The industrial hose market is likely to grow from USD 12.8 billion in 2019 to USD 17.0 billion by 2024; it is expected to grow at a CAGR of 5.8%
Industrial hose market to grow at CAGR of 5.8% from 2019 to 2024
The industrial hose market is likely to grow from USD 12.8 billion in 2019 to USD 17.0 billion by 2024; it is expected to grow at a CAGR of 5.8%. The growth of this market is mainly driven by factors such as increasing demand for robust industrial hoses in critical applications, growing infrastructure-related developments, and rising demand for PVC material. Increasing demand for automobiles worldwide and modernization of agriculture processes are expected to create significant growth opportunities for players in the industrial hose market during the forecast period. However, the dearth of technical know-how of industrial hoses restrains the growth of the market.
NEW YORK, Jan. 23, 2020 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05136804/?utm_source=PRN
Natural rubber hoses to hold significant share of industrial hose market by 2024
High demand for natural rubber in various industrial segments provides opportunities for the growth of the industrial hose market.The automobile market is also anticipated to increase the demand for natural rubber production in Thailand and Indonesia.
Natural rubber has unique physical and chemical properties, including susceptibility to vulcanization. Hence, increasing demand for natural rubber hoses in the agriculture, mining, construction, and food processing industries is expected to provide ample opportunities for the industrial hose market.
Automotive industry to hold significant share of industrial hose market by 2024
The industrial hose market for the automotive industry accounted for the largest share in 2018.In automobiles, hoses are used to carry fuel and lubricants.
These are also used in cooling and hydraulic systems.Advancements, such as autonomous vehicles, electric vehicles, and hybrid electric vehicles in the automotive industry and rising demand for automobiles across the world are expected to provide growth opportunities to hose manufacturers.
Moreover, the growing demand for automobiles in emerging economies, such as China, India, Australia, and Japan, is expected to increase the demand for industrial hoses in the coming years.
APAC to be largest shareholder in industrial hose market by 2024
APAC is expected to hold the largest share of the industrial hose market during the forecast period.APAC is a potential market for industrial hoses owing to rising urbanization, increasing demand for automobiles, and modernization of agricultural processes.
High population density and growing per capita income of this region, along with large-scale industrialization and urbanization, are driving the growth of the industrial hose market. Similarly, end-user industries, such as oil & gas, automotive, infrastructure, chemicals, and pharmaceuticals, are expected to create enormous opportunities for industrial hose providers.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 = 20%, Tier 2 = 55%, and Tier 3 = 25%
• By Designation: C-Level Executives = 45%, Directors = 35%, and Others = 20%
• By Region: North America = 30%, Europe = 20%, APAC = 40%, and RoW = 10%
Key players profiled in this report are as follows:
• Gates (US)
• Eaton (Ireland)
• Parker Hannifin (US)
• RYCO Hydraulics (Australia)
• Transfer Oil S.p.A. (Italy)
• Kurt Manufacturing (US)
• Piranha Hose Products (US)
• NORRES (Germany)
• Colex International (UK)
Research Coverage
This report offers detailed insights into the industrial hose market, segmented based on material, media, industry, and region.Based on material, the market is segmented into natural rubber, nitrile rubber, Polyvinyl Chloride (PVC), silicone, polyurethane, and others (EPDM, UPE).
Based on media, the market is segmented into water, oil, hot water and steam, air and gas, food and beverage, and chemical.Based on industry, the market is segmented into automotive, infrastructure, oil & gas, pharmaceuticals, food & beverages, water & wastewater, chemicals, mining, agriculture, and others.
The study also forecasts the size of the market segmented on the basis of region—North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help market leaders/new entrants in the industrial hose market in the following ways:
1. This report segments the industrial hose market comprehensively and provides the closest approximation of the overall, as well as segment-based, market size across different materials, media, industry, and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities for the growth of the market.
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, along with the product launches and developments; partnerships and contracts; acquisitions; and expansion strategies implemented by key players in the market.
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