Industrial Hose Market Sales to Hit US$ 22.8 Billion by 2031, Owing to Adoption in Construction and Automotive Industries

Rapid increase in adoption of oil-resistant industrial hose to transport oil and hazardous materials in the oil & gas, automotive, and chemical sectors is expected to generate significant revenue opportunities for companies in the market

Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Continuous development of industrial hose systems used by end-use industries in the transportation of wide range of petroleum, synthetic or water-based fluids enable them to meet stringent operating criteria and harsh environmental conditions.

Rapid increase in demand for hose in the automotive, oil & gas, construction, and chemical industries is anticipated to offer significant opportunities for companies in the industrial hose market.

The global industrial hose market was valued at US$ 15.3 Bn in 2022, and is projected to reach US$ 22.8 Bn by 2031. Introduction of hoses that meet latest standards pertaining to equipment piping is broadening the market outlook. For instance, rise in installation of industrial hoses certified with EN 857 2SC, SAE 100 R16, and ISO 11237-1. Another instance is the increasing popularity of EN 857 2SC steel wire reinforced hydraulic hose.

Usage of industrial hoses made of abrasive materials is expected to increase in material handling applications in the oil & gas industry in the near future. Significant demand for industrial hose in earthmoving and agriculture applications is anticipated to generate substantial revenue opportunities for companies in the near future. Rapid pace of innovation in hose materials is offering hose manufacturers new revenue streams in the next few years.

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Market Snapshot:

Report Coverage

Details

Market Revenue

US$ 15.3 Bn

Estimated Value

US$ 22.8 Bn

Growth Rate - CAGR

4.8%

Forecast Period

2023-2031

No. of Pages

180 Pages

Market Segmentation

Type, Material, Pressure, Media, Diameter, End-user Industry, Distribution Channel

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, South America

Companies Covered

ContiTech AG, Dixon Valve & Coupling Company, LLC, Eaton Corporation plc, Gates Industrial Corporation plc, Kurt Manufacturing, NORRES Schlauchtechnik GmbH, Parker Hannifin Corp., RYCO Hydraulics Pty. Ltd., Semperit AG Holding, Transfer Oil S.p.A.

Key Findings of Study

Steady Demand in Food & Beverage Industry : Based on end-use industry, food & beverage is a lucrative segment. Significant demand for food-grade hoses that meet sanitary standards and food & beverage industry regulations present lucrative opportunity for companies in the global industrial hose market. For instance, rise in adoption of hoses whose materials conform to EU and U.S. FDA regulations.

Significant Utilization of Oil-resistant Hose in Multiple Industries : Based on type, the oil-resistant hose segment accounted for majority share in 2022. Rapid increase in adoption of oil-resistant hose in the chemical oil & gas, and automotive industries is likely to bolster the segment size in the next few years.

Consistent rise in demand for durable, compact, and lightweight hoses in these end-use industries is expected to propel the segment from 2023 to 2031. Recent market trends indicate that rise in demand for oil-resistant stainless steel industrial hoses is likely to boost the industrial hose industry. For instance, increase in usage of is AISI 316 stainless steel couplings.

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Key Drivers

Rapid pace of utilization of hose in the construction and automotive industries is anticipated to propel the industrial hose market

Considerable technological advancements in industrial hosing assemblies are likely to drive the evolution of the market over the next few years. Steady commercialization of novel materials used in the core of industrial hoses is likely to broaden the market outlook in the near future.

Regional Growth Dynamics

A report on the global industrial hose market found that Asia Pacific accounted for a leading share in 2022. Widespread usage of hoses in several industries is anticipated to bolster the market value in the region over the next few years. Rapid pace of industrialization is likely to also fuel the market.

Europe and North America are offering significant revenue opportunities to companies in the next few years. Early adoption of advanced industrial hoses presents significant opportunities to companies in the market, especially in chemical, oil gas, and automotive industries. Significant demand for high-pressure hoses in multiple industries for a wide range of applications is anticipated to strengthen revenue growth in North America.

Competition Landscape

Manufacturers are leveraging state-of-the-art manufacturing processes to develop industrial hose that meet international standards. Leading companies are making significant investment in R&D activities in order to develop innovative products. Rise in usage of ISO 9001 certified products is an example.

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Top players are focusing on product portfolio expansion in order to increase market share.

Key players operating in the industrial hose market are

ContiTech AG

Eaton Corporation

Gates Industrial Corporation plc

Kurt Manufacturing

Norres Schlauchtechnik GmBH

Parker Hannifin Corp.

Semperit AG Holding

Transfer Oil S.p.A.

Type

Layflat Hose

Wras Hose

Oil-resistant Hose

Abrasive Material Hose

Others (air hose, chemical hose, steam hose, spray hose, etc.)

Material

Rubber

Natural Rubber

Synthetic Rubber

Nitrile Rubber

Thermoplastic Rubber

Metal

Silicone

PTFE

Plastic Polymer

Others (coated fabric, specialty material, etc.)

Pressure

Below 3000 psi

3000 – 6000 psi

Above 6000 psi

Media

Oil

Gas

Water

Others (air, fluid, abrasive, etc.)

Diameter

Below 25 mm

25 – 75 mm

Above 75 mm

End-use Industry

Automotive

Construction

Mining

Agriculture

Oil & Gas

Food & Beverage

Others (chemical, pharmaceutical, aerospace, etc.)

Distribution Channel

Direct

Indirect

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