The US hydraulic hose market is projected to grow at a CAGR of 5.0% during the forecast period. The major factor that contributes to the growth of the market includes the growing application of hydraulic hoses in the construction industry coupled with growth in the construction industry. Further, increasing mining operations is accelerating market growth. As per the US Geological Survey (USGS), in 2019, the US mines produced nearly $86.3 billion in minerals in 2019, around $2 billion higher compared to revise 2018 production totals. In 2019, the estimated total value of non-fuel mineral production in the US was $86.3 billion, a rise of 3.0% from 2018.
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The growth in the mining industry increasing the demand for mineral dredging which involves the minerals extractions that may have a significant economic value from underwater deposits. The materials that can be extracted from the seabed comprise mineral sands (ilmenite, rutile, zircon), gold, tin (cassiterite), aluminum (bauxite), diamond deposits, and rocks salts. In addition, it includes more standard material covering sand and gravel that are used as aggregates in the construction industry. These dredged aggregates are a potential alternative to land-based sources including quarries. Therefore, the growth in the construction and mining industry will increase the demand for hydraulic hoses and propels the growth during the forecast period.
Market Coverage
- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered
- By Product Type
- By Industry
- Competitive Landscape- Eaton Corporation plc, Gates Industrial Corporation plc, Parker-Hannifin Corp., Continental AG, and others
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and the coming years?
- Recovery Timeline
- Deviation from the pre-COVID-19 forecast
- Most affected segment
- Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
US hydraulic hose Market – Segmentation
By Product Type
- Articulated
- Reinforced
- Coiled
- Other (Corrugated)
By Industry
- Agriculture
- Construction & Mining
- Manufacturing
- Others (Pharmaceuticals)
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