The presence of a handful of large players in the global mining hoses market that hold key market share features a consolidated yet competitive vendor landscape, says a recent market study by Transparency Market Research (TMR). A noticeable trend observed among key players is focus for a diversified product portfolio by means of innovative technologies to up the ante against competitors. Topnotch players are also vying to tap growth opportunities in under-penetrated markets in the emerging economies of Asia Pacific.
Some of the prominent companies operating in the global mining hoses market are Trelleborg Group, Metso Corporation, Continental Group, Weir Group plc, Novaflex Group, TESS, Hose Solutions Inc., Eaton Corporation, Goodall, and ALFAGOMMA Spa among others.
As per estimates of the TMR report, the global mining hoses market is expected to expand at a CAGR of 7.30% during the 2017-2025 forecast period, for the market to present an opportunity worth US$483.4 mn by 2025.
Among the various transporting media segments, the slurry segment holds the leading share in the overall market. Synthetic rubber segment leads over natural rubber segment on the basis of material type in the mining hoses market. Geography-wise, Asia Pacific is a key revenue contributor to the global mining hoses market.
Efforts to Revitalize Mining Industry Stokes Growth
Driven by a number of favorable factors, the global mining hoses market is experiencing steadfast growth over the last couple of years. First and foremost, the global mining industry is witnessing a positive growth outlook after the recovery of the global economy post the economic recession of 2008-09. The surge in production of various minerals such as copper, iron, and gold to serve various end-use industries is acting in favor of the growth of the mining hoses market globally. Further, initiatives from several governments to revitalize the mining industry is indirectly benefitting the mining hoses market.
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Mining hoses find application in a number of intermediate processes during the mining of minerals. This includes heavy material handling and transportation of slurry or industrial water/alkali among others. Additionally, it is also used for the pumping of extremely abrasive materials from mining sites. To serve this, mining hoses are manufactured from high quality natural or synthetic rubber that are based on pressure, temperature, and dimensions that vary according to mining operations.
Booming Construction Sector in the U.S. Spurs Demand
The booming construction industry that heavily depends on industrial minerals is leading to an upsurge in the demand for mining hoses. For instance, in North America, the rising construction activities has fuelled the production of industrial minerals in prominent economies of the region such as the U.S. Furthermore, the construction sector in the U.S. is likely to display a strong demand for industrial diamond as mega plans are underway to repair existing highway system and build new ones where repair is not feasible.