Newark, April 06, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global industrial hose market is projected to grow from USD 10.38 billion in 2020 to USD 20.67 billion by 2028, at a CAGR of 9.27% over the forecast period 2021-2028.The Asia Pacific region emerged as the largest market for the industrial hose, with a 36.2% share of market revenue in 2020. This was because of the rising demand for industrial hoses in the Asia Pacific region's automobile, chemical and pharmaceutical industries, especially in emerging economies such as China, India, and Japan.
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The Brainy Insights has published a new research report titled, "Industrial Hose Market by Material (Natural Rubber, Polyvinyl Chloride (PVC), Nitrile Rubber, Polyurethane, Silicone and Others), Media (Chemical, Oil, Water, Hot Water and Steam, Food and Beverage, Air and Gas), Industry, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028" in its research database.
The industrial hose market refers to the global industry that produces and sells various types of hoses that are primarily used in industrial settings. Industrial hoses are designed to transport fluids or gases under high pressure or extreme temperatures, and are commonly used in industries such as oil and gas, chemical, food and beverage, agriculture, construction, and mining.
The market for industrial hoses is driven by the growth in various end-use industries and the increasing demand for efficient and durable hoses that can withstand harsh operating conditions. The demand for industrial hoses is also driven by the need for advanced materials and technologies that can improve the performance and reliability of hoses, as well as reduce the risk of leaks and failures.
The industrial hose market is expected to continue to grow in the coming years, driven by increasing industrialization in developing countries, the growing demand for energy and water resources, and the increasing use of advanced materials and technologies in hose manufacturing. However, the market may also face challenges such as fluctuating raw material prices, increasing competition, and environmental regulations.
Major players in the global industrial hose market are 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. Growing demand for industrial hoses in the agriculture and automotive sector will lead to the industrial hose market growth.
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The material segment is divided into natural rubber, polyvinyl chloride (PVC), nitrile rubber, polyurethane, silicone and others. The polyurethane segment is anticipated to grow at the highest CAGR of around 10.8% over the forecast period. This is because polyurethane is a plastic material, it may be used in a variety of applications, including composite wood panels, refrigerator and freezer insulation, building insulation among others. The media segment includes chemical, oil, water, steam and hot water, food and beverage, air and gas. The chemical segment held the largest market share of around 28.4% in 2020. This was because chemical hoses are engineered precisely to function optimally during gravity and pressure flow. Industrial hoses used for chemical discharge and suctioncome in this segment. These hoses should have good abrasion and chemical tolerance, as well as the ability to withstand intense temperatures and pressure. The industry segment includes automotive, pharmaceuticals, infrastructure, oil & gas, food & beverages, chemicals, water & wastewater, mining, agriculture and others. The automotive segment held the largest market share of around 24.3% in 2020. Hoses are used in automobiles for transporting lubricants and fuel. They are also used in the hydraulic and cooling systems. Advances in the automobile sector, such as autonomous automobiles, electric cars and hybrid electric automobiles, and growing worldwide demand for cars are anticipated to generate growth opportunities for hose manufacturers.
Rapid industrialization and rising need for industrial hoses in the construction sector will contribute to a rise in market sales over the projected period. However, a lack of product differentiation remains a huge challenge for the industry hose manufacturers.
Scope of the Report
| Report Attribute | Details |
| Market Value (2020) | USD 10.38 Billion |
| Market Size (2028) | USD 20.67 Billion |
| CAGR (from 2021 to 2028) | 9.27% |
| Asia Pacific Revenue Share | 36.2% |
| Historic Period | 2018 to 2029 |
| Base Year | 2020 |
| Forecast Year | 2021 to 2028 |
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