Global Hydraulic Rubber Hose Market: Snapshot
The demand for hydraulic rubber hoses is increasing considerably in the industries of construction, agriculture, and automotive. These industries are quickly realizing the advantages that the flexibility of hydraulic rubber hose can provide over conventional pipes made of metal or plastics. Additional advantages such as lower weight in low and medium-pressure applications, better sound absorption, and rust resistance put hydraulic rubber hose ahead of all other pipes for most users. The advantages of hydraulic rubber hoses also put it in favor of industries that are facing the crunch of staggering production demands. The need to increase operational efficiency has driven most industries to look every place they can to increase efficiency, including the use of hydraulic rubber hoses.
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There is, however, a moderate level of competition that hydraulic rubber hose manufacturers face from thermoplastic pipes. The latter can be much more efficient and reliable in high-pressure industrial applications and takes up a significant amount of demand in that area.
The resultant effect on the global market for hydraulic rubber hoses is a CAGR of 4.2% from 2014 to 2024. This market is expected to be valued at US$779.8 mn by the end of 2016 and US$1 bn by 2024.
Asia Pacific Demand for Hydraulic Rubber Hoses to Remain Dominant
In terms of geography, the demand for hydraulic rubber hoses is currently led by Asia Pacific. It is expected to retain its lead till 2024. Factors attributing to the high demand for hydraulic rubber hose in Asia Pacific are being a majorly agrarian region and the rapid rates of industrialization that are boosting the rate of construction and automobile production. This applies specially to India and China where the rate of construction is particularly high. Government focus on farm irrigation and stronger water conservation tactics are also expected to up the demand for hydraulic rubber hoses in Asia Pacific in the near future.
The demand for hydraulic rubber hoses in North America witnessed a steep fall in the recent past owing to the recession and consequent reduction in industrial development. The region has since then shown a slow and steady improvement in the demand for hydraulic rubber hoses. Europe has seen a similar fall in demand after the 2012 debt crisis, but has shown a steady increase in demand due to a growing demand for agricultural efficiency.
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Demand for Hydraulic Rubber Hoses in Construction and Agriculture Industries on the Rise
The demand for hydraulic rubber hoses has been so far dominated by the construction industry. By the end of 2024, the construction industry is expected to provide 26% of the overall demand for hydraulic rubber hoses. This is attributed to the enormous demand for industrial and residential construction projects across the world.
There is also a high scope of growth of hydraulic rubber hoses in improving agricultural process efficiency and the demand for agricultural machinery. The drastic increase in food consumption has driven the global agriculture industry to improve crop yield, and one of the ways to do it is to implement flexible hydraulic rubber hoses.
The key manufacturers of hydraulic rubber hoses in the world include Polyhose India Pvt. Ltd., RYCO Hydraulics, HIC International Co., Gates Corporation, Manuli Rubber Industries, Piranha Hose Products, Inc., Transfer Oil S.p.A., Parker Hannifin Corp., Kurt Manufacturing, Eaton (Synflex), and Koman Hydraulic Co., Ltd.
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