June 16, 2024
Industrial Hose Market

Industrial Hose Market is Estimated to Witness High Growth Owing to Increased Adoption in Various End-Use Industries

The industrial hose market is an important component of the industrial machinery industry as it helps in transportation of various media including liquids, gases, slurries and others. Industrial hoses find wide application in industries such as oil & gas, automotive, chemical, food & beverages and several others. They provide flexibility, resistance to abrasion and are cost effective in comparison to rigid pipes.

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 Growth  include 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. The key players are focusing on new product launches to increase their market share.

The industrial hose market offers significant growth opportunities owing to industrialization across developing economies. There is growing demand for hoses from industries such as oil & gas, food & beverages, construction, mining and others. This is expected to drive the growth of the industrial hose market during the forecast period.

The major players are focusing on tapping opportunities in the Asia Pacific region. The increasing industrial and manufacturing activities in countries like China and India will drive the demand for industrial hoses. Additionally, growth in end-use industries and rising focus on automation are some key factors contributing to the global expansion of the industrial hose market.

Market drivers

Increased demand from the automotive industry is one of the key drivers for the industrial hose market. Hoses are widely used in automobile manufacturing plants, repair shops and engine assembly lines. They help in transferring brake fluids, fuel, coolants, lubricants and other liquids. Furthermore, growing demand from the oil & gas industry is also augmenting the market growth. Industrial hoses are used for extraction and transportation of crude oil and natural gas. They must withstand high pressures and temperatures.

PEST Analysis

Political: The industrial hose market is influenced by various regulations and policies regarding product quality and safety standards set by government agencies.

Economic: Fluctuations in the global economy impacting key end-use industries can expand or contract demand for industrial hoses in the manufacturing sector.

Social: Increased awareness about workplace safety and hazards posed by equipment failures is driving demand for reliable high-pressure hoses meeting international certifications.

Technological: Advancements in material science and coating technologies are improving durability, flexibility, and resistance to heat and pressures for industrial hoses to enable their use in diverse industrial processes.

Geographical Regions of Concentrated Value

The Asia Pacific region represents the largest and fastest growing market for industrial hoses in terms of value, driven by countries like China, India, and South Korea with strong manufacturing industries. China in particular has emerged as the world’s largest producer and consumer of industrial hoses due to its massive industrial sector.

Fastest Growing Geographical Region

The market in the Asia Pacific region is expected to witness the highest growth over the forecast period supported by rapidly expanding end-use industries, low input and labor costs facilitating industrial production, and growing infrastructure development projects utilizing heavy construction machinery and equipment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it