A hydraulic rubber hose is reinforced with steel cord, fiber cord, and other material to improve pressure resistance. The design of the rubber hose depends upon its performance requirement and application. The end uses of a rubber hose range from sprinkling water in gardens to the transferring chemicals in industries. Hydraulic rubber hoses offer a number of advantages including shock and vibration resistance, sound absorption, rust resistance, high power output, and self-lubrication.
Market Statistics:
The global hydraulic rubber hose market is expected to surpass US$ 1,375.5 Mn in terms of value by the end of 2028.
Market Driver
Growing infrastructure-related development is expected to drive growth of the global hydraulic rubber hose market during the forecast period
Infrastructure-related development has been on the rise in the recent past. This is typically due to growing population, industrialization, and urbanization, especially in emerging economies. As a result of this, the construction industry is witnessing rapid growth. In the construction industry, hoses are required for cleaning of buildings as well as for the processing of iron foundries, metal surfaces, and underground structures. The hoses are used for the conveyance of materials including cement, concrete, blasting grit, quartz powder, corundum, and aluminum oxide. In industries, hoses are used for a vast variety of applications. Therefore, these factors are expected to drive growth of the global hydraulic rubber hose market during the forecast period.
Market Opportunities
Robust growth of the automotive industry can provide major business opportunities in the global hydraulic rubber hose market
Automotive sector is witnessing massive growth due to technological advancements in the market. This is owing to high demand from developing economies in Asia Pacific. Thus, the 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. Hence, the anticipated demand from the automotive sector is one of the key opportunities for the growth of this market.
Global Hydraulic Rubber Hose Market: Recent Developments
In November 2020, Parker Hannifin introduces new thermoplastic hoses to streamline hydraulic capabilities.
In February 2020, Manuli Rubber Industries SpA (MRI), headquartered in Milan, and RYCO Hydraulics Pty Ltd (RYCO), headquartered in Melbourne, jointly announced that MRI has completed the acquisition of a majority shareholding in RYCO.
Market Restraint
Lack of product differentiation is expected to hamper the global hydraulic rubber hose market growth over the forecast period
Product differentiation extremely crucial in today’s financial climate. It enables the seller to contrast its own product with competition products in the market and focus on unique aspects that make the product superior. Currently, there is a lack of product differentiation in the market, which is leading to limited availability of products. Therefore, these factors expected to restrain growth of the global hydraulic rubber hose market during the forecast period.
Global Hydraulic Rubber Hose Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on hydraulic rubber hose market.
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https://www.coherentmarketinsights.com/market-insight/hydraulic-rubber-hose-market-4877
Key Takeaways:
- The global hydraulic rubber hose market was valued at US$ 9 Mn in 2020 and is forecast to reach a value of US$ 1,375.5 Mn by 2028 at a CAGR of 5.3% between 2021 and 2028.
- The Construction Machinery segment was valued US$ 237.1 Mn in 2020 and is expected to witness a CAGR of 4.5% over the forecast period.
- The Standard Hydraulic Rubber Hose segment was valued US$ 340.0 Mn in 2020 and is expected to witness a CAGR of 4.1% over the forecast period.
- The High Pressure Hose segment was valued US$ 157.6 Mn in 2020 and is expected to witness a CAGR of 4.3% over the forecast period.
Market Trends
- Europe Trends
Among regions, Europe is expected to witness a lucrative growth rate in the global hydraulic rubber hose market during the forecast period. This is owing to the high growth of the automotive sector in developed European countries during the forecast period. Furthermore, increasing demand for industrial hoses in Italy is expected to boost the regional market growth over the forecast period.
- Rest of the World Trends
Middle East and Africa are expected to witness significant growth in the global hydraulic rubber hose market over the forecast period. This is owing to increasing demand for industrial hoses across the region. Furthermore, the implementation of hydraulic rubber hoses in oil & gas and chemical sectors is expected to accelerate regional market growth in the near future.
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.
