Burlingame, May 23, 2024 (GLOBE NEWSWIRE) -- The global Industrial Hose Market is projected to grow from USD 14.88 billion in 2024, and it is projected to reach USD 28.81 billion by 2031, at a CAGR of 9.9% from 2024 to 2031, as per the recent study by Coherent Market Insights. The industrial hose market is witnessing high growth owing to increased demand from oil & gas industry. As per statistics, oil production accounts for over 33% of global energy consumption. The oil & gas industry requires industrial hoses for drilling operations, extraction of oil and gas from offshore and onshore fields, and transportation of final products.
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Market Dynamics:
The growth of the industrial hose market is mainly driven by rising demand for industrial hoses from oil & gas industry and increasing infrastructure development activities across the globe. Growing oil & gas exploration and production activities are fueling the demand for industrial hoses as they are extensively used for transportation of crude oil, natural gas, petroleum products, etc. Moreover, growing infrastructure development projects such as construction of roadways, railways, airports, etc. require industrial hoses for plumbing, drainage, irrigation, and other applications which is further propelling the market growth.
Industrial Hose Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $14.88 billion |
| Estimated Value by 2031 | $28.81 billion |
| Growth Rate | Poised to grow at a CAGR of 9.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, By Media Type, By Industry |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing Industrialization and Infrastructure Development • Emergence of New Industrial Processes and Technologies |
| Restraints & Challenges | • Stricter environmental regulations • Threat of substitution |
Market Trends:
Rubber industrial hoses find extensive applications in heavy industries such as oil & gas, mining, construction, agriculture, etc. owing to their excellent chemical and heat resistance properties. Furthermore, rubber industrial hoses are flexible, durable and provide high pressure handling capabilities. Growing industrial activities across manufacturing, construction and mining sectors are augmenting the demand for rubber industrial hoses.
Steel wire braided industrial hoses are gaining traction due to their high pressure handling capacity and longer operational life. These hoses have an additional layer of steel wire braiding over the rubber pipe which makes them more pressure-resistant and durable. Steel wire braided industrial hoses can withstand pressures up to 600 PSI and temperature up to 93°C. They are increasingly used in heavy-duty mobile equipment and machinery used in construction, mining, agriculture, and material handling.
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Market Opportunities:
The oil and gas industry is one of the largest end-users of industrial hoses. Industrial hoses are extensively used in various oil and gas operations such as drilling, extraction, refining and transportation. They are used to transfer a wide range of fluids including crude oil, natural gas, gasoline, diesel and other petroleum products. With rising global energy demand and focus on shale exploration, drilling and production activities have increased significantly in recent years. This has boosted the demand for industrial hoses from the oil and gas sector. Industrial hose manufacturers are seeing substantial opportunities to cater to the hose requirements of this growing industry.
Growing construction of roads, bridges, buildings, power plants and other infrastructure projects is another key market driver. Industrial hoses are an integral part of several infrastructure construction activities such as concrete pumping, welding operations, sandblasting and water/fuel/lubricant transfer. Mega infrastructure projects announced in developing regions are expected to fuel hose consumption in the coming years. Additionally, repair and maintenance requirements of the existing infrastructure will continue supporting market growth. Major hose manufacturers are eyeing opportunities in the infrastructure industry to boost their sales and market presence.
Key Developments:
In January 2019, Eaton (Ireland) aftermarket’s division obtained a distribution deal with Bezares SA to become the North American distributor of its line of 4,444 mobile electro-hydraulic devices. This partnership will allow Eaton’s after-sales team to leverage its partnership with Bezares to provide broad-spectrum mobile hydraulic solutions that meet customer requirements for PTOs and other hydraulic products.
Key Market Takeaways
The global industrial hose market is anticipated to witness a CAGR of 9.9% during the forecast period 2024-2031, driven by robust growth in end-use industries and replacement demand.
On the basis of material type, the polyurethane segment is expected to hold a dominant position owing to its superior properties such as flexibility and resistance to abrasion.
Based on media type, the chemical segment dominates the market due to extensive application in handling corrosive media.
Some of the prominent players in the global industrial hose market include Gates, Ryco Hydraulics, Piranha Hose Products, Kuriyama, Semperit, Continental, Bridgestone, Eaton, Parker, Sumitomo Riko and NORRES. These companies are focusing on new product launches, partnerships and acquisitions to expand their business and capture a larger market share.
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
