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Explosive Growth Forecasted for Global Industrial Hose Market, Reaching $2.59 Billion by 2027

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Lauren Miller

May 10, 2024 - 09:28 am

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Global Industrial Hose Market Set to Expand with USD 2.59 Billion Growth by 2027

NEW YORK, May 10, 2024 /PRNewswire/ -- In a striking revelation from Technavio, the industrial hose market is predicted to witness a substantial growth of USD 2.59 billion from 2023 to 2027. This forecast indicates an annual growth rate (CAGR) of 4.43%, showcasing the market's robust health and steady expansion throughout the predicted period. Experts have meticulously compiled insights for interested stakeholders, with comprehensive forecasting and historic data from 2017 to 2021 available through an in-depth market research report.

Technavio's Industrial Hose Market Research Report

Market Dynamics

Drivers: The Pivotal Role of Industrial Hoses

The industrial hose market encapsulates a myriad of vital applications spanning across several industries. These range from HVAC vacuum hoses, cooling systems, and automotive braking systems, to more demanding uses like power steering mechanisms. The reliance on these hoses is due to their performance capabilities ensuring operational safety, minimizing occupational hazards, and cutting down on ecological detriments.

As such, compliance with rigorous regulatory standards, including those by NSF, is non-negotiable. Manufacturers are hence investing in advanced materials like high-strength fibers and PVC to meet these standards. There is an ever-increasing utilization of such high-performance hoses within automotive sectors, agricultural machinery, and chemical applications.

Member organizations of OICA, such as Ryco Hydraulics and Continental, have a history of satisfying these market needs with their diverse product offerings. As companies strive for productivity and longevity of their equipment, harnessing durable and dependable hoses remains critical, especially for sensitive uses like chemical transfer systems.

Market Challenges: Price Volatility and Diverse Application Demands

However, the industrial hose terrain is not devoid of challenges. The reliance on key materials like rubber and steel for hose production introduces vulnerability. Any fluctuation in the global markets for these materials, especially rubber, jeopardizes vendors' profit margins and stifles market growth.

The multiplicity of sectors relying on industrial hoses further complicates the picture. Diverse applications demand hoses with distinct designs capable of harnessing liquids, gases, and solid materials across various environmental and operational conditions. Moreover, technological advancements and the push for customized solutions add layers of complexity to an already fragmented market.

For sector-specific insights into these market drivers and challenges, stakeholders are encouraged to request a sample report from Technavio.

Segment Breakdown: An In-depth Review

Application-wise Segmentation

The market caters to diverse industrial applications, including but not limited to:

  1. Oil and Gas
  2. Chemicals
  3. Food and Beverages
  4. Automotive
  5. Others

Hoses designed for these sectors are crucial in the smooth operationality of devices and vehicles, ensuring the secure transfer of varying media. With urban development and mechanized farming on the rise, the demand for hose types suited for different pressures, diameters, and conditions is skyrocketing.

Geographical Footprint

The global outlook of the industrial hose market is expansive, with significant contributions expected from different regions:

  1. Asia Pacific (APAC)
  2. North America
  3. Europe
  4. Middle East and Africa
  5. South America

APAC leads the charge with an outstanding 53% market contribution due to its rapid industrialization and increasing urbanization, thereby creating a vibrant environment for the hose market to thrive.

For an even more granular analysis of both the application and geographic segmentation and their corresponding impacts from 2023 to 2027, potential investors and market players can download a free sample report.

Research Insight: The Path Forward

As we delve deeper into the nuances of the industrial hose market, we uncover a vast range of products catering to the intricate needs of industries globally. The landscape is dotted with specialized hoses that ensure the transport of essential fluids and gases. These are constructed from a varied palette of materials like rubber, PVC, and steel, each serving distinct purposes.

Key to this market's vibrancy is the surging industrialization, escalating demand for petrochemical products, and burgeoning needs for advanced fluid transfer systems. As automation within industrial processes takes center stage, the market responds with an array of reinforced, flexible, and coiled hoses, each promising unparalleled efficiency.

Table of Contents Overview

The full report includes:

  1. Executive Summary
  2. Market Landscape
  3. Market Sizing
  4. Historic Market Size
  5. Five Forces Analysis
  6. Market Segmentation
    • Application
      • Oil And Gas
      • Chemicals
      • Food And Beverages
      • Automotive
      • Others
    • Geography
      • APAC
      • North America
      • Europe
      • Middle East And Africa
      • South America
  7. Customer Landscape
  8. Geographic Landscape
  9. Drivers, Challenges, and Trends
  10. Company Landscape
  11. Company Analysis
  12. Appendix

A Look at Some Key Market Players

The vibrancy of the industrial hose market is in part due to its key players, who offer an array of necessary products and services. These include industry heavyweights such as:

  • Bridgestone Corp.
  • Continental AG
  • Eaton Corp. Plc
  • Gates Industrial Corp. Plc
  • Hose Master LLC

Notably, these companies have been at the forefront of innovation, ensuring that the market remains both dynamic and responsive to evolving demands.

Technavio: Guiding the Market with Expertise

Technavio stands as a beacon of strategic analytics and market research. With over 500 specialized analysts at the helm, they navigate through emerging market trends, imparting valuable insights that buttress businesses across the globe. Their rich cache of more than 17,000 reports spans across a spectrum of 800 technologies, enveloping 50 countries.

Their esteemed clientele, inclusive of 100 Fortune 500 companies, depend on them for comprehensive and insightful market analysis. This supports their clients to not only discern opportunities within the current market landscapes but also to bolster their competitive edge amid shifting market dynamics.

Contact Information

For additional information and queries:

Technavio Research Jesse Maida, Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com

The aforementioned figures, analysis, and projections encapsulate what is essentially an exciting era for the industrial hose market. Driven by technology, responsive to regulations, and expanding across a global canvas, the market is set to unfurl opportunities and challenges alike. As industries worldwide grapple with the demands of innovation and sustainability, the hose market remains a key player in their operational arsenal, signifying the importance of this robust market study and its implications for the years ahead.

(SOURCE: Technavio)