Industrial Hose Market to grow at a CAGR of 4.43% from 2022 to 2027, APAC is estimated to contribute to 53% of the market growth - Technavio

NEW YORK, Dec. 1, 2023 /PRNewswire/ -- According to Technavio, the global industrial hose market size is estimated to grow by USD 2592.01 million from 2022 to 2027. The market is estimated to grow at a CAGR of 4.43% during the forecast period. By geography, the global industrial hose market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industrial hose market. APAC is estimated to contribute to 53% of the market growth during the forecast period. The growth in the automotive, construction, agriculture, food and beverages, and chemical sectors in the region is driving market growth. High demand for industrial hoses in countries like China, Vietnam, Japan, and India will significantly contribute to the regional market growth during the forecast period. Factors like growing urban population, rising disposable income, and growing pharmaceutical industry are expected to act as key contributors to the market growth. The increasing demand for PVC is significantly driving the demand for the market. However, factors like competition from local vendors may impede the growth of the market growth during the forecast period. For more insights on the historic market size (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Industrial Hose Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (oil and gas, chemicals, food and beverages, automotive, and others), material (polyurethane, polyvinyl chloride, silicone, rubber, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The market share growth of the oil and gas segment will be significant during the forecast period. The growing oil and gas extraction activities in the US and the Middle East will drive the use of industrial hoses during the forecast period.
• Industrial hoses are used to transmit oil and other petroleum products both on land and ocean.
• Hence, the increasing number of oil and gas extraction activities in the Middle East and the US will drive the use of industrial hoses during the forecast period.

Get a glance of the market contribution of various segments, historic market data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Industrial Hose Market – Market Dynamics
Key factor driving market growth

• The increased demand for PVC is a major driver for the industrial hose market growth during the forecast period.
• It is predominantly used in end-user industries like automotive, pharmaceutical, infrastructure, oil and gas, food and drinks, mining, and water, among others.
• PVC is known to be cost-effective, durable, flexible, and exhibits high tensile strength.
• Owing to the wide range of applications of PVC, the demand for the industrial hose market is expected to grow.

Leading trends influencing the market 

• The increasing demand for hydraulic rubber hoses in the agricultural sector is a leading trend in the global market.
• These hoses, used in machinery are known to significantly improve the agricultural process.
• In the agricultural industry, industrial hoses are used in pneumatic grain conveyor systems and irrigation.
• The rapid increase in food consumption drives the global agriculture industry. This is forcing farmers to improve crop yield by using new methods, including hydraulic rubber hoses.

Major challenges hindering the market growth

• The fluctuations in raw-material prices may impede the growth of the segment during the forecast period.
• Owing to the systematic demand-supply imbalance in the global rubber market, there could be significant fluctuations in the prices.
• These price fluctuations may affect production costs and reduce the vendors' profit margins.
• Steel is another raw material used in the production of industrial hoses. Steel prices may fluctuate because of the price fluctuation in raw materials and excess steel production.

To know more about other drivers, trends, and challenges, historic period (2017 to 2021), and Forecast (2023 to 2027)- Request a sample report!

What are the key data covered in this Industrial Hose Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the industrial hose market between 2023 and 2027
• Precise estimation of the industrial hose market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industrial hose market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of industrial hose market vendors

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Application
7. market Segmentation by Material
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio