Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The "Hydraulic Thermoplastic Hose And Couplings Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The flourishing construction industry post economic recession is one of the major factors driving the hydraulic thermoplastic hose and couplings market. Increased industrial and agricultural mechanization are also instrumental in boosting the market demand.
Superior characteristics offered as compared to rubber equivalents make thermoplastic hoses a preferred choice for hydraulic applications. These factors are expected to contribute towards a CAGR of 4.7% during the forecast period 2022 - 2030. However, issues such as lack of product differentiation and varying manufacturing standards pose moderate challenge to the market growth. The hydraulic thermoplastic hose and couplings market is expected to reach US$ 1288.5 Mn by 2030.
In terms of revenue, hydraulic thermoplastic hose was the largest product segment, accounting for over 80% of the global hydraulic thermoplastic hose and couplings market revenue in 2021. Hoses are integral components of hydraulic heavy machinery since they carry fluid required for transmitting the requisite force. Over the forecast period, hydraulic thermoplastic hose are expected to remain the major product segment, majorly supported by the growth in the industrial production, agricultural process automation, and booming construction industry.
Although hydraulic thermoplastic hose is expected to remain the major product segment, hydraulic couplings are expected to witness comparatively higher growth during the forecast period 2022 - 2030. Hydraulic couplings being more vulnerable to damage than any other component in the hydraulic assembly are expected to witness greater replacement demand than hydraulic thermoplastic hoses. Couplings play a crucial role in connecting two hoses.
As such, vigilant selection and installation of couplings is necessary to curb maintenance expense and reduce machine downtime. In addition, superior benefits offered including light weight, easy installation and mounting, and better resistance to environmental conditions have made couplings the preferred connecting component over the traditional nut and bolt joints for hydraulic applications.
Construction equipment/machinery including earth movers, excavators, loaders, and tractors make widespread use of hydraulic hoses to carry fluid necessary for transmitting force throughout the machinery. In 2021, construction equipment/machinery was the largest application segment in the hydraulic thermoplastic hose and couplings market, accounting for over one fourth of the global market revenue.
Swift recovery by the construction industry post economic recession in developed economies (North America and Europe) coupled with the infrastructural development in emerging economies is expected to drive demand for construction equipment, which, in turn is expected to support the demand for hydraulic thermoplastic hoses and hydraulic couplings.
As such, construction equipment application segment is anticipated to exhibit maximum growth, outpacing all other application segments over the forecast period 2022 - 2030. On the other hand, industrial and material handling segment is all set to witness robust demand over the forecast period. The growth in industrial output is expected to boost the demand for industrial and material-handling machinery across the globe.
In 2021, Asia Pacific was the largest hydraulic thermoplastic hose and couplings market in terms of both revenue and volume. China was the largest hydraulic thermoplastic hose and couplings market in the Asia Pacific followed by India and Japan. The dominance can be credited to the booming construction industry resulting in increased infrastructural development in the region.
The demand for hydraulic products in the region can also be attributed to the growing demand for automation in agricultural operations. Developed markets including North America and Europe have witnessed stagnant growth in the recent years due to the economic recession. However, with markets showing economic stability, the construction industry in these regions is poised to regain its original growth levels, offering the necessary push to the market growth, especially in the first half of the forecast period.
Key Topics Covered:
2. Executive Summary
3. Hydraulic Thermoplastic Hose And Couplings Market: Business Outlook & Market Dynamics
4. Hydraulic Thermoplastic Hose And Couplings Market: By Application, 2020-2030, USD (Million)
6. North America Hydraulic Thermoplastic Hose And Couplings Market, 2020-2030, USD (Million)
7. UK and European Union Hydraulic Thermoplastic Hose And Couplings Market, 2020-2030, USD (Million)
8. Asia Pacific Hydraulic Thermoplastic Hose And Couplings Market, 2020-2030, USD (Million)
9. Latin America Hydraulic Thermoplastic Hose And Couplings Market, 2020-2030, USD (Million)
10. Middle East and Africa Hydraulic Thermoplastic Hose And Couplings Market, 2020-2030, USD (Million)
11. Company Profile
Parker Hannifin Corporation
Transfer Oil S.p.A
Polyhose India Pvt. Ltd.
RYCO Hydraulics Pty Ltd.
Dyna Flex Inc.
Kurt Manufacturing Co. Inc.
MAC Tubi S.p.A
Piranha Hose Products Inc
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