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The industrial hose market size is forecast to increase by USD 2.65 billion at a CAGR of 4.36% between 2023 and 2028. The market is driven by several key factors shaping industries worldwide. With the growing demand for Polyvinyl Chloride (PVC) materials and the surge in construction projects globally, industrial hoses play a vital role in fluid transportation across various sectors.
Additionally, the rising demand for vehicles further boosts the need for industrial hoses, particularly in automotive applications. These trends underscore the significance of industrial hoses in facilitating fluid transfer and enhancing operational efficiency across diverse industrial settings. This industrial hose market research and growth report also includes an in-depth analysis of drivers, trends, and challenges.
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The market is witnessing significant growth across diverse sectors such as Pharmaceuticals, Agriculture, Chemicals, and Automotive. With the surge in mechanized farming and investment in infrastructure, the demand for industrial hoses, particularly in the Automotive industry, is escalating. Leading manufacturers like Gates and Eaton are innovating with materials like PVC to enhance hose durability and performance. These hoses play a crucial role in fluid transmission and energy conservation, catering to key segments like Hydraulic machines and pipelines as well as hydraulic hose and fittings. Amidst evolving regulations and standards, R&D efforts focus on developing customized industrial hoses to meet specific pressure and application requirements, driving market expansion. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for vehicles is notably driving industrial hose market growth. Rubber, silicon, and PVC hoses are some of the most commonly used in vehicles. They are used for manufacturing automotive engines by using hose pipes in various engine sub-parts. They are deployed in automobile air conditioning ducts to allow cool air to enter the vehicle. Increasing vehicle production will increase the demand during the forecast period. They are used in the engine manufacturing process in significant automotive manufacturing nations like China, India, Italy, the US, Germany, and the UK.
Furthermore, the rising demand for electric vehicles is expected to drive the growth of the market in focus during the forecast period. For instance, as per global Electric vehicles (EVs), the sales of electric cars doubled in 2021 to a new record of 6.6 Billion, with more now sold each week than in the previous years. Such factors will drive the growth of the market in focus during the forecast period.
New Product launches in the market are the key market trends and analysis. Suppliers are investing in R&D to introduce advanced and energy-efficient industrial hose. Along with escalating rivalry, the existence of several companies has also resulted in significant vendor profit margins being squeezed. Key suppliers are boosting their spending in new product innovations to maintain their market position.
For instance, in January 2022, Gates launched ProV Hydraulic Hoses under the PRO series product line. The hoses are specially tailored for hydraulic applications across multiple end-user industries such as agriculture, construction, mining, injection molding, and general industrial manufacturing equipment. Thus, such product launches are expected to further drive the growth of the market in focus during the forecast period.
Fluctuations in raw material prices is the major challenge impeding industrial hose market growth. The market is subjected to fluctuations in the prices of raw materials such as rubber and steel. The persistent demand-supply mismatch in the world rubber market drives significant price volatility. Such price variations make the market unpredictable, harm production costs, and lower companies' profit margins. Thus, variations in rubber prices reduce companies' profit margins and are anticipated to restrain market expansion throughout the projection period.
Another common basic material is steel. Due to excessive steel production and fluctuating raw material prices, steel prices are unstable. A decline in oil prices also influences the price of steel. Steelmakers find it difficult to estimate raw material prices, given the constant fluctuations. Therefore, the high volatility in raw material prices is anticipated to hamper the growth of the market during the forecast period.
The industrial hose market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the industrial hose market industry report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NORRES Schlauchtechnik GmbH - The company offers a wide range of industrial hoses such as PROTAPE PUR 301 AS, PROTAPE PUR 330 AS.
The industrial hose market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The application segment of the market spans various industries, including Pharmaceuticals, Agriculture, Chemicals, and Automotive. Industrial hoses play a crucial role in these sectors, facilitating fluid transfer, material handling, and pneumatic operations. In the Pharmaceutical industry, specialized hoses ensure the safe and efficient transfer of liquids and gases during manufacturing processes. In Agriculture, hoses are utilized for irrigation, spraying, and crop watering applications. Chemical hoses are essential for the safe conveyance of corrosive substances in chemical processing plants. Automotive applications include the use of hoses for coolant systems, fuel lines, and pneumatic tools, with a growing focus on Electric Vehicles (EVs) and energy conservation. Leading manufacturers like Gates, Eaton, and Parker-Hannifin offer a wide range of industrial hoses tailored to specific industry needs, constructed from durable materials like PVC, to meet stringent quality standards and ensure reliable performance across key segments such as hydraulic machines and fluid transfer systems.
The market share growth of the oil and gas segment will be significant during the forecast period. Oil and gas from unconventional sources require advanced well completion and stimulation methods, including hydraulic fracturing, acidizing, and other advanced techniques. As hydraulic fracturing is a major activity involved in shale gas extraction, an increasing number of exploration and production (E&P) projects are expected to create growth opportunities for companies during the forecast period.
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The oil and gas segment was valued at USD 3.01 billion in 2018. In the oil and gas industry, industrial stocking is used for the transmission of oil, petroleum, and other petroleum products on land or oceans. These hoses are made of nitrile butadiene rubber, Polyvinyl Chloride (PVC), and styrene-butadiene rubber (SBR). Nitrile rubber offers superior abrasion resistance, good tear resistance, and excellent oil and solvent resistance. SBR exhibits excellent water resistance, heat and abrasion resistance, low-temperature flexibility, and heat aging properties. An increasing number of oil and gas extraction activities in the Middle East and the US will drive the use during the forecast period.
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APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. APAC will be a major market hose during the forecast period. The region leads the market in terms of demand, innovation and quality, and product development. The market in APAC is mainly driven by growth in the automotive, construction, agriculture, food and beverages, and chemical sectors.
Growth in the construction and automotive sectors in APAC is a major driver of the market in the region. In the first half of 2021, China, India, Indonesia, Vietnam, and Thailand were the leading consumers of vehicles and are likely to retain their dominant positions during the forecast period. China, Cambodia, and Vietnam extensively use in automotive, construction, agriculture, food and beverages, and chemical applications. High demand in these countries will contribute significantly to the regional market during the forecast period.
The industrial hose market analysis report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is experiencing significant growth driven by diverse sectors such as Pharmaceuticals and the Automotive industry, with key players like Parker-Hannifin and Global Industrial Hose dominating the market. Utilizing materials like PVC, these hoses cater to various applications in Fluids transportation, ensuring efficiency and safety standards in End-use industries. With a focus on Energy conservation and mechanized farming, the market witnesses increased adoption in sectors like Food & beverage industries and Pipeline operations. Compliance with Regulations and standards and ongoing Research and development initiatives ensure the quality and reliability of Customized industrial hoses suitable for diverse Pressure requirements in modern industrial settings.
The market is experiencing significant growth driven by factors such as increasing Investment in infrastructure and the widespread Adoption of hoses across various industries. These hoses, made from materials like PVC material and Metal, serve critical functions in the key segments of the Chemical hose and Hydraulic machine, catering to diverse needs. Advanced Technology plays a key role in enhancing hose performance and efficiency, with a focus on optimizing Diameter and Flexible tube design for improved functionality. Facilitating the seamless Transfer of substances like Liquid and Solid materials, industrial hoses are vital components in ensuring smooth operations under different Operating conditions while adhering to OICA regulations and industry Standards.
The market is witnessing robust growth owing to its integral role across diverse sectors such as the Agricultural and Automotive industries. With increasing Food demand, the agricultural sector relies on Hosepipe systems for efficient irrigation and fluid transfer, while the automotive sector benefits from innovative hose solutions for applications ranging from traditional operations to cutting-edge Autonomous driving technology. To meet these demands, there's a growing need for Skilled workers who can leverage Technological innovations to enhance hose performance and reliability. Moreover, as the automotive industry embraces New mobility services, industrial hoses play a crucial role in supporting these advancements, ensuring safe and efficient fluid transfer in various applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
194 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market Growth 2024-2028 |
USD 2.65 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 58% |
Key countries |
US, China, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bridgestone Corp., Continental AG, Eaton Corp. Plc, Flexaust Inc., Gates Industrial Corp. Plc, Hose Master LLC, Kanaflex Corp. Co. Ltd., Kuriyama of America Inc., Kurt Manufacturing, NORRES Schlauchtechnik GmbH, Pacific Echo Inc., Parker Hannifin Corp., RYCO Hydraulics Pty Ltd., Salem Republic Rubber Co., Semperit AG Holding, Smiths Group Plc, Sun Flow Inc., Transfer Oil Spa, Trelleborg AB, and UIP International Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Industrial hose market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Industrial hose market worth and condition analysis for market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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