Industrial hose market is expected to grow at CAGR of 9.9 % from 2020 to 2025
NEW YORK, July 29, 2020 /PRNewswire/ --
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The global industrial hose market is expected to grow from USD 10.2 billion in 2020 to USD 16.4 billion by 2025; it is expected to grow at a CAGR of 9.9% during 2020–2025. Key factors fueling the growth of this market include the increasing demand for robust industrial hoses for critical applications in several industries, growing infrastructure-related developments, and rising demand for PVC material. The demand for robust industrial hoses is increasing across the world to avoid fatal accidents, ensure smooth material handling even in extreme environmental/operational conditions, and so on various industries such as pharamaceuticals, agriculture, chemicals, and oil & gas create a strong demand for industrial hoses for efficient industrial operations in the midst of COVID-19 are the major factors for the industrial hose market growth.
Air and gas media type to witness the highest CAGR in industrial hose market during the forecast period.
The market for air and gas media is expected to grow at the highest CAGR within the global industrial hose market during the forecast period, owing to the high demand for air and gas hoses to transfer compressed air and gases from one point to another in industrial, medical, construction, and agricultural applications. Gas hoses are used for a variety of applications, such as gas and petroleum solutions transfer, gas cylinder filling, refilling, or emptying, loading/unloading, and fuel refilling.
Oil & gas industry to witness the highest CAGR in industrial hose market during 2020–2025.
The market for the oil & gas industry is expected to grow with the highest CAGR during the forecast period.The demand for oil and gas will grow tremendously in the coming years, which is likely to increase even further to fuel the development of Western economies during the forecast period.
As technologies implemented in the production and transportation processes are advancing, equipment performance requirements are becoming more and more stringent to support increasing operational efficiencies. Hence, the implementation of hoses is essential in pipelines and other several processes to regulate the flow of liquid, gases, or any fluidized solid, which will propel the industrial hose market growth in the coming years.
APAC is expected to hold a largest share of industrial hose market by 2025.
APAC accounted for the largest share of the industrial hose market by 2025.The most common applications of oil & gas are fuel for automobiles, fuel for industrial machinery, and fuel for domestic operations.
In the oil & gas industry safety, environmental protection, and operating efficiency have prime importance for which robust hoses are used. Hence, increasing adoption of industrial hoses for different applications is expected to provide growth opportunities to the industrial hose market in the future.
Breakdown of profiles of primary participants:
• By Company: Tier 1 = 45%, Tier 2 = 30%, and Tier 3 = 25%
• By Designation: C-level Executives = 30%, Directors = 25%, Managers= 45%
• By Region: North America = 40%, Europe = 30%, APAC = 25%, and RoW = 5%
Major players profiled in this report:
• Gates Industrial Corporation plc (US)
• Eaton Corporation plc (Ireland)
• Parker-Hannifin Corporation (US)
• Ryco Hydraulics (Australia)
• Transfer Oil S.p.A. (Italy)
• Kuriyama of America, Inc. (US)
• Continental AG (Germany)
• Kurt Manufacturing (US)
• NORRES (Germany)
• Colex International (UK)
Research Coverage
This report offers detailed insights into the industrial hose market, by media type, material, industry, and region.By media type, the industrial hose market has been segmented into water, hot water & steam, food & beverage, chemical, oil, and air & gas.
By material, the market has been divided into polyvinyl chloride (PVC), polyurethane, natural rubber, silicone, nitrile rubber, and others.By industry, the industrial hose market has been segmented into oil & gas, chemicals, food & beverages, agriculture, mining, water, automotive, infrastructure, pharmaceuticals, and other industries.
The study forecasts the size of the market in 4 regions—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help market leaders/new entrants in this market in the following ways:
1. This report segments the industrial hose market comprehensively and provides the closest approximations of the overall market's size and its subsegments (across different media types, materials, industries, and regions).
2. The report would help stakeholders understand the pulse of the market and provide them with information about key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem and product launches, contracts, and partnerships carried out by major market players.
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