Market Players to Focus on Improving Physical and Functional Properties of New Hoses
An industrial hose, which is also known as an industrial rubber hose, is primarily used as a connector in an array of machinery and equipment across different industries. Over the past few decades, industrial hose made from different materials has gradually gained considerable popularity and are increasingly replacing hard hoses, due to improved flexibility and bending features. The evolving industrial landscape around the world has played an imperative role in increasing the adoption of industrial hoses, particularly for applications in hostile operating environments. Over the past couple of decades, industrial hose manufacturers are increasingly focusing on material, design, storage capacity, and other important parameters to improve the quality of their products.
In the current market landscape, industrial hoses are available in a range of variants made from various materials, including rubber, silicone, polyurethane, and polyvinyl chloride. At present, industrial hoses are increasingly being used across a host of industrial sectors such as oil & gas, automotive, chemicals, construction, marine, etc. Market players involved in the industrial hose market are expected to invest resources in product innovation and development to gain a competitive edge in the current market landscape. In addition, market players are also projected to explore the potential benefits of industrial hoses made from different materials.
At the back of these factors, the global industrial hose market is expected to attain a market value of US$ 21 Bn by the end of 2030.
Request a sample to get extensive insights into the Industrial Hose Marketb
High Adoption in Range of Industrial Domains to Boost Market Growth
An industrial hose is extensively used across a host of industries for optimum operation efficiency, transfer of fuel, chemicals, bulk materials, air, etc. Although the industrial applications of an industrial hose continue to expand, the end users are increasingly focusing on the efficiency levels of industrial hoses made from different materials. In addition, apart from material, the pressure rating of an industrial hose is another important parameter, which is taken into consideration while selecting an industrial hose. The choice of industrial hose varies from industry to industry. For instance, chemical transfer hoses are widely used to transfer industrial chemicals, petroleum transfer hoses are used to transfer gas, petroleum, oil, etc., in several industries, including shipbuilding, agriculture, construction, and railroads, among others. Steam hoses have garnered immense popularity for steam-cleaning, heat control, and fire prevention in chemical plants, refineries, and steam pumps.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Industrial hoses are increasingly being used across the food & beverages sector around the world to handle various types of bulk material. However, complying with the regulations laid down by the Food and Drug Administration (FDA) pertaining to the materials of choice is essential. The widening applications of industrial hoses around the world in various industries is a major factor that is anticipated to propel the industrial hose market during the assessment period.
Market Players Focus on Expanding Product Portfolio to Increase Market Share
Due to the evolving industrial landscape, market players operating in the current industrial hose market landscape are increasingly focusing on innovations and product development to gain a competitive edge in the current market ecosystem. Several leading players are eyeing organic growth strategies, including product launches to establish a solid foothold in the industrial hose market. For instance, in September 2019, Eaton launched a newly developed blowout preventer industrial hose and expanded its range of blowout preventer (BOP) hoses, which are likely to exceed the fire test requirements. Similarly, in December 2019, Gates announced the launch of a new hydraulic hose MXG 4K in India, which offers optimum flexibility, is light in weight, has a compact design, and is a perfect choice for the industrial and automotive replacement sector.
As more number of players continue to launch new variants of industrial hoses, the focus on innovations and product development has witnessed an increase over the past few years.
Demand to Remain Steady amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a short-term impact on the growth of the global industrial hose market. While the demand for industrial hoses in the first two quarters of 2020 is projected to remain lower than usual due to the ongoing COVID-19 pandemic, the demand is likely to gain momentum in the last quarter of 2020 and the beginning of 2021. Stringent government regulations for different industries, restrictions on trade & transportation are some of the top factors that are projected to dent the growth of the market for industrial hoses around the world in 2020. As the industrial sector around the world is gradually shifting gears post the lockdown period, the demand for industrial hoses is on the rise.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Industrial Hose Market
The global industrial hose market is expected to grow at a moderate CAGR of ~5% during the forecast period. The market growth can be primarily attributed to a host of factors, including widening adoption of industrial hoses in various industries, entry of new materials, focus on product development and innovations, and launch of a range of industrial hoses in the past few years. Market players should ideally focus on product diversification and expand their product portfolio to gain an advantage in the current market landscape. While the demand will remain a bit lower than anticipated in 2020 due to the COVID-19 situation, the market is projected to gain momentum toward the end of 2020.
Industrial Hose Market: Overview
- According to the latest market report published by Transparency Market Research on the industrial hose market for the period 2020–2030 (wherein 2020 to 2030 is the forecast period and 2019 is the base year), expansion of the industrial sector across the globe is expected to drive the industrial hose market
- Globally, revenue generated by the industrial hose market was valuated at ~US$ 13.1 Bn in 2019, which is expected to expand at a CAGR of ~5% in terms of value throughout the forecast period
Increasing Vehicle Production and Growth of Industrial Sector Globally: Key Driver of Market
- In recent years, the growing production of vehicles globally is directly influencing the demand for industrial hoses used in automotive parts. According to data released by the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year. Various industrial hose manufacturers are catering to this growing demand in the automotive sector. Considering these factors, the impact of this driver is currently high and expected to remain so during the forecast period.
- Over the past few years, modernization in agricultural activity has propelled the sale of industrial hoses in the Asia Pacific region. Depending on the farming operation, companies are offering different hoses, which are more suited to the task. Furthermore, cost effective and flexible ways of getting water into the farm is the primary requirement of farmers. Industrial hoses are bridging this gap, which is driving their market demand.
- Ease of government initiatives in several developing countries is likely to be another driving factor in the Asia Pacific region. Governments of different countries are offering exemptions in tax policies to encourage industrial hose manufacturers to increase their production capacity. This is expected to drive the sales of industrial hose in the coming years.
Technological Advancements Significant Opportunity for Industrial Hose Market
- Advancement in industrial hoses for transferring various types of media such as gases, chemical, oil, semi-solids, and liquids, among others is gaining huge demand across the globe. Industrial hoses that are used for suction and discharge of media is gaining demand across industry verticals. These hoses should possess high chemical and abrasion resistance, and the capability to withstand extreme pressure and temperature. Prominent suppliers have the opportunity to invest in research and development activities to increase their market share in different end user segments, as this market is slightly fragmented in nature, which helps manufacturers to increase their market share with technological advancements. This is likely to boost the sale of industrial hoses in the upcoming years.
Increasing Popularity of Unique or Coated Material: Key Trend of Market
- The latest trend observed is increasing use of industrial hoses across various industrial applications, which has positively impacted the growth of the industrial hose market. Rising popularity of coated or blended products with unique patterns is also seen among users.
- Progression in materials has expanded the operating life of industrial hoses, even under severe operating conditions. The industrial hose market now is focusing on PVC, polyurethane, and rubber.
- Polyurethane material is used for several end-use applications, such as constructing insulation, composite wood panels, insulation of fridges and freezers, and car parts. These industrial hoses have first rate resistance to gas, oil, kerosene, and different petroleum-based products making them suitable to be used in industries, such as oil & fuel, chemicals, mining, meals & liquids, and agriculture.
Increase in Counterfeit Products to Hamper Growth of Industrial Hose Market
- Currently, counterfeit industrial hoses are showing up in the marketplace in large volumes. Some unscrupulous companies are mislabeling inferior-quality counterfeit industrial hoses as brands from reputed industrial hose companies. It is often hard to tell the difference between genuine and counterfeit industrial hoses. These hoses are not manufactured as per the same high standards as those that come from reputed industrial hose companies and could cause damage to the machinery, which may lead to catastrophic impact on the business. However, several organizations such as the World Industrial Hose Association, the German Anti-Counterfeiting Association, and the Quality Brands Protection Committee ensure that the public is informed about the risks associated with the use of counterfeit industrial products. Therefore, the impact of this restraining factor is low and is expected to remain so during the forecast period.
Industrial Hose Market: Competition Landscape
- Detailed profiles of manufacturers of industrial hoses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the industrial hose market include
- ContiTech AG
- Eaton Corp. Plc
- Merlett Tecnoplastic S.p.A.
- The Yokohama Rubber Co., Ltd
- Parker-Hannifin Corp.
- Colex International Ltd.
Industrial Hose Market: Key Developments
- Prominent service providers in the industrial hose market are increasing investment on innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions, and tie-ups with local industrial hose providers.
Some other key developments in the industrial hose market are highlighted below:
- In February 2020, Eaton acquired Power Distribution Inc. for an undisclosed sum. Power Distribution is headquartered in Richmond, Virginia, and accounted for revenue of US$ 125 Mn in 2019.
- In July 2019, Parker-Hannifin Corp. acquired EMFCO Holdings Incorporated. It is a parent company of Exotic Metals Forming Company LLC.
- In February 2019, NORRES acquired the Swedish hose distributor Jarl Elmgren AB, a major distributor of flexible hoses and accessories
Read Our Latest Press Release:
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad-hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
Transparency Market Research State Tower,
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453
Email: [email protected]