The industrial hose market is expected to grow from US$ 13.5 billion in 2022 to US$ 22.1 billion by 2030; it is estimated to grow at a CAGR of 6.4% between 2022 and 2030.
The industrial hose can be used by professionals or at commercial venues to transfer fluids from their source to machines and other industrial uses. The volumes and pressures are needed to transmit the material. Therefore, hoses are made of various material configurations and are available in different diameters, forms, and configurations. Extreme durability, temperature resistance, flexibility, and long-lasting performance distinguish industrial hose from other hose types.
MARKET DYNAMICS
The rising demand for durable industrial hoses for crucial applications across many industries, expanding infrastructure activities, and rising PVC material consumption are among the major factors driving the industrial hose market growth. Globally, there is a growing need for durable industrial hoses to prevent fatal accidents and guarantee efficient material handling despite harsh environmental and operational conditions. This is especially true for industries such as pharmaceuticals, agriculture, chemicals, and oil & gas, which were affected due to the COVID-19 pandemic. The introduction of technical challenges related to industrial hoses restrains the growth of the industrial hose market. However, modernization in agricultural processes and rising sales of automobiles are expected to create growth opportunities for the key stakeholders in the industrial hose market in the coming years.
MARKET SCOPE
The "Global Industrial Hose Market Forecast to 2028" report aims to provide an overview of the industrial hose market with detailed market segmentation based on material and industry vertical. The report provides key statistics based on the financial performance of the leading market players. It also offers key trends and opportunities in the industrial hose market.
Strategic Insights
MARKET SEGMENTATION
The global industrial hose market is bifurcated on the basis of material and industry vertical. Based on material, the market is segmented into natural rubber, nitrile rubber, polyurethane, PVC, silicone, and others. By industry vertical, the market is segmented into automotive, water & wastewater, oil & gas, chemicals, infrastructure, food & beverages, agriculture, mining, and others.
REGIONAL FRAMEWORK
The global industrial hose market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally along with trends and opportunities prevailing in the region.
From the regional perspective, APAC dominated the industrial hose market with ~XX% market share in 2021. The market in APAC is anticipated to develop at the highest CAGR during the forecast period. The most common applications of oil & gas are gasoline for automobiles, as well as fuel for industrial machinery and domestic operations. In the oil & gas enterprise safety, environmental protection and operations efficiency are essential, for which robust hoses are used. Hence, the growing adoption of industrial hoses for different applications is anticipated to offer growth opportunities for the industrial hose market in the future. ContiTech AG and Eaton Corp. Plc. are among the key industrial hose manufacturers in APAC. The below figure shows the revenue growth trend in the global industrial hose market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trend, which impact the industrial hose market. It also provides exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 pandemic has impacted the sales of industrial hoses across the world. However, the pandemic created opportunities for a few players present in the ecosystem. Since the pharmaceutical manufacturing centres globally were active, chemical and gas hoses were in demand. In the pharmaceuticals industry, industrial hoses are utilized in vacuum conveying devices, suction conveyors, dosing systems, and pelleting machines. Thus, an increase in pharmaceutical production is anticipated to fuel the demand for industrial hoses post-COVID-19 crisis.
Owing to the adverse effects of the COVID-19 pandemic, automotive is the most-affected industry after the oil & gas industry. Automobile production across Europe and North America was reduced or nonoperational during the lockdown. The use of industrial hoses is an essential and large issue of the automotive industry. In the modern-day marketplace situation, it is difficult to decide the effect of COVID-19 pandemic on the use of industrial hoses in the automotive industry. However, after the pandemic, the manufacturing of vehicles is anticipated to grow, which would propel the adoption of industrial hoses including water, gas, and chemical hoses during the forecast period.
MARKET PLAYERS
The reports cover key developments in the industrial hose market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions and partnerships & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the expansion of business and customer base of market players. The market players are anticipated to experience lucrative growth opportunities in the future due to the rising demand for industrial hoses.
The report also includes the profiles of key industrial hose market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players’ information such as company profiles, components and services offered, financial information of last three years, and key development in past five years.
- Colex International Ltd.
- Eaton Corporation PLC
- Flexaust Inc.
- Gates Corporation
- Kanaflex Corporation
- Kuriyama Holdings Corporation
- NORRES Schlauchtechnik GmbH
- Parker-Hannifin Corporation
- RYCO Hydraulics Pty Ltd
- Transfer Oil S.p.A.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.