Growing Mining Industry Will Propel the Hydraulic Hose Market

The global market for hydraulic hose is projected to have considerable CAGR  during the forecast period. The mining industry has made a significant stride in the recent few years, accountable for the growth of the hydraulic hose market. With the growing mining sector, the customers are focused on enhancing production efficiently and sustainably. As per the US Geological Survey (USGS), in 2019, the US Geological Survey declared that the US mines produced around $86.3 billion in minerals in 2019, more than $2 billion higher compared to revised 2018 total production. In 2019, the estimated total value of non-fuel mineral production in the US was estimated at around $86.3 billion, a rise of 3% as compared to 2018. Likewise, the US, the mining industry is projecting a considerable growth across the globe.

Browse the full report description Global Hydraulic Hose Market Size, Share & Trends Analysis Report by product Type (Articulated, Reinforced, Coiled, and Other), By Industry (Agriculture, Construction & Mining, Manufacturing, and Others) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/hydraulic-hose-market 

The hydraulic hose market will foresee growth due to the increasing adoption of advanced mining technology for the safe extraction of valuable metals and minerals. Rising deep-sea mining activities and increasing offshore renewable energy projects of renewable energy are some of the major factors for the growth of the segments. Owning to small market share and significant opportunity in deep-sea mining the mining companies are expected to show the fastest growth rate. The mining companies across the globe are also focusing on the recovery of precious metals, minerals, gems, and fertilizers, hence, impacting the hydraulic hose market growth.

There are several economies that are projecting a considerable growth in the mining industry, such as Africa, Brazil, China, India, and Russia. The growth of these economies is backed by the government support and rise in demand for mined products, such as metals. The Government of India introduced a National Mineral Policy 2019, which aims at the introduction of transparent, better regulation and enforcement, including balanced social and economic growth in the mining sector of the country. Moreover, this policy includes a long term export import strategy for the mineral industry, with an aim to provide stability to the industry and a supportive incentive related to the investment in the activities involving large scale commercial mining.

Likewise, the mining industry in Africa is one of the largest traders across the globe. Starting from coal, diamonds, cobalt to oil and copper, everything is mined in Africa. AngloGold Ashanti, one of the major mining industries in Africa, announced the underground expansion of Tropicana mine. The company further declared the deployment of modern equipment in its mines followed with the expansion. Such expansion and government initiatives for the mining industry is expected to offer growth to the global mining industry in the near future. Moreover, with the growth in the mining industry and the deployment of modern infrastructure in mines is expected to offer growth to the hydraulic hose market during the forecast period.

Global Hydraulic hose Market Segmentation

By Product Type

• Articulated
• Reinforced
• Coiled
• Other(Corrugated)

By Industry

• Agriculture
• Construction & Mining 
• Manufacturing
• Others(Pharmaceuticals)

Global Hydraulic hose Market – Segment by Region