Industrial hose market expected to grow at a CAGR of 5.6% between 2017 and 2023
The industrial hose market was valued at USD 10.67 billion in 2017 and is expected to reach USD 14.81 billion by 2023, at a CAGR of 5.6% between 2017 and 2023. Increasing infrastructure-related developments and growing demand for robust industrial hoses in critical applications are the major drivers for the industrial hose market growth, while less scope for product differentiation restrains the growth of the industrial hose market.
Industrial hose market for automobile industry expected to grow at highest CAGR during forecast period
The market for the automobile industry is expected to grow at the highest CAGR between 2017 and 2023. In the automobile industry, industrial hoses are used in radiators and heaters, hydraulic systems, power steering systems, and braking systems. These hoses are also used for the refueling of commercial as well as private automobiles and aircraft. Moreover, the growing applications of hoses in traditional as well as electric and hybrid electric vehicles drive the industrial hose market growth.
Market for hot water and steam media type expected to grow at highest CAGR during forecast period
Hot water and steam media industrial hoses are used in compressors, blowing machines, spray guns, and sprayers. Water and infrastructure industries primarily use hoses to transfer hot water and steam media. These hoses are also used in chemicals, mining, oil & gas, and pharmaceuticals industries. Moreover, increasing industrialization and urbanization create demand for industrial hoses, further driving the industrial hose market.
Industrial hose market in APAC expected to grow at highest CAGR during forecast period
The industrial hose market in APAC is expected to grow at the highest CAGR between 2017 and 2023. APAC is expected to witness rapid growth in the industrial hose market in the near future owing to rapid urbanization, increasing demand for automobiles, modernization of agricultural processes, and increasing demand for robust hoses from agriculture, infrastructure, and automobile industries. Moreover, high population density and growing per capita income of this region, along with large-scale industrialization and urbanization, are driving the growth of the industrial hose market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profiles of primary participants has been given below:
• By Company Type: Tier 1—20%, Tier 2—55%, and Tier 3—25%
• By Designation: C-Level Executives—50%, Directors—25%, and Others—25%
• By Region: North America—60%, Europe—20%, APAC—10%, and RoW—10%
Major players in the industrial hose market are Eaton (Ireland), PARKER (US), Gates (US), RYCO Hydraulics (Australia), Transfer Oil (Italy), Colex International Limited (UK), Kurt Manufacturing (US), NORRES Schlauchtechnik (Germany), PIRANHA HOSE PRODUCTS (US), Polyhose (India), Semperflex (Austria), United Flexible (US), UNAFLEX Industrial Products (US), Hose Master (US), Salem-Republic Rubber (US), Trelleborg (France), Terraflex (Israel), Kanaflex (US), Merlett Tecnoplastic (Italy), Pacific Echo (US), Suttner America (US), and Sun-Flow (US).
The report defines, describes, and forecasts the industrial hose market based on media type, material, industry, and geography. It provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the industrial hose market. It also analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches carried out by the key players to grow in the market.
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the industrial hose market based on media type, material, industry, and geography have been conducted to provide an overall view of the industrial hose market.
• Major drivers, restraints, opportunities, and challenges affecting the industrial hose market growth have been detailed in this report.
• A detailed competitive landscape of the key players in the market, along with their revenues, has been included.