The global mining hose market is expected to reach USD 442.6 million by 2024. The sector is expected to grow at a CAGR of 6.6% over the forecast period. The sector’s worth is expected to reach USD 837 million by 2034.
A key catalyst propelling this growth is the rapid expansion of construction operations worldwide. As burgeoning economies embark on extensive projects, the demand for mining hoses is expected to experience a substantial upsurge. Furthermore, the integration of cutting-edge technologies within these operations is set to revolutionize the mining hoses market landscape, adding an intriguing dimension to its growth trajectory.
Stakeholders and industry participants are strongly advised to closely monitor this trajectory as the mining hoses market positions itself for significant expansion, driven by the convergence of construction growth and technological advancements in the mining sector.
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.
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 USD 110.1 Million.
- 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 USD 83.2 million in mining hoses by 2032.
- The market size of the mining hoses market in China is expected to reach USD 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.
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.
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.
Key Segments Covered:
By Transporting Media:
- Industrial Water/Alkali
- Bulk Water
- Slurry
By Material:
- Natural Rubber
- Synthetic Rubber
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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