|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 210.36 Million||USD 368.97 Million||7.25%||2022|
Composite Hoses Market
The global composite hoses market size was worth around USD 210.36 million in 2022 and is predicted to grow to around USD 368.97 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.25% between 2023 and 2030.
Composite hose is made up of many layers of thermoplastic fabrics and films that are spirally wrapped and supported by internal and exterior wire helices. The many material layers strengthen the hose's structure, making it pressure-resistant. The high-quality material used to create composite hoses also increases safety. The composite hose is ideal for fluid transport and has a high degree of elasticity. This makes it an excellent choice for a variety of applications and functions. The composite hoses market is driven by various factors including the growing chemical industry, rising oil & gas exploration and production, growing product launches, growing focus on workplace safety, and environmental regulations.
Growth in the chemical sector drives market growth
Composite hoses are widely used in the chemical industry for the secure and effective transmission of a variety of chemicals. The need for composite hoses rises in tandem with the growth of the chemical industry, which is fueled by factors including industrialization, increasing output, and the discovery of new chemical compounds. For instance, according to the U.S. BUREAU OF LABOR STATISTICS, exports of goods used in chemical production had a total trade value of $288.0 billion in 2022—a 13.4% rise from 2021. Almost half of this value was accounted for by the top 6 exporting states. In terms of export chemical production, Texas led the country in 2022 with $63.7 billion in export trade value. That represented 22.1% of all exports from the United States chemical manufacturing industry. California came in second place with a trade dollar value of $17.6 billion, or 6.1% of all exports from the United States that were related to the chemical industry. With $17.1 billion in commerce, Puerto Rico came in third place and made up 5.9% of all exports related to chemical manufacturing. Thus, the aforementioned statistics are expected to propel the global composite hoses market growth during the forecast period.
High initial cost and compatibility issues impeding the market growth
When compared to conventional rubber or PVC hoses, composite hoses are often slightly more expensive. For many enterprises, particularly those with lower budgets or fewer resources, this upfront expense may be an obstacle to doing business. Furthermore, even though composite hoses are made to withstand chemicals, not all compounds will work well with them. Companies must carefully assess if the materials of the hoses are compatible with the particular fluids they are conveying. This may reduce the number of uses for composite hoses. Thus, this might be impeding the composite hoses industry growth over the forecast period.
Rising oil & gas exploration and production offer a lucrative opportunity for market growth
The rising oil & gas exploration and production is expected to offer a lucrative opportunity to the composite hoses market growth over the forecast period. Composite hoses are essential to the oil and gas industry because they allow the transport of fluids, including hydrocarbons, in harsh conditions. Strong and adaptable composite hoses are becoming more and more necessary as oil and gas exploration and production activities spread to increasingly isolated and hostile areas. For instance, according to secondary sources, it was anticipated that the number of deepwater drilling rigs in the US Gulf of Mexico would rise from 12 in 2020 to 16 in 2021. The US economy benefited from offshore oil drilling to the tune of almost $21 billion in 2019. Jack-up rigs made up 33.6% of all oil rigs worldwide in 2019, followed by semi-submersibles (29.5%) and drillships (37.1%).
Lack of standardization poses a challenge to market growth
Since there isn't a single worldwide standard for composite hoses, producers may differ in terms of quality and requirements. Businesses may find it difficult to choose the best hose and guarantee continuous performance due to this lack of standardization.
The global Composite Hoses industry is segmented based on media type, inner liner type, application, pressure type, and region.
Based on the media type, the global market is bifurcated into oil & liquid fuel, gas, and chemicals. The oil & liquid fuel is expected to dominate the market over the forecast period. The demand for oil and gas is rising due to the increasing rate of industrialization and urbanization, particularly in developing nations like China and India. Composite hose demand is rising at an outstanding rate to provide a steady supply of liquid fuel and oil. Thereby, driving the segment growth.
Based on the inner liner type, the global Composite Hoses industry is bifurcated into polypropylene, fluoropolymer, polyamide, and others. The polypropylene segment is expected to capture the largest market share over the forecast period. It is well known that polypropylene has exceptional chemical resistance. It functions as an inner or barrier layer in composite hoses, shielding the hose from the corrosive effects of different chemicals and solvents. This is particularly crucial in sectors where the safe transportation of corrosive products is a top priority, such as chemical manufacturing.
Based on the application, the composite hoses industry is bifurcated into in-plant transfer, tank trucks & railcar transfer, marine transfer, and others. The tank trucks and railcar transfer are expected to grow significantly over the forecast period. Composite hoses provide a flexible, dependable, and affordable option for the safe and effective transport of liquids and gases in tank truck and railcar applications. They provide businesses engaged in chemical, petrochemical, and logistical operations peace of mind and assist in reducing the hazards connected with the transportation of hazardous products. The market for composite hoses is anticipated to increase in this specific industry as the demand for secure and effective material transport keeps rising.
Based on the pressure type, the global industry is segmented into <200 PSI, 200-250 PSI, and >250 PSI.
|Report Attributes||Report Details|
|Report Name||Composite Hoses Market|
|Market Size in 2022||USD 210.36 Million|
|Market Forecast in 2030||USD 368.97 Million|
|Growth Rate||CAGR of 7.25%|
|Number of Pages||215|
|Key Companies Covered||United Flexible Inc., Alfagomma S.p.A., Trelleborg AB, Dantec Ltd., Flextral, Polyhose, Gasso Equipments, Gutteling B.V., Novaflex Group, Parker Hannifin Corporation, Radcoflex India Pvt. Ltd., Titeflex, Hebei Qianli Rubber Products Co. Ltd., CMT Flexibles Ltd, LUCOHOSE CO. LTD, Pacific Hoseflex, A BRIDGESTONE BRAND and Sonda Flex, and others.|
|Segments Covered||By Media Type, By Inner Liner Type, By Application, By Pressure Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The Asia Pacific is expected to hold the largest market share over the forecast period
The Asia Pacific is expected to hold the largest composite hoses market share over the forecast period. China and India are two of the industrial economies in the area that are expanding fastest in the globe. For the safe and dependable transfer of fluids, the growth of sectors including petrochemicals, manufacturing, oil & gas, and chemicals has increased demand for composite hoses. For instance, according to secondary analysis, the market value of China's organic chemical material manufacturing sector increased annually between 2011 and 2022, rising from 176.8 billion to 393.4 billion dollars. In 2023, this market value is anticipated to reach 422.1 billion USD. In addition, as per the Ministry of Petroleum and Natural Gas, the output of natural gas and crude oil was 25.87 billion cubic meters (BCM) and 22.08 million tons, respectively, during the current fiscal year 2022–2023. In comparison to FY 2020–21 (233.51 MMT), the output of petroleum products rose by 8.9% to reach 254.31 MMT in FY 2021–22. Therefore, the aforementioned stats are expected to propel the market growth in the region.
The global Composite Hoses market is dominated by players like:
By Media Type
By Inner Liner Type
By Pressure Type
Composite hose is made up of many layers of thermoplastic fabrics and films that are spirally wrapped and supported by internal and exterior wire helices. The many material layers strengthen the hose's structure, making it pressure-resistant. The high-quality material used to create composite hoses also increases safety. The composite hose is ideal for fluid transport and has a high degree of elasticity. This makes it an excellent choice for a variety of applications and functions.
The composite hoses market is driven by various factors including the growing chemical industry, rising oil & gas exploration and production, growing product launches, growing focus on workplace safety, and environmental regulations.
According to the report, the global composite hoses market size was worth around USD 210.36 million in 2022 and is predicted to grow to around USD 368.97 million by 2030.
The global Composite Hoses market is expected to grow at a CAGR of 7.25% during the forecast period.
The global Composite Hoses market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to the growing industrialization.
The global Composite Hoses market is dominated by players like United Flexible Inc., Alfagomma S.p.A., Trelleborg AB, Dantec Ltd., Flextral, Polyhose, Gasso Equipments, Gutteling B.V., Novaflex Group, Parker Hannifin Corporation, Radcoflex India Pvt. Ltd., Titeflex, Hebei Qianli Rubber Products Co., Ltd., CMT Flexibles Ltd, LUCOHOSE CO., LTD, Pacific Hoseflex, A BRIDGESTONE BRAND and Sonda Flex among others.
The Composite Hoses market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.