Industrial Hose Market Size, Growth, Trend and Forecast to 2023 | MarketsandMarkets
[128 Pages Report] The industrial hose market was valued at USD 10.40 Billion in 2016 and is expected to reach USD 14.81 Billion by 2023, at a CAGR of 5.6% during the forecast period. The base year considered for the study is 2016, and the forecast period considered is 2017–2023. This report provides a detailed analysis of the industrial hose market based on media type, material, industry, and region. The report forecasts the market size, in terms of value, for various segments with regard to 4 main regions—North America, Europe, APAC, and RoW. It strategically profiles the key players and comprehensively analyzes their market rankings and core competencies, along with detailing the competitive landscape for the market leaders. Hoses are used for the suction and discharge of water in various applications, such as irrigation; gardening and fire equipment; refrigeration equipment, and food processing equipment. Moreover, chemicals, agriculture, mining, food and beverages, infrastructure, and other industries use hoses to transfer water from one location to another, driving the industrial hose market. Polyurethane is a polymer that possesses good abrasion and tear resistance, high tensile strength, and low compression set, along with good flexibility. It also exhibits good chemical resistance with excellent stability in rough atmospheric conditions. It has exceptional resistance to gasoline, oil, kerosene, and other petroleum-based products, making it suitable for use in industries such as oil and gas, chemicals, mining, food and beverages, and agriculture. A large number of players offer industrial hoses manufactured from polyurethane. APAC is expected to hold the largest share of the industrial hose market during the forecast period. It is expected that automobile, infrastructure, and agriculture industries will lead the growth of the market during the forecast period. Most of the demand for hoses comes from China, Japan, and India. Increasing infrastructurerelated developments in China and India, and the modernization of agricultural processes further drive the industrial hose market in the region. On the basis of industry, the industrial hose market has been segmented into oil & gas, chemicals, food & beverages, agriculture, mining, water, automobile, infrastructure, pharmaceuticals, and others. The industrial hose market for the automobile industry is expected to grow at the highest CAGR between 2017 and 2023 owing to the growing applications of hoses in traditional as well as electric
and hybrid electric vehicles. Moreover, increasing demand for automobiles across the globe fuels the growth of the market. Less scope for product differentiation is restraining the growth of the industrial hose market. A majority of the hose manufacturers serve all the industries and have similar product designs. As a result, hose manufacturers cannot differentiate their products on a large scale. Less technological innovations and a limited number of manufacturing materials available are posing a challenge for hose manufacturers to differentiate their products. Major players in this market include Eaton (Ireland), PARKER (US), Gates (US), RYCO Hydraulics (Australia), and Transfer Oil (Italy). Eaton (Ireland) is one of the leading hose providers in the market, which offers hoses having capabilities such as efficient working in wide operating pressure ranges, optimal scratch resistance, long-lasting durability, and high-performance transfer. The hoses offered by the company are manufactured from a variety of materials, including polyvinyl chloride (PVC), polyurethane (PUR), natural rubber (NR), and ethylene propylene diene monomer (EPDM). These hoses cater to industries such as oil & gas, chemicals, infrastructure, food & beverages, and mining. The research methodology used to estimate and forecast the industrial hose market begins with capturing the data on key vendor revenues through secondary research. Secondary sources referred for this research study include government sources, World Economic Outlook, trade websites, Hoovers, Bloomberg Businessweek, Factiva, OneSource, World Bank data, OPEC data, OICA data, corporate filings (such as annual reports, investor presentations, and financial statements), and trade, business, and professional associations.