Global industrial hose market size was valued at 12 Billion USD in 2018 and is expected to be valued at 18.4 Billion USD by 2026 at a CAGR of 5.5%.
Industrial Hose Market
The global industrial hose market size was valued at 12 Billion USD in 2018 and is expected to be valued at 18.4 Billion USD by 2026 at a CAGR of 5.5%. The report global industrial hose market covers forecast and examination on a global as well as regional level. The study presents a broad valuation of the market, emerging trends, opportunities, competition, and industry-validated market numbers. The research report provides remarkable data of 2016, 2017, & 2018 along with an assessment from 2019 to 2026 based revenue (USD Million).
Industrial hose basically refers to the flexible hollow tube or pipe, which is designed to supply fluids, water, and substances to various parts of the unit in the industry. The shape of the hose is usually cylindrical and its design is based on the combination of media and performance. Industrial hose is generally made of natural rubber, polyvinyl chloride (PVC), nitrile rubber, polyurethane, and others. The industrial hoses are widely used in the chemical industry owing to their capability of handling range of acids, solids such as powder, and others. However, the use of hoses is not restricted to a single domain in industries; the demand for industrial hose is projected to witness tremendous growth over the forecast period. Moreover, advancements in the domain of industrial testing and safety are further gaining traction for the global industrial hose market.
Based on the material, the global industrial hose market has been classified into natural rubber, nitrile rubber, polyvinyl chloride (PVC), silicone, polyurethane, and others. Hoses made of polyurethane have anticipated gaining substantial growth over the forecast timeline. As polyurethane is a plastic material, it can be used in various Media, including composite wood panels, building insulation, refrigerator and freezer insulation, and others. Additionally, polyurethane hoses have exceptional resistance to kerosene, oil, gasoline, and other petroleum-based materials, which makes them suitable for chemical industry, oil & gas industry, mining industry, and others.
The global industrial hose market is categorized into chemical, water, oil, hot water and steam, air and gas, and food and beverage on the basis of media. In the global industrial hose market, chemical media has accounted for the largest share in 2018. Hoses that are used in the chemical industry are used for suction and discharge of chemicals as they are designed for optimal performance during the pressure flow. Owing to their high chemical and abrasion resistivity, the chemical media segment is further expected to generate potential revenue.
Based on verticals, the automotive industry is has accredited for the largest share in 2018. Rising usage of hoses in automobile engines to carry fluids coupled with the increased need for optimal engine performance and enhanced fuel efficiency is driving the segment value. Moreover, rising sales of passenger cars due to high disposable income helps to gain momentum for the segment growth.
Based on the region, Asia-Pacific has accounted for the largest market share in 2018. Increasing urbanization and rising demand for automobiles, especially in India and China are stimulating the need for industrial hose in the regional market. Further, modernization in the agricultural process along with growing per capita income in the region is further fueling the regional market growth.
The global industrial hose market is highly combined with major players including Eaton Corporation PLC, Gates Industrial Corporation PLC, Parker Hannifin Corporation, RYCO Hydraulics, Transfer Oil S.p.A., Kurt Manufacturing, Piranha Hose Materials, Inc., NORRES Schlauchtechnik MBH, Colex International Ltd., and others. The major stratagems implemented by these leading companies in the market are mergers & acquisitions, partnerships, and new product developments. These companies are focusing more on investment in advancements, expansions, and collaboration to increase their market share.
This report segments the global industrial hoses market as follows:
Global Industrial Hoses Market: Material Segment Analysis
Global Industrial Hoses Market: Media Segment Analysis
Global Industrial Hoses Market: End-Use Industry Segment Analysis
Global Industrial Hoses Market: Regional Segment Analysis
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