Albany, NY -- (SBWIRE) -- 03/23/2021 -- Global Mining Hoses Market: Snapshot
A positive outlook prevails in the global mining hoses market on the back of recovery of the mining industry post the economic recession of 2008-09. The surge in production of various minerals such as copper, iron, and gold to serve various end-use industries is acting in favor of the growth of the mining hoses market.
The booming construction sector that heavily depends on industrial minerals is leading to an upsurge in the demand for mining hoses. For instance, in the U.S., rising construction activities to support the incessant economic development along with mega plans underway to build and repair the highway system is likely to display a strong demand for industrial minerals such as industrial diamond.
A report by Transparency Market Research (TMR), predicts the global mining hoses market will serve a demand to attract a revenue of US$483.4 mn by the end of 2025 at a CAGR of 7.30% during the 2017-2025 forecast period.
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Synthetic Rubber to Remain Vital Component of Mining Hoses Market
By transporting media, the global mining hoses market is bifurcated into industrial water/alkali, bulk powder, and slurry. Of them, the slurry segment currently holds leading share in the mining hoses market. The growth of this segment is attributable to the need for cost effective and environmentally responsible techniques for transporting slurry. This is because abrasive nature of the slurry can erode the pipeline that increases the risk of rupture or leak. In addition, slurry hoses are ideally suited for low-pressure and low-temperature applications where ease of maintenance are the key considerations, along with safety and reliability features. Going forward, the slurry segment is anticipated to rise at a CAGR of 7.19% for the 2017-2025 forecast period.
On the basis of material type, the mining hoses market is segmented into natural and synthetic rubber. The synthetic rubber segment is further sub-segmented into PU, NBR, SBR, and others. The others segment comprise IIR, IR, and EPDM. Of the two, the synthetic rubber segment is anticipated to account for the leading 64.1% of the market by 2025. This is mainly because synthetic rubber based mining hoses offer abrasion resistance, and superior resistance against aging and heat as compared to natural rubber based mining hoses. The segment of synthetic rubber in the mining hoses market is anticipated to rise at a CAGR of 7.19% for the 2017-2025 forecast period.
Asia Pacific to Register Leading CAGR through 2025
North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the key regions for mining hoses examined in this report. North America holds prominence in the global mining hoses market on the back of rising construction activities that display a strong demand for industrial minerals. The North America mining hoses market is projected to expand at a CAGR of 7.38% from 2017 to 2025. At this rate, the regional market will reach a valuation of US$115.9 mn by the end of 2025 from US$57.0 mn in 2015.
Asia Pacific is another key market for mining hoses; going forward the region is anticipated to clock 8.02% CAGR during the 2017-2025 forecast period. This growth is backed by the increasing production of minerals in prominent emerging economies such as China and India. China is the leading producer and consumer of various minerals in the region. Australia is the leading producer of bauxite and is third-leading after China for the production of zinc.
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Leading players operating in the global mining hoses market profiled in the report include Trelleborg Group, Metso Corporation, Continnetal Group, Weir Group plc, Novaflex Group, TESS, Hose Solutions Inc., Eaton Corporation, Goodall, and ALFAGOMMA Spa among others.
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