Albany, NY -- (SBWIRE) -- 09/28/2018 -- The vast rise in demand for new commercial and residential projects globally and the construction activities and increased mechanization of agricultural practices in emerging economies in the past few years have had a significant positive impact on the global hydraulic thermoplastic hose and couplings market. The excellent growth prospects of the market have attracted a vast number of small-, medium-, and large-scale manufacturers in the market, intensifying price competition. The need to reduce operational costs has compelled key vendors to move to emerging economies offering low-priced raw materials and labors.
Transparency Market Research states that the global hydraulic thermoplastic hose and couplings market will witness a rise in revenues from US$543.9 mn in 2015 to US$747.2 mn by 2022. Growth will be mostly driven by rising applications across industries such as construction, agriculture, and material handling in the manufacturing sector.
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Hydraulic Thermoplastic Hoses Emerge as Prominent Revenue Contributor
The market for hydraulic thermoplastic hose is presently the dominant segment in the market, accounting for a share of over 80% in the overall market in 2015. Revenue-wise, the contribution of this segment to the global market stood at US$474.73 mn in 2015 and is expected to rise to US$651.53 mn by 2022. However, owing to rising demand for replacement across aging hydraulic equipment across several applications, the overall growth of hydraulic couplings is expected to outpace that of hydraulic thermoplastic hose in the next few years.
Nevertheless, owing to the eminent revenue contribution to the global market, the segment of hydraulic thermoplastic hose will continue to remain the most influential product variety in the foreseeable future. Revenue contribution of hydraulic couplings to the global market is expected to rise to US$95.63 mn by 2022.
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Asia Pacific to Retain Leading Position, North America to Witness Healthy Growth
In terms of geography, Asia Pacific is presently the dominant regional market for hydraulic thermoplastic hose and couplings. The vast demand for these products in the region can be attributed to the vast rise in infrastructure development and new construction projects in the past few years. The market will also benefit from the increased use of hydraulic thermoplastic hose and couplings in farm and agriculture equipment as the trend of mechanization of agricultural processes gains strength.
In 2015, the revenue contribution of the Asia Pacific hydraulic thermoplastic hose and couplings to the global market stood at US$215.84 mn and is expected to rise to US$301.10 mn by 2022. North America, which presently follows Asia Pacific in terms of revenue contribution to the global market, will expand at a healthy pace over the period between 2014 and 2022 as well. Demand will be driven by the revival of the region's construction industry and increased demand for handling equipment in industrial applications.
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Some of the market's leading vendors are Gates Corporation, Eaton Corporation Plc, Parker Hannifin Corporation, Polyhose India Pvt. Ltd., Manuli Rubber Industries S.p.A., RYCO Hydraulics Pty Ltd., Poly Flow LLC, Piranha Hose Products, Inc., and Kurt Manufacturing Co., Inc.