market.
Hydraulic Hoses Market Top Player's Company Profiles
Hydraulic Hoses Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global hydraulic hoses market analysis, the spiral wire hydraulic hose segment is expected to have the highest CAGR of over 5% due to increasing demand for four to six-wire spiral braided hydraulic hoses in high-pressure applications. Braided hoses are used for high pressures requiring tight bend radii, whereas spiral hoses are best for very high-pressure, high-impulse applications.. High production and maintenance costs, as well as increased concerns about oil leaks, hamper market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 10.49 billion |
Market size value in 2031 | USD 16.27 billion |
Growth Rate | 5% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Hydraulic Hoses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydraulic Hoses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydraulic Hoses Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydraulic Hoses Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG20I2062