Asia-Pacific hydraulic hose market is projected to grow at a at a CAGR of 5.8% CAGR during the forecast period (2020-2026). The market growth is mainly driven by the growing construction activities in various countries such as India, China, South Korea ASEAN, and others. China is one of the major countries that significantly invest in infrastructure projects, which results in the development of commercial and domestic buildings in the country. China is the largest populated country which increases the challenges of insufficient availability of land and thereby supporting the construction of tallest buildings. By 2050, it is projected that the country will have added 255 million urban dwellers (as per the United Nations).
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The significant rise in the population is expected to make a huge contribution towards the demand for infrastructure development in the region. The infrastructure development is expected to promote the huge adoption of hydraulic hose in the construction sector which in turn will drive the growth of the market in the region. There is increasing urbanization in the emerging economies including India, Bangladesh, and ASEAN countries. In some of the emerging countries such as Thailand, the urban population was 49.9% in 2018, as per the World Bank. The level of urbanization in the Philippines is 46.9% in 2018. Thus, rapid urbanization is expected to increase the infrastructure projects for high-rise buildings and apartments in these countries, which in turn, will offer an opportunity for the adoption of hydraulic hoses for the construction sector.
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European hydraulic hose Market – Segmentation
By Product Type
- Articulated
- Reinforced
- Coiled
- Other (Corrugated)
By Industry
- Agriculture
- Construction & Mining
- Manufacturing
- Others (Pharmaceuticals)
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