Industrial Hose Market is Anticipated to Witness High Growth Owing to Increasing Usage in Oil and Gas Industry
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| Industrial Hose Market |
The industrial hose market is an integral part of many
industries including oil and gas, chemicals, food & beverages,
pharmaceuticals, and mining to name a few. Industrial hoses are highly
engineered rubber or plastic tubes used for transferring various fluids like
liquids, gases and semisolids from one location to another location in
industrial settings. They offer advantages like safety, reliability and
flexibility during transportation of fluids. With increasing oil and gas
extraction activities worldwide, demand for hoses is rising as they play a
critical role in offshore as well as onshore oil & gas operations.
The Global industrial hose market is estimated to be valued at US$ 14.88 Bn in 2024 and is expected
to exhibit a CAGR of 9.9% over the
forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Industrial
Hose Market Demand are Gates Industrial Corporation plc, Eaton
Corporation plc, Parker-Hannifin Corporation, Ryco Hydraulics, Transfer Oil
S.p.A., Kuriyama of America, Inc., Continental AG, Kurt Manufacturing, NORRES,
Colex International, Sanipure Water Systems, Polyhose, Vardhman Hoses Pvt Ltd,
Manuli Hydraulics, Bridgestone Hose Power, Kingdaflex Hydraulic Hose, Dunlop
Hiflex, National Rubber Industries, Letone, Perfect Hydraulic India.
Growing demand from developing regions like Asia Pacific and Latin America
owing to rapid industrialization presents lucrative opportunities in the
market. Key market players are focusing on expanding their operations in
emerging countries to capitalize on high growth potentials.
With increasing globalization, companies are focusing on consolidation
activities through mergers and acquisitions to strengthen their presence across
geographies. Additionally, they are investing in R&D to develop innovative
products with superior properties meeting stringent performance and safety
standards.
Market drivers:
- Increasing oil and gas extraction activities worldwide, especially in
North America and Middle East are driving the demand for industrial hoses from
oil & gas industry.
- Growth in end-use industries like food processing, chemical processing,
construction are propelling the hose market growth.
Market restraints:
- Regulations pertaining to material disposal and recycling may hamper the
market growth.
- Fluctuations in raw material prices affects the production costs of hose
manufacturers.
Segment Analysis
Rubber industrial hoses dominate the market as they are made for a wide variety
of oil, water, chemical, and air transfer applications. They offer high chemical
and abrasion resistance. They can withstand high temperatures and pressures.
This makes them suitable for transfer of fluids in manufacturing industries,
refineries, mining etc. PVC hoses are the fastest growing segment as they are
lightweight, cost effective and corrosion resistant. They are suitable for
handling acids and caustics. Their growth is driven by increasing demand from
chemicals, food processing and construction industries.
Global Analysis
Asia Pacific is the dominating as well as the fastest growing regional market
for industrial hoses. Countries like China, India, Japan and other Southeast
Asian countries are industrial powerhouses with a strong presence of
manufacturing industries that drive the demand. Growth in process industries, infrastructure
development and adoption of automation in these countries boost the market.
North America is another major regional market led by the US. Presence of major
end use industries and demand for replacement of old hoses propel growth.
However, growth in developed markets of North America and Europe is sluggish
compared to developing regions.
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Hose Market
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