In 2022, the market for industrial hose assemblies is expected to be worth US$25,352.9 Mn. By 2022–2028, industrial hose assemblies are expected to sell for more than US$ 37,556.7 Mn, representing a 6.8% CAGR. Sanitary hoses are more in demand as the food and beverage industry adapts industrial hose assemblies.
Future Market Insights has provided a half-yearly comparison of the growth expectations for the industrial hose assemblies market for the first half of 2022. Several industrial and innovation factors, such as advancements in chemical, food and beverage, mining, construction, and other industries, have a significant impact on the market for hose assemblies.
Some of the factors driving the demand for industrial hose assemblies include oil and gas demand, new regulations, and rising construction and mining activities all over the globe.
Market restrictions imposed by global countries have hurt the market due to covid-19. The imposition of stringent lockdowns led to a decline in manufacturing activity in the first two quarters.
Due to increased demand from the agricultural, construction, industrialization, excavating, and other industries, the market for high-pressure hoses has expanded. Hydraulics will continue to be advantageous to the market shortly thanks to improving performance, growing demand for advanced systems, and the globalization of conventional equipment in end-use sectors like construction and agriculture.
However, since the past year, the gradual easing of restrictions has restored pre-pandemic projections to a significant extent. As a result of all these factors, the industrial hose assemblies market registered a CAGR of 6.8% during the forecast period.
How is the Oil Gas Industry Opening Avenues for Future Growth of the Industrial Hose Assemblies Market?
As global energy requirements surge, demand for oil & gas across multiple industries is increasing at an impressive pace. In the past decade alone, numerous upstream offshore and onshore extraction activities have increased across major countries, most notably across the U.S and China. Consequently, demand for robust industrial hoses is witnessing a credible increase.
Throughout the forecast period, China is anticipated to rule the global market for industrial hose assemblies. Market players in China are benefiting from economies of scale and lower production costs in the steel and synthetic polymer industries.
To improve prospects in the near term, the government has relaxed FDI and liberalization policies. It is anticipated that China’s high manufacturing output will create expansion opportunities. China’s domestic market, which makes up nearly 10% of the global market, accounts for over 55% of all industrial hose sales.
The market for industrial hoses in the United States is anticipated to be further stimulated by technological developments in the chemical and pharmaceutical sectors. The demand for industrial hose assemblies in the U.S. market has increased as electric vehicles become more and more popular. The market for industrial hose assemblies is anticipated to generate over 23% in revenue in the region through 2028, according to research done by FMI.
Rubber hoses have gained popularity across various end-use applications due to their design for a specific temperature, fluid, and pressure ranges. The natural flexibility of these pipes has driven market demand in the F&B, LPG, automotive, agriculture, and other industrial sectors.
Key Players:
- Gates Corporation
- Parker Hannifin Corp.
- Semperit AG Holding
- Campbell Fittings, Inc.
- United Flexible
- Continental AG
- Eaton Corporation Plc.
- Polyhose India Pvt. Ltd.
- Trelleborg AB
- RYCO Hydraulics
- RADCOFLEX Australia Pty Ltd.
