Albany - NY, Aug. 28, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Hydraulic Rubber Hose Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2022", the market for hydraulic rubber hoses globally is forecast to reach US$ 1,002 Mn by 2022. The key factor driving the growth of global hydraulic rubber hose market is the increasing demand from construction, agriculture and industrial sectors.
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The global hydraulic rubber hose market was valued at US$ 697.8 Mn in 2013 and the market is anticipated to grow at a CAGR of 4.2% during the period from 2014 to 2022 to reach an estimated value of US$ 1,002 Mn by 2022. Currently, hydraulic rubber hoses are witnessing high demand from construction and industrial sectors. The availability of hoses that can withstand challenging environment at the construction sites is the major factor responsible for high demand for hydraulic rubber hoses in this sector. Moreover, industrial sector demands reliable hoses that can ensure the safety of workers by preventing hose bursts and leaks. The market has also been witnessing demand from replacement of old hoses since they have a limited lifespan.
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Based on geographic regions, the hydraulic rubber hose market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. In terms of regional adoption, Asia Pacific held the highest market share in the global hydraulic rubber hose market in 2013. This dominance is attributed to the high growth in construction activities that has led to increase in the number of construction projects.
The hydraulic rubber hose market is highly fragmented and no player has strong hold on the global market. Key manufacturers of hydraulic rubber hoses continuously strive to bring innovative products that meet the varying needs of individual industries. These prominent players are also focusing on strengthening their distribution network and thereby increase their global presence. Some of the key players in the global hydraulic rubber hose market include Polyhose India Pvt. Ltd., RYCO Hydraulics, Gates Corporation, HIC International Co., Manuli Rubber Industries, Piranha Hose Products, Inc., Transfer Oil S.p.A., Parker Hannifin Corp., Kurt Manufacturing, Eaton (Synflex), Koman Hydraulic Co., Ltd. among others.
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This report analyzes the global hydraulic rubber hose market in terms of revenue (US$ Mn). The market has been segmented as follows:
Hydraulic Rubber Hose Market, by Application:
- Agriculture Machinery
- Lubrication Lines
- Construction Machinery
- Industrial and Material Handling Equipment
- Power and Telephony Mobile Equipment
- Others (Hydraulic Lifts, Blowout Preventer Control Lines, etc.)
Hydraulic Rubber Hose Market, by Type:
Standard Hydraulic Rubber Hose
- High Pressure Rubber Hose
- Medium Pressure Rubber Hose
- Low Pressure Rubber Hose
Others (Water Blast Hose, Fuel Hose, etc.)
Hydraulic Rubber Hose Market, by Geography:
- North America
- Middle East and Africa (MEA)
- Latin America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research