The market for mining hoses market is forecast to grow at a consistent CAGR of 6.7% between 2022 and 2032. The market for mining hoses is anticipated to increase from US$ 390.6 million in 2022 to US$ 749.3 million in 2032. The market had previously grown at a faster CAGR of 7.2% (2015–2021), reaching a value of US$ 364.0 Mn in 2021.
In order to support ongoing economic growth and large-scale projects utilising cutting-edge technologies, construction operations are likely to expand quickly.
It is anticipated that increased production of different metals (such as gold, copper, and iron) supplying a variety of end industries will propel the growth of the global mining hose market. The demand for mining hoses increases as the construction industry expands, which is strongly.
Increased production of various minerals such as copper, gold, and iron, including some product manufacturing companies implementing mining programs, are driving the mining hoses market.
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The booming construction sector as developing countries like India and China build and reform their infrastructure to support consistent economic development along with building and repairing highways is also flourishing the growth of the mining hoses market in new markets.
Cost-effective and environmentally friendly construction techniques are integrating with modern construction practices, including transportation and building, which are driving the market’s growth and expanding its market size worldwide.
Increased production of minerals and mineral-based products like mineral powders in emerging economies like India and China are opening up new market spaces for the mining hoses market, enhancing the sales of mining hoses solutions.
The use of hoses is an integral part of most equipment in mines, along with surface operations, industrial hoses, and shops, fuelling the sales of mining hoses in multiple regions.
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KEY TAKEAWAYS:
- The slurry segment from the mining hoses market’s transporting media category is expected to grow at the fastest CAGR of 6.3% in the service type category, helping it to reach US$ 110.1 Mn.
- The synthetic rubber segment is expected to grow at a strong CAGR of 7.19% in the component category of the mining hoses market. USA, Canada, Japan, China, and Europe hold a 6% CAGR that is estimated for the slurry segment of transporting media category.
- United States is expected to reach a market size of US$ 83.2 million in mining hoses by 2032.
- The market size of the mining hoses market in China is expected to reach US$ 152.3 Million by 2032, growing at a CAGR of 9.1% during the research period.
- Canada’s mining hoses market is expected to thrive at a CAGR of 5.3% over the forecast period.
- Japan’s mining hoses market is expected to flourish at a CAGR of 3.2% during the research period (2022-2032).
- While Germany within Europe grows slowly at a CAGR of 3.7% between 2022 and 2032.
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COMPETITIVE LANDSCAPE:
Some of the mining hoses market’s key competitors profiled in the research are AlfaGomma SpA, Continental Group, Eaton Corporation PLC, Weir Group PLC, Trelleborg AB, Goodall, Metso Corporation, TESS International, and Novaflex Inc.
Mining hoses are in higher demand as the construction industry grows, which is strongly reliant on industrial minerals. Market growth is likely to be fueled by the rapid expansion of construction activities to support continuing economic development and large-scale projects.
Adoption of mining hoses is high on a global scale, as their use in a variety of applications, such as mineral extraction and mining, is likely to increase demand even more throughout the projection period. Building blocks for human development are provided by the mining sector.
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Recent Developments
- Continental Group has introduced its new series of material handling, dredge & mining hoses, increasing the sales of mining hoses.
- Eaton Corporation PLC has launched and upgraded its new set of hoses, tubing, connectors, and fittings. This pushes the sales of mining hoses worldwide.
- Metso Corporation has launched its Slurry hoses that have a high standard of quality and safety, fuelling the sales of mining hoses worldwide.
- Weir Group PLC has launched its series of hose and pipe spools that are robust & reliable rubber hose products, pushing the overall demand for mining hoses.
- Trelleborg AB has launched and designed new and better hoses with high manufacturing quality for specific industries. This pushes the demand for mining hoses in new markets.
The mining hoses market is segmented into Transportation media, material, and region.
According to FMI, by transporting media, the worldwide mining hoses market is segmented into three categories: industrial water/alkali, bulk powder, and slurry. The slurry category currently has the highest CAGR of 6.3% in the mining hose market.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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