The estimated value of the global Industrial Hose Assemblies market in 2022 is US$ 19,973.7 Mn and is expected to expand at a CAGR of 6.5% to reach US$ 37,556.7 Mn by the end of 2028. China is expected to dominate the global industrial hose assemblies market through the forecast period. Economies of scale and lower production costs in steel and synthetic polymers are positively affecting market players in China.
Over 17% of the market share will be held by industrial hose assemblies for vehicle end-user applications in 2021. Thus, China is expected to account for a significant market share for the industrial hose assemblies market in the forecast period.
Global Industrial Hose Assemblies market is driven by increasing construction, mining, agricultural and several other industrial activities that have led to improved demand for fluid transfer and handling equipment. One of the highlights of using Industrial Hose Assemblies in such applications is their capability to deliver or transfer the material with higher efficiency indirectly providing cost-effective solutions.
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This makes it the ideal transmission system for industrial equipment, automotive and off road vehicles including construction vehicles, mining equipment and material handling equipment. Based on the findings specified in the report, the market is expected to witness increasing demand on the backdrop of growing hose requirement in several end use industries involving fluid transferring and handling systems.
Additionally, Industrial Hose Assemblies are more versatile than simple tubes and piping mechanisms as they provide better results in extreme environmental conditions. Industrial Hose Assemblies are also preferred by various end users owing to several advantages such as higher resistance towards temperature, pressure and chemical reaction among others further benefitting the growth of the market in the coming years.
However, there are some disadvantages associated with using Industrial Hose Assemblies that can hinder the growth of the market in the near future. Some of the factors include high dependency on various industrial activities, intense competition and distributed customer presence in various countries.
Key Takeaways:
- Growing demand from end-use industries: The industrial hose assemblies market is expected to witness significant growth due to the increasing demand from various end-use industries such as oil and gas, chemicals, food and beverage, and water and wastewater treatment.
- Rising emphasis on worker safety: There is a growing emphasis on worker safety in various industries, which has led to the adoption of high-quality industrial hose assemblies. This is expected to drive the market growth in the coming years.
- Advancements in hose material technology: Manufacturers are focusing on developing advanced materials for hoses that can withstand extreme temperatures, pressures, and corrosive environments. This is expected to boost the demand for industrial hose assemblies.
- Increase in offshore drilling activities: The rise in offshore drilling activities and exploration of new oil and gas reserves is expected to boost the demand for industrial hose assemblies, especially for subsea applications.
- Asia-Pacific is expected to witness significant growth: Asia-Pacific is expected to witness significant growth in the industrial hose assemblies market due to the increasing demand from various end-use industries and the growing investments in infrastructure development.
Global Industrial Hose Assemblies Market: Forecast
By material, the rubber segment is expected to hold the largest market share owing to higher end use applications and higher efficiency for transferring fluid in medium pressure and high pressure applications. The rubber segment is expected to dominate the global market capturing a market share of 60.9% by 2018 end. Additionally, the segment is expected to grow with a higher CAGR and is forecasted to hold a market share of about 63.8% by 2028 end.
On the basis of product type, the medium pressure segment holds a dominating position in the global industrial hose assemblies market owing to wide range of applications of medium range pressure hoses in several industries. In terms of value, the market size for the medium pressure segment is estimated to be pegged at US$ 10,424.9 Mn by end of 2018. Growing with a healthy CAGR of 7.0%, the market for the medium pressure segment is estimated to reach US$ 20,528.7 Mn by the end of the forecast period.
On the basis of end user, the food and beverage segment is expected to dominate the market with a market share of 18.5% by the end of 2018 and is projected to hold the same throughout the forecast period owing to improved demand from food and beverage industries and increasing automation requirements. However, it is the general manufacturing segment that is expected to grow with a higher CAGR than the other segments owing to higher demand for material handling and transferring equipment.
Regional Analysis:
From a regional perspective, North America is expected to lead with a market value share of 23.5% by 2018 end; however, China is expected to surpass North America and dominate the market by the end of the forecast period. However, other regional markets are coming up to gain market share similar to North America including Western Europe and South East Asia and Pacific owing to higher growth witnessed in the demand and manufacture of various end use equipment such as agricultural, mining and construction equipment.
If we look at the North American market, both U.S. and Canada are expected to play an important role in the growth of the overall market due to their positioning as renowned off road vehicle manufacturer regions. The markets in Latin America, Middle East & Africa and Eastern Europe hold similar but considerably smaller market share in value terms due to the fact that production of end use equipment is quite limited in these regions; however, the market share in Eastern Europe may expect to improve owing to improving agricultural equipment manufacturing in Russia.
Global Industrial Hose Assemblies Market: Competitive Landscape
Some of the key players involved in the manufacture of Industrial Hose Assemblies that have been included in the study are Eaton Corp. PLC, Parker Hannifin Corp., Gates Corporation, Continental AG, Trelleborg AB, Semperit AG Holding, Polyhose India Pvt. Ltd., Campbell Fittings, Inc. etc. Key market players are focussing on product innovation and differentiation with unique capabilities to strengthen their market positioning across the globe.
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Key Segments Covered in Industrial Hose Assemblies Industry Survey Anchor
Industrial Hose Assemblies by Material Type
- Rubber Industrial Hose Assemblies
- Plastics Industrial Hose Assemblies
- Metal Industrial Hose Assemblies
Industrial Hose Assemblies by Product Type
- Low Pressure Industrial Hose Assemblies
- Medium Pressure Industrial Hose Assemblies
- High Pressure Industrial Hose Assemblies
Industrial Hose Assemblies by Component Type
- Industrial Hose Assemblies
- Industrial Hose Fittings
Industrial Hose Assemblies by End User
- Industrial Hose Assemblies for Food & Beverages
- Industrial Hose Assemblies for Construction & Mining
- Industrial Hose Assemblies for Chemical & Pharmaceuticals
- Industrial Hose Assemblies for Oil & Gas
- Industrial Hose Assemblies for Automotive
- Industrial Hose Assemblies for Agriculture
- Industrial Hose Assemblies for General Manufacturing
- Industrial Hose Assemblies for Other End Users
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