May 04, 2020
As per the report titled ‘Global Hydraulic hose and fitting Market Size study, by Product (Reinforced, Coiled, Articulated, Corrugated), by End user (Agriculture, Material Handling, Construction, Oil & Gas, Transportation, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global hydraulic hose and fitting market was valued at USD 1346.69 million in 2018 and is projected to register 5.5% CAGR through 2026.
Hydraulic hose fittings link hose to valves, cylinders, pumps, and other components in a hydraulic system. These products secure connections and aid in directing flow of the hydraulic fluid for maintaining pressure in the required areas. Ongoing infrastructure development, alongside surging demand for building modernization are fueling the growth of worldwide hydraulic hose and fitting market.
Widespread usage of hydraulic hose and fittings across the agriculture sector in machines including tractors and haying, as well as to perform various tasks for fluid conveyance are enhancing the market outlook. In construction sector, heavy machineries such as loaders, excavators, and bulldozers are extensively used and come with actuators attached to moving sections that require flexible plumbing which is supporting the hydraulic hose & fitting market share.
As per Statista, global construction expenditure totaled USD 11.4 trillion in 2018. Extensive use of construction equipment such as crawler dozers, aerial work platforms, crawler excavators, and wheel loaders along with increasing investment in construction industry will continue to foster the market growth for years to come. However, strict government compliances are expected to hamper the growth of hydraulic hose & fitting market over the forecast period.
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Considering the geographical landscape, global hydraulic hose and fitting industry is split into Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe market is slated to exhibit strong CAGR over the forecast timeline. Thriving construction sector along with development of both residential and commercial spaces is supporting the regional market expansion.
Prominent players operating in global hydraulic hose and fitting market are The Yokohama Rubber, Bridgestone, Parker Hannifin Corp., GATES Corporation (acquired by Tomkins plc), Manuli Hydraulics, ALFAGOMMA, Eaton Corporation Inc., Continental AG, Ouya Hose Corporation, and RYCO Hydraulics.