Dallas, March 08, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global industrial hose market is expected to grow from USD 10.38 billion in 2020 to USD 20.67 billion by 2028 at a CAGR of 9.27% during the forecast period 2021-2028.
Growing infrastructure developments and rising demand for durable industrial hoses in vital applications are the key factors for the growth of the industrial hose market. The industrial hose market is propelled by increasing demand in vital applications for robust industrial hoses, and growing developments related to infrastructure. Rising demand for automobiles around the world and growing modernization of agricultural processes are projected to provide players in the industry with major growth opportunities.
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A hose is a flexible vessel that is sometimes reinforced to transfer fluids from one position to another. Industrial hose encompasses the broad variety of fluid transport lines, including fluid and gas flow lines in pneumatic, hydraulic or process applications, as well as specialized uses in heavy industry such as geotechnical, mining and construction.Industrial tubing is typically application-oriented; it is typical to consult with hose manufacturers about particular applications.
Due to their capacity to handle a variety of acids, solids such as powder and others, industrial hoses are widely used in the chemical industry. However, the usage of hoses in industries is not limited to a single domain; demand for industrial hose is expected to experience considerable growth over the forecast period.The dearth of industrial hoses' technical know-how, however, hampers the market growth.
Key players operating in the global industrial hose market include Colex International Limited, Dyna Flex, Inc., Eaton, Flexaust Inc., Hose Master LLC, Kanaflex Corporation Co., ltd., Kuriyama Of America, Inc., Kurt Manufacturing, MerlettTecnoplasticSpA, NORRES Schlauchtechnik GmbH, Pacific Echo, Parker Hannifin Corp, Piranha Hose Products, Inc., Polyhose, RYCO Hydraulics, Salem-Republic Rubber Company, Semperflex, Titeflex, Tomkins plc, Transfer Oil S.p.A., Trelleborg Marine and Infrastructure and ZEC S.p.A. among others. The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global industrial hose industry.
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For instance, In April, 2017,Eaton (Ireland) has introduced a new hydraulic hose series — GH681, which has high-performance capability and durability in extreme environmental applications like compact construction equipment, agricultural vehicles, and aerial lift platforms and forestry machines.
The polyurethane segment is anticipated to grow at the highest CAGR of around 10.8% over the forecast period.
The material segment is divided into natural rubber, polyvinyl chloride (PVC), nitrile rubber, polyurethane, silicone and others. Because of the polyurethane's resistance properties to oil, kerosene and gasoline as well as the diverse end-use of the material in a range of industries like the oil and gas, chemical and pharmaceutical sectors, food and beverage sectors and agriculture, the polyurethane segment is anticipated to grow at the highest CAGR of around 10.8% over the forecast.
The chemical segment held the largest market share of around 28.4% and a market value of around USD 2.95 billion in 2020.
The media segment includes chemical, oil, water, steam and hot water, food and beverage, air and gas. For the discharge and suctionof chemicals, hoses are used in the chemical industry because they are designed for optimum performance during the pressure flow. The chemical media segment is further anticipated to generate potential revenue due to their strong chemical and abrasion resistivity. Therefore, the chemical segment held the largest market share of around 28.4% and a market value of around USD 2.95 billion in 2020.
The automotive segment held the largest market share of around 24.3% and a market value of around USD 2.52 billion in 2020.
The industry segment includes automotive, pharmaceuticals, infrastructure, oil & gas, food & beverages, chemicals, water & wastewater, mining, agriculture and others. Increasing usage of hoses in automobile engines to hold fluids combined with increasing demand for optimum engine performance and improved fuel efficiency fuels the value of the market. In addition, growing passenger car sales because of high disposable income continues to build momentum for growth in the market.Moreover, the increasing applications of hoses in traditional as well as electric and hybrid electric vehicles are driving growth in the market for industrial hoses. Therefore, the automotive segment held the largest market share of around 24.3% and a market value of around USD 2.52 billion in 2020.
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Regional Segment Analysis of the Industrial hose Market
• Europe (Germany, U.K., France, Italy, Spain, Rest of the Europe)
• North America (U.S. , Mexico, Canada)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• South America (Brazil and Rest of South America)
• Asia-Pacific (China, Japan India, Rest of APAC)
Due to the rapid urbanization coupled with growing government investment in establishing the industrial sector in countries, in particular in the chemical and automotive industries, the Asia Pacific is anticipated to register the fastest CAGR during the forecast period. High population density and this region's rising per capita income, coupled with large-scale urbanization and industrialization, are driving the market growth.Similarly, end-user sectors such as oil & gas, automotive, infrastructure, chemicals, and pharmaceuticals are projected to generate massive opportunities for providers of industrial hose.
About the report:
The global industrial hose market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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