HYDRAULIC RUBBER HOSE MARKET ANALYSIS

A hydraulic rubber hose is a flexible tube used in hydraulic systems for the transfer of fluids, materials, and gases. The design of a rubber hose depends on its application and performance requirements. Some of the common parameters that differentiate types of hydraulic rubber hoses are pressure rating, size, weight, chemical compatibility, and temperature rating. In general, these hoses are reinforced with steel cord, fiber cord, or other material to improve pressure resistance. However, this process also increases the stiffness of the hose. The end uses of a rubber hose range from sprinkling water in gardens to the transferring chemicals in industries.

The global hydraulic rubber hose market is estimated to be valued at US$ 959.3 million in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period (2021-2028).

Recent Developments:

1. Major companies are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in January 2020, Danfoss, a Denmark-based company, acquired Eaton Corporation’s hydraulic business for US$ 3.3 billion.
2. Key players are involved in product launches, in order to gain a competitive edge in the market. For instance, in December 2019, Gates Corporation introduced a new hydraulic hose line MegaSys MXG 4K hose.

Figure 1. Global Hydraulic Rubber Hose Market Value (US$ Mn), by Region, 2020

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Asia Pacific held dominant position in the global hydraulic rubber hose market in 2020, accounting for 39.0% share in terms of volume, followed by North America and Europe, respectively.

Market Dynamics- Drivers

1. Increasing demand from construction, industrial, and agriculture sector is expected to drive growth of the global hydraulic rubber hose market during the forecast period

Hydraulic rubber hoses are finding applications in a variety of sectors including construction, agriculture, and industrial sector. This high demand is due to advantages offered by rubber hoses over rigid pipe and tubing in certain applications. Rubber hoses have various superior features including low weight, and high shock and vibration, sound absorption, self-lubrication, and resistance to rust. Moreover, they offer excellent performance in high-pressure applications owing to their flexibility. All these properties make them the most prominent choice for industrial applications that demand high flexibility and high pressure and temperature resistance. Moreover, the demand for rubber hoses is significantly high in the agricultural sector, where they are used to transfer water and liquid fertilizers including sprays. In the construction sector, hoses are used for cleaning buildings as well as the processing of iron foundries, metal surfaces, and underground structures. Therefore, these factors are expected to drive growth of the global hydraulic rubber hose market during the forecast period.

2. Rising need to improve operational efficiency is expected to propel the global hydraulic rubber hose market growth over the forecast period

There is a major need for improvement in operational efficiency across industries. Hoses are used within an industry for the transfer of air and fluids from one part of a production plant to another. These hoses need to handle a variety of potentially volatile materials during their operation. Rupturing, cracking, or leaking in these hoses may cause downtime for repair or preventive maintenance, which leads to a loss of money and time. A dysfunctional hose creates efficiency issues and thus the reliability of rubber hoses in industrial environments is highly important. Therefore, these factors are expected to propel the global hydraulic rubber hose market growth over the forecast period.

Market Opportunity

1. Automotive sector can present lucrative growth opportunities in the global hydraulic rubber hose market during the forecast period

In automotive applications, a variety of hose types are used to transfer fuel, oil, and water between different automotive parts. Some of the important types used in automotive applications are the engine, fuel line, fuel injection, air conditioner, power steering, and brake hoses. The automotive industry is witnessing high growth and is anticipated to register significantly high expansion in the coming years, owing to high demand from developing economies in Asia Pacific. Thus, high demand for hoses from the automotive sector offers a potential opportunity for the hydraulic rubber hose market. Moreover, prominent players in the hydraulic rubber hose market such as Koman Hydraulic Co., Ltd, and Parker Hannifin Corp. are focusing on expanding their portfolio in automotive hoses.

2. Rising modernization of agriculture sector can provide major business opportunities in the global hydraulic rubber hose market

The agriculture industry is expanding and changing rapidly with advancements in technology. As a result of the demand for hydraulic rubber hose is increasing rapidly. Key companies in the market can capitalize on these opportunities by offering novel and suitable products for the agriculture sector and gain a competitive edge in the market.

Market Trends

1. North America Trends

Among regions, North America is expected to witness significant growth in the global hydraulic rubber hose market during the forecast period. This is owing to rising demand for industrial hoses in the U.S. Furthermore, extensive oil exploration and industrialization is expected to boost the regional market growth over the forecast period.

2. Asia Pacific Trends

Asia Pacific is expected to continue to remain the largest market by the end of the forecast period. Demand from this region primarily comes from China and India because of their growing agricultural, construction, and industrial sectors. Asia Pacific would also remain the fastest-growing market over the forecast period. Product enhancement is a key strategy that has increased the demand for hydraulic rubber products. Moreover, significant demand also comes from the need to replace hoses due to wear and tear. Product diversification is another key strategy in the market since a variety of hoses, such as air hoses, fuel hoses, and steam hoses are in demand from various end-use industries.

Figure 2. Global Hydraulic Rubber Hose Market Share, By Application, 2020

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Key Takeaways of the Graph:

• The Construction Machinery held dominant position in the market and accounted for 25.8% share in the global hydraulic rubber hose market in 2020. The segment is expected to reach US$ 0 million in 2028.  Owing to increasing demand of hydraulic rubber hose in construction business.

Market Restraint

1. Competition from hoses made from thermoplastics is expected to restrain growth of the global hydraulic rubber market during the forecast period

Hydraulic rubber hoses find major use in high-pressure industrial applications. However, this variety of hose is facing stiff competition from its thermoplastic counterpart, which is witnessing high rates of adoption owing to its superior properties. Some of the primary disadvantages of rubber hoses are that they are heavier than plastic hoses (for the same capacity), lose their shape in oil, have a low tolerance to certain fluids and chemicals, and have high electrical conductivity, presenting a hazard in some applications. Moreover, rubber hoses are lacking in properties such as chemical compatibility, abrasion resistance, and corrosion resistance in comparison to their thermoplastic counterparts. Hence, these factors are expected to restrain growth of the global hydraulic rubber hose market during the forecast period.

2. Lack of technical expertise is expected to hinder the global hydraulic rubber hose market growth over the forecast period

Production of hydraulic rubber hoses requires skilled personnel. Currently, there is a lack of skilled personnel, especially in emerging economies. These hoses need to be designed meticulously and therefore, it requires technical expertise. Thus, these factors are expected to hinder the global hydraulic rubber hose market growth over the forecast period.

Competitive Section

Major companies operating in the global hydraulic rubber hose market are Parker Hannifin Corp., Koman Hydraulic Co., Ltd., RYCO Hydraulics, Eaton (Synflex), Gates Corporation, Kurt Manufacturing, HIC International Co., Polyhose India Pvt. Ltd., Manuli Rubber Industries, Transfer Oil S.p.A, and Piranha Hose Products, Inc.