Originally published on Technavio:Industrial Hose Market Analysis across APAC, North America, Europe, Middle East and Africa, South America - Forecast 2023-2027

 

Introduction:

This report delves into the Industrial Hose Market, projecting an estimated growth of USD 2.59 billion at a compound annual growth rate (CAGR) of 4.43% between 2022 and 2027. Key factors influencing this growth include the increasing demand for PVC, a global rise in construction projects, and the surging demand for vehicles. The report provides a comprehensive analysis of drivers, trends, and challenges shaping the market.

 

Industrial Hose Market Growth and Forecasting:

The Industrial Hose Market is anticipated to grow with a CAGR of 4.43% between 2022 and 2027, amounting to a growth of USD 2.59 billion. The market's trajectory is influenced by factors such as the growing demand for PVC, escalating global construction projects, and increased vehicle demand. An in-depth analysis of drivers, trends, and challenges helps companies refine their marketing strategies for a competitive advantage.

 

Market Segmentation:

The oil and gas segment is expected to experience significant growth during the forecast period, driven by the need for advanced well completion and stimulation methods in unconventional oil and gas sources. Hydraulic fracturing, acidizing, and other advanced techniques contribute to the increased demand for industrial hoses in exploration and production (E&P) projects.

 

Oil and Gas Segment Analysis:

The oil and gas segment, valued at USD 2.94 billion in 2017, continued to grow by 2021. Industrial hoses are crucial in the oil and gas industry for transmitting oil, petroleum, and other products on land or oceans. Materials like nitrile rubber, Polyvinyl Chloride (PVC), and styrene-butadiene rubber (SBR) are used in these hoses. The increasing number of oil and gas extraction activities in regions like the Middle East and the US is expected to drive the demand for industrial hoses.

 

Key Drivers, Trends, Challenges, and Customer Landscape:

Key Market Drivers:

The rising demand for vehicles is a significant driver of market growth, with rubber, silicon, and PVC hoses commonly used in vehicle manufacturing. The deployment of hoses in various engine sub-parts and in automobile air conditioning ducts contributes to increased demand. Additionally, the growing demand for electric vehicles is expected to further drive market growth, as evidenced by the doubling of electric car sales in 2021.

 

Significant Market Trends:

Noteworthy trends include new product launches in the market, with suppliers investing in research and development to introduce advanced and energy-efficient industrial hoses. For instance, Gates launched ProV Hydraulic Hoses under the PRO series product line in January 2022. Such innovations are expected to contribute to market growth during the forecast period.

 

Major Market Challenges:

Fluctuations in raw material prices, particularly in rubber and steel, pose a significant challenge to market growth. The unpredictability caused by demand-supply mismatches in the world rubber market and the instability of steel prices due to excessive production and fluctuating raw material costs are anticipated to hinder market expansion.

 

Key Market Customer Landscape:

The market forecasting report includes the adoption lifecycle, covering stages from innovators to laggards, and focuses on adoption rates in different regions based on penetration. Key purchase criteria and drivers of price sensitivity are highlighted to assist companies in developing effective market growth analysis strategies.

 

Major Industrial Hose Market Vendors:

Key players in the market include NORRES Schlauchtechnik GmbH, which specializes in developing, manufacturing, and distributing hoses and flexible hose system solutions globally. The company offers a diverse range of industrial hoses, such as PROTAPE PUR 301 AS and PROTAPE PUR 330 AS.

 

Market Dynamics:

The automotive industry's robust demand across various sectors, coupled with the increasing adoption of PVC material in hose manufacturing, addresses diverse applications such as chemical processing and food industry requirements. Technical expertise plays a crucial role in meeting stringent standards set by organizations like the Organisation Internationale des Constructeurs d'Automobiles (OICA), especially in developing hoses for the automotive and electric vehicle (EV) industries.

 

To Learn deeper into this report , View Sample PDF

APAC is estimated to contribute 53% to the market's growth during the forecast period, driven by demand, innovation, and quality in the automotive, construction, agriculture, food and beverages, and chemical sectors. The growth in the construction and automotive sectors in APAC, especially in China, India, Indonesia, Vietnam, and Thailand, will significantly impact the regional market.

The Industrial Hose Market is poised for growth, fueled by factors such as the rising demand for PVC, increased global construction projects, and surging vehicle demand. Challenges like fluctuating raw material prices and the need for innovation to meet evolving demands underscore the market's dynamism. In-depth analysis of market drivers, trends, and challenges equips businesses with insights to navigate and succeed in this evolving landscape.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/