Sales of industrial hoses in China are set to be valued at US$ 986.5 Mn in 2021, with a steady long-term projection, according to latest data by Future Market Insights. The report estimates the market to expand at over 7% CAGR from 2021 to 2031.
Steady demand from the automotive industry and energy applications drives sales. The need for transporting media from one destination to another seamlessly and conveniently is a supporting factor driving the market from 2016-2020.
The demand for industrial hoses witnessed a slight dip in 2020 due curbs on production and subsequent supply chain activities owing to the COVID 19 pandemic. China witnessed a rebound in the GDP growth rate of 3.2% by Q2 end, with an industrial sector growth rate of over 8% as compared to 2019.
The sales of industrial hoses in China are also understood to have risen with demand from its domestic market commanding over 55% of the nation’s total sales and consumption. The export curbs are also likely to be eased in the upcoming years.
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The oil and gas industry is considered as one of the prominent users of industrial hoses. Crude oil and gas being corrosive in nature may erode linings and will call for regular installment of hoses, thus driving the sales of replacement units. Superior grade materials such as composites, polymers, and steel is expected to augur the sales of industrial hoses to a high degree.
Advent of cryogenics in HVAC, industrial air separation plants, and medicine has necessitated the use of industrial hoses under extreme pressure and temperature. Steel and braided hose types have been preferred for the same. The demand is likely to be propelled by the medical and life sciences sectors incorporating cold storage systems and cryogenics.
Key Takeaways from Market Study
- China has an estimated share of 9.1% of the global industrial hoses market and close 30% of regional market consumption owing to the country’s high manufacturing output.
- Lubricant hoses to hold the lead with US$ 166.1 Mn in 2021 owing to extensive use in automotive applications.
- Plastic and polymer hoses account for over 33% of the value share in 2021, owing to cost and durability benefits.
- Energy applications to account for US$ 148 Mn in 2021, driven by investments in energy infrastructure upgrades.
- Leading provinces in China are estimated to contribute over 40% of the overall market consumption at 1.1 X of the overall CAGR.
The market is highly fragmented, with key players accounting for slightly more than one-fifth of the market share. These players are likely to invest in developing new materials and expansion of their clientele in various industries to enhance their product portfolios.
Some of the key players in this industry are Parker Hannifin Corporation, Tiger Polymer Corporation, Continental AG, Eaton Corporation, Rehau Group AG, Balflex LLC, Trelleborg AB, Kuriyama Holdings Corporation, and Qingdao Everflex Rubber & Plastic Co., Ltd. amongst others.
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