Industrial Hose Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT1182 | Last Updated On: Jun 22 2022 | Available Formats

> Global Industrial Hose Market Expected to reach a high CAGR of 6.1% By 2029: DataM Intelligence

Global Industrial Hose Market By Product Type (High Pressure, Low Pressure, Medium Pressure), By Application (Building & Construction, Agriculture, Industrial Manufacturing, Chemicals, Automotive, Oil and Gas, Others (Mining, Food and Beverages, Pharmaceuticals)), By Raw Material (Polyurethane, PVC, Rubber, Silicone, Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Industrial Hose Market" is expected to grow at a CAGR of 6.1% in the forecast period 2022-2029.

Market Dynamics 

The rapid growth of industrialization, growing demand for PVC applications in industrial hoses, increasing oil and gas production, and the growth of the construction and infrastructure industry are the key factors fueling the global Industrial Hose market. 

Change in monetary and social conditions set apart by a significant increase in manufacturing and urbanization indicate the growing rate of industrialization among the countries of the world. According to the International Yearbook of Industrial Statistics 2018 released by United Nations Industrial Development Organizations (UNIDO), the world manufacturing value added (MVA) rose by 3.5% in 2017, the highest rate in the last seven years. United Nations Department of economic and social affairs reveals that about 55% of the world's population resides in urban areas and this figure is expected to reach 68% by 2050. These high industrialization rates have propelled the need for the setting up of a greater number of industries which is in turn expected to augment the growth of the Industrial Hose market. 

However, intense competition among suppliers which might lead to fluctuating prices of end products is a critical aspect that might impede the growth of the market in the forecast period. 

Market Segmentation

Based on the application, the market is segmented as building and construction, agriculture, industrial manufacturing, chemicals, automotive, oil and gas, others (Food and Beverages, Pharmaceuticals, mining). 

The oil and gas segment is expected to witness high growth rates in the forecast period owing to the high production rates of oil and gas coupled with the increasing applications of industrial hoses in this sector. High-pressure Industrial uses are widely employed in the oil and gas industry to transport liquids from one point to another under pressurized conditions. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9mb/d and is expected to reach 104.7mb/d by 2023. The demand is expected to rise at an average annual rate of 1.2mb/d with countries like China and India together contributing to more than 50% of the global oil demand. This high growth of the global oil demand is expected to provide lucrative opportunities in this market.

The building and construction segment of the global industrial hoses market is also expected to grow at a higher pace owing to the potential application areas of industrial hoses in the construction field. In building services, metal or plastic hoses are used to move water around a building. They can also be used to take out vibration, and thermal or settlement movement. The growth of the global building and construction industry coupled with rising infrastructural investments is likely to propel market growth in the foreseeable future. 

Geographical Analysis

The Global Industrial Hose Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East, and Africa. 

The Asia Pacific region is further segmented into the following areas like China, Japan, India, Australia, and others. The Asia Pacific region is expected to show robust market growth owing to the growth of the construction industry in India and China. According to the National Bureau of Statistics, China, the number of construction enterprises in China increased from 75722 in 2016 to 81196 in 2017. The gross output value of China's construction industry increased from USD 23 billion in 2016 to USD 26 billion Yuan in 2017. Similarly, according to the India Brand Equity Foundation, industrial investments in India's real estate in 2018 reached USD 5.5 billion, the highest in a decade. Real Estate industry in India is expected to reach a market size of USD 1 trillion in 2030 from USD 120 billion in 2017 contributing the 25% of the country's GDP by 2025.

Moreover, the presence of major heavy-duty industries in India and China coupled with high manufacturing outputs is also fueling the Industrial Hose market in this region. According to the United Nations Industrial Development Organization (UNIDO), the manufacturing output of China rose by 6.4% in 2018, the highest in any country in the world. India's manufacturing output grew by 5.3%, and Indonesia's production increased by 4.6%. China and India rank 1st and 5th respectively in the list of countries with high industrial outputs. This is expected to drive the Asia Pacific regional market to grow at a higher pace in the forecast period.

Competitive Analysis 

New product launches, expansion of facilities, mergers, and acquisitions, and strategic partnerships are vital strategies adopted by most companies to contribute to the growth of the company and improve their market growth rate. 

In May 2019, Singer Equities, Inc. has acquired 4-STAR Hose & Supply, headquartered in Dallas, Texas. 4-STAR Hose & Supply distributes and fabricates industrial hose, hydraulic hose, metal hose, composite hose, fittings, valves, and pumps out of their locations in Dallas, Fort Worth, Midland, Pleasanton. and Cleburne, Texas.

Similarly, in May 2019, Motion Industries, an industrial parts distributor of bearings, hydraulic and industrial hose, electrical and industrial automation, acquired Axis New England and Axis New York. Axis, founded in 1994, specializes in precision components, electromechanical assemblies, and fully engineered automation systems. 

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