According to FMI’s research, the mining hoses market was assessed at US$ 370.86 million and is expected to rise at an average 5.6% CAGR to reach US$ 616.43 million by 2032.
The market for mining hoses is being driven by an increase in the production of different minerals like copper, gold, and iron as well as some product manufacturing firms implementing mining programmes.
The expansion of the mining hoses market in new markets is also blossoming thanks to the rising construction sector as developing nations like China and India build and remodel their infrastructure to sustain steady economic development as well as build and repair motorways.
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.
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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 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.
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.
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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.
Key segments
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
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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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