Industrial Hose Market Report: Market Size, Trends, Demands and Progression Status up to 2022-2031

Industrial Hose Market size was valued at USD 14.07 Billion in 2020 and is projected to reach USD 21.06 Billion by 2028, growing at a CAGR of 5.52% from 2022 to 2031.

“The report on Industrial Hose Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter’s five forces.

Download Sample of This Strategic Report: https://www.sdki.us/sample-request-111349

Industrial Hose Market: Overview

  • According to the latest market report published on the industrial hose market for the period 2020–2030 (wherein 2022-2031 is the forecast period and 2019 is the base year), expansion of the industrial sector across the globe is expected to drive the industrial hose market
  • Globally, revenue generated by the industrial hose market was valuated at ~US$ 13.1 Bn in 2019, which is expected to expand at a CAGR of ~5% in terms of value throughout the forecast period

Increasing Vehicle Production and Growth of Industrial Sector Globally: Key Driver of Market

  • In recent years, the growing production of vehicles globally is directly influencing the demand for industrial hoses used in automotive parts. According to data released by the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year. Various industrial hose manufacturers are catering to this growing demand in the automotive sector. Considering these factors, the impact of this driver is currently high and expected to remain so during the forecast period.
  • Over the past few years, modernization in agricultural activity has propelled the sale of industrial hoses in the Asia Pacific region. Depending on the farming operation, companies are offering different hoses, which are more suited to the task. Furthermore, cost effective and flexible ways of getting water into the farm is the primary requirement of farmers. Industrial hoses are bridging this gap, which is driving their market demand.
  • Ease of government initiatives in several developing countries is likely to be another driving factor in the Asia Pacific region. Governments of different countries are offering exemptions in tax policies to encourage industrial hose manufacturers to increase their production capacity. This is expected to drive the sales of industrial hose in the coming years.

Technological Advancements Significant Opportunity for Industrial Hose Market

  • Advancement in industrial hoses for transferring various types of media such as gases, chemical, oil, semi-solids, and liquids, among others is gaining huge demand across the globe. Industrial hoses that are used for suction and discharge of media is gaining demand across industry verticals. These hoses should possess high chemical and abrasion resistance, and the capability to withstand extreme pressure and temperature. Prominent suppliers have the opportunity to invest in research and development activities to increase their market share in different end user segments, as this market is slightly fragmented in nature, which helps manufacturers to increase their market share with technological advancements. This is likely to boost the sale of industrial hoses in the upcoming years.

Increasing Popularity of Unique or Coated Material: Key Trend of Market

  • The latest trend observed is increasing use of industrial hoses across various industrial applications, which has positively impacted the growth of the industrial hose market. Rising popularity of coated or blended products with unique patterns is also seen among users.
  • Progression in materials has expanded the operating life of industrial hoses, even under severe operating conditions. The industrial hose market now is focusing on PVC, polyurethane, and rubber.
  • Polyurethane material is used for several end-use applications, such as constructing insulation, composite wood panels, insulation of fridges and freezers, and car parts. These industrial hoses have first rate resistance to gas, oil, kerosene, and different petroleum-based products making them suitable to be used in industries, such as oil & fuel, chemicals, mining, meals & liquids, and agriculture.

For more information about this report visit: Industrial Hose Market

Increase in Counterfeit Products to Hamper Growth of Industrial Hose Market

  • Currently, counterfeit industrial hoses are showing up in the marketplace in large volumes. Some unscrupulous companies are mislabeling inferior-quality counterfeit industrial hoses as brands from reputed industrial hose companies. It is often hard to tell the difference between genuine and counterfeit industrial hoses. These hoses are not manufactured as per the same high standards as those that come from reputed industrial hose companies and could cause damage to the machinery, which may lead to catastrophic impact on the business. However, several organizations such as the World Industrial Hose Association, the German Anti-Counterfeiting Association, and the Quality Brands Protection Committee ensure that the public is informed about the risks associated with the use of counterfeit industrial products. Therefore, the impact of this restraining factor is low and is expected to remain so during the forecast period.

Industrial Hose Market: Competition Landscape

  • Detailed profiles of manufacturers of industrial hoses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the industrial hose market include 
    • ContiTech AG
    • Eaton Corp. Plc
    • Merlett Tecnoplastic S.p.A.
    • The Yokohama Rubber Co., Ltd
    • Parker-Hannifin Corp.
    • Colex International Ltd.

Industrial Hose Market: Key Developments

  • Prominent service providers in the industrial hose market are increasing investment on innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions, and tie-ups with local industrial hose providers.

Some other key developments in the industrial hose market are highlighted below:

  • In February 2020, Eaton acquired Power Distribution Inc. for an undisclosed sum. Power Distribution is headquartered in Richmond, Virginia, and accounted for revenue of US$ 125 Mn in 2019.
  • In July 2019, Parker-Hannifin Corp. acquired EMFCO Holdings Incorporated. It is a parent company of Exotic Metals Forming Company LLC.
  • In February 2019, NORRES acquired the Swedish hose distributor Jarl Elmgren AB, a major distributor of flexible hoses and accessories

Industrial Hose Market – Scope of the Report

A new study on the global Industrial hose market presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global industrial hose market. The study offers valuable information about the global industrial hose market to illustrate how the market would grow during the forecast period 2020 – 2030.

Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), have been elucidated in the study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global industrial hose market during the forecast period.

An extensive analysis on business strategies of leading market players has also been featured in the study on the global industrial hose market. This can help readers understand principal factors to foresee growth in the global industrial hose and fittings market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global industrial hose market, which is expected to guide market players in making apt decisions in the future.

Key Questions Answered in the Industrial Hose Market Study

  • What are the key factors influencing the industrial hose market in each region?
  • What will be the CAGR of the global industrial hose market between 2018 and 2030?
  • What is the future scope and changing trends in technologies in the global Industrial hose market?
  • Which factors will impede the growth of the global industrial hose market during the forecast period?
  • Which are the leading companies in the global industrial hose market?

Research Methodology – Industrial Hose Market

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global industrial hose market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary sources referred to by analysts during the production of the global industrial hose market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, products portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of the study on the industrial hose market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from industrial hose industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global industrial hose market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making estimates on the future prospects of the global industrial hose market more reliable and accurate.

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