Hydraulic Thermoplastic Hose and Couplings Market to be at Forefront | 2022
The
global market for thermoplastic hydraulic hose and couplings features
a highly fragmented competitive landscape, reports TMR in a recent
market research report. Leading manufacturers in the market are
focusing on strengthening their product portfolio and global reach.
Regional markets with high growth prospects and relatively cheaper
raw material and labor costs are at the focal point of such expansion
strategies. Therefore, countries such as India and China have
witnessed a vast rise in manufacturing capacities for hydraulic
thermoplastic hose and couplings in the past few years.
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Market Research estimates that the global hydraulic thermoplastic
hose and couplings market will expand at a healthy pace over the next
few years. The market is expected to rise from a valuation of
US$543.9 mn in 2015 to US$747.2 mn by 2022 in terms of revenue.
Some
of the key vendors in the market are Parker Hannifin Corporation,
Gates Corporation, Eaton Corporation Plc., Manuli Rubber Industries
S.p.A., Nitta Corporation of America, Polyhose India Pvt. Ltd., RYCO
Hydraulics Pty Ltd., and Poly Flow LLC.
Rise
in Construction Activities and Superiority of Thermoplastic Hose and
Couplings over Rubber Equivalents to Drive Demand
The
rapid influx of people in urban areas globally has resulted in the
increased need for new construction projects and development of basic
infrastructure for roads, water, sewage and electricity. The
resultant boom in construction activities, especially in emerging
economies, in the past few years has led to a significant rise in
demand for a variety of construction equipment. Furthermore, the
rising investments in infrastructure development by governments
across BRICS countries have also boosted the global growth prospects
of construction equipment such as hydraulic thermoplastic hose and
couplings.
Along
with these factors, the superiority of thermoplastic hose and
couplings for hydraulic applications over rubber- and metal-based
products have encouraged the increased adoption of the former in most
hydraulic applications in the past years. Thermoplastic products have
higher resistance to ultraviolet light and corrosion, higher chemical
compatibility, and much higher flexibility even at low temperatures
compared to their rubber and metal equals, granting them an extended
service life. Thermoplastic hose and couplings are also 70% light in
weight as compared to rubber and metal assemblies, making them much
easier to route onto any hydraulic equipment.
High
Maintenance Costs and Need for Continual Checks at Regular Intervals
Restrain Large-scale Adoption
Hydraulic
hose assemblies are mostly used across applications and operations
that feature extreme operational environment, such as high
temperature and pressure. To avoid failure in hose assembly, which
may result in production downtime at an industry or stalled
operations at construction sites, timely maintenance of hose
assemblies is must. Timely maintenance activities are also highly
essential to ensure longer workable life of hydraulic hose
assemblies.
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The
high cost incurred in undertaking maintenance activities such as
cleanups and repairs is one of the key restraints limiting the
overall growth of the global hydraulic thermoplastic hose and
coupling market. However, owing to the vast benefits of thermoplastic
hose and couplings over rubber and metal products will continue to
drive their global demand. TMR analysts suggest that the impact of
this restraint will remain moderate over the near future.
Asia
Pacific to Retain Leading Stance in Global Market
Geography-wise,
Asia Pacific is presently the leading revenue generator for hydraulic
thermoplastic hose and couplings and is expected to remain the
dominant regional market in the near future as well.
In
2015, Asia Pacific contributed US$215.84 mn to the revenues of the
global market. Vast rise in construction activities and demand for
mechanization of agricultural operations will keep the demand for
hydraulic thermoplastic hose and couplings high in the region in the
next few years as well. In terms of product variety, the segment of
hydraulic thermoplastic hose leads, accounting for over 80% of
market’s overall revenues.
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