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The hydraulic hose and fittings market size is estimated to grow at a CAGR of 4.81% between 2022 and 2027. The market size is forecast to increase by USD 555.79 million. The growth of the market depends on several factors such as an increase in replacement activities of hydraulic hoses and fittings, and the integration of technology with common communication protocol. Our report examines historical data from 2017 to 2021, besides analyzing the current market scenario and mechanization of agriculture and growth in the agriculture machinery market.
This report extensively covers market segmentation by end-user (construction machinery, agricultural machinery, material handling machinery, and others), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Hydraulic Hose and Fittings Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Hydraulic hoses and fittings are essential components used in industrial machines that require high speed, heavy force, and precise accuracy. They create low-speed torque and maintain machine speeds with extreme precision. However, due to their constant exposure to extreme environments, they need regular maintenance. Unfortunately, most end-user industries do not follow proper maintenance procedures, leading to equipment corrosion. A variety of factors such as flexing, twisting, or stretching hoses over a prolonged period can reduce their service life.
Similarly, prolonged exposure to extreme temperatures or fluctuations in internal pressures can also cause breakdowns. Therefore, hoses must be replaced periodically, based on the manufacturer's recommendations to prevent accidents. This creates demand for new hoses and fittings, driving the growth of the global hydraulic hose and fittings market during the forecast period.
There are uncertainties about offshore deep-water and ultra-deep-water projects in Europe and North America. However, regions such as Brazil and the Gulf of Mexico have vast oil reservoirs. As the number of drilling projects is gradually increasing, the demand for directional drilling services is likely to rise due to their wide applications. The global increase in the demand for oil and gas has led to an increased interest in unconventional resources like tight oil, shale gas, gas hydrates, coalbed methane, and underground coal gasification. These resources require drilling into the underground to release the trapped oil and gas.
Moreover, advanced well completion and stimulation methods, including hydraulic fracturing, acidizing, and other advanced techniques, are necessary for the extraction of oil and gas from unconventional sources. Hydraulic fracturing is a significant activity involved in shale gas extraction, and the increasing exploration and production (E&P) projects are expected to create significant growth opportunities for the global hydraulic hose and fittings market during the forecast period.
Rubber and steel are the two most commonly used raw materials in the manufacturing of hydraulic hoses and fittings. However, the global hydraulic hose and fittings market is highly susceptible to fluctuations in the prices of these materials. The prices of rubber are significantly affected by the demand-supply imbalance in the worldwide rubber market, leading to unpredictable fluctuations that adversely impact production costs and reduce companies' profit margins. Consequently, companies' profit margins are negatively impacted, which hinders the market's growth during the forecast period. Similarly, the price of steel is also unstable due to the fluctuating prices of raw materials and overproduction.
Furthermore, a decline in oil prices significantly influences steel prices. This unpredictability in the prices of raw materials makes it challenging for steelmakers to estimate the costs accurately, and this volatility in raw material prices poses a significant challenge to the growth of the global hydraulic hose and fittings market during the forecast period.
The market share growth by the construction machinery segment will be significant during the forecast period. Construction machinery includes excavators, compactors, concrete and cement machines, drilling rigs, and wheel loaders that are generally used in construction projects. Developed and developing economies that focus on improving their existing infrastructure are driving the demand for construction equipment.
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The construction machinery was the largest and was valued at USD 613.84 million in 2017. The growth in residential construction activities in North America, Europe, and APAC will be the major driver for this segment. Large-scale construction activities are also projected in several Asian and Middle Eastern countries, which are expected to invest billions of dollars in providing housing for the rising population. Developing countries such as India and Saudi Arabia are planning to develop smart cities in the coming years. This will further drive the demand for hydraulic equipment, such as hoses and fittings used in construction machinery. Therefore, such factors are expected to drive the growth of the segment, fueling the growth of the global hydraulic hose and fittings market during the forecast period.
Based on the distribution channel, the market has been classified into offline and online. The offline segment will account for the largest share of this segment.?The offline segment had the largest market share in the global hydraulic hose and fittings market in 2022. This is due to the prevalence of organized distribution which is increasing sales of hydraulic hoses and fittings through the offline segment. Specialty stores provide large shelf spaces and storage areas to accommodate a wide variety of hydraulic hose and fitting products, allowing buyers to choose based on their preferences. Furthermore, end-users such as construction machinery, agricultural machinery, and material handling machinery are experiencing high growth, which is expected to fuel the growth of the global hydraulic hose and fittings market through the offline segment during the forecast period.
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APAC is estimated to contribute 40% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, the hydraulic hose and fittings market is anticipated to grow at a moderately faster rate than other regions due to factors such as fast industrialization and rapid urbanization, which have led to a rise in construction activities in the region. China, India, and Japan are key countries in the regional market.
Moreover, the rapidly expanding middle-class population in these countries has significantly increased the investments in construction, agriculture, and automotive industries. Also, countries such as Thailand, South Korea, and Indonesia will also be key markets for hydraulic equipment such as hoses and fittings due to the high number of construction projects in these countries. These factors are anticipated to drive the regional market during the forecast period.
In 2020, most industrial operations in the region were negatively influenced by the outbreak of COVID-19. The large vaccination drives conducted by the governments lifted the lockdown restrictions in 2021. The demand for hydraulics hoses and fittings from non-essential industries experienced a gradual resumption of operations and the adoption of new strategies by the companies operating in these industries to recover from the effect of the COVID-19 pandemic. Consequently, the rising urbanization and industrialization in the region are anticipated to fuel the growth of the hydraulic hose and fittings market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo - The company offers hydraulic hoses and fittings such as Volvo VOE series hydraulic hoses which offer long-term leak-free performance.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including: AB Volvo, Bailey International LLC, Bridgestone Corp., Caterpillar Inc., Dyna Flex Inc, Eaton Corp. Plc, Emerson Electric Co., Enerpac Tool Group Corp., Gates Industrial Corp. Plc, Komatsu Ltd., Kurt Manufacturing Co, Manuli Hydraulics Group, Nitta Industries Europe GmbH, NRP Jones, Parker Hannifin Corp., RYCO Hydraulics Pty Ltd., Transfer Oil Spa, Wipro Ltd., Yokohama Rubber Co. Ltd., and Continental AG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The hydraulic hose and fittings market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hydraulic Hose And Fittings Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
Market growth 2023-2027 |
USD 555.79 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.93 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Bailey International LLC, Bridgestone Corp., Caterpillar Inc., Dyna Flex Inc, Eaton Corp. Plc, Emerson Electric Co., Enerpac Tool Group Corp., Gates Industrial Corp. Plc, Komatsu Ltd., Kurt Manufacturing Co, Manuli Hydraulics Group, Nitta Industries Europe GmbH, NRP Jones, Parker Hannifin Corp., RYCO Hydraulics Pty Ltd., Transfer Oil Spa, Wipro Ltd., Yokohama Rubber Co. Ltd., and Continental AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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