Industrial Hose Market Valuation to Hit $21Bn by 2030
Transparency Market Research delivers key insights on the global industrial hose market. In terms of revenue, the global industrial hose market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global industrial hose market report.
In this market report, TMR predicts the rising vehicle production and growth of the industrial sector across the globe to have a noteworthy impact on the overall industrial hose market. Modernization in agricultural activity is anticipated to propel the sale of industrial hoses in the Asia Pacific region. Depending on the farm operation, companies are offering different hoses, which are more suited to the task. Furthermore, demand for cost effective and flexible ways of getting water into the farm is the primary requirement of farmers, and industrial hoses are bridging this gap, which is driving their demand.
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In terms of type, the industrial hose market has been segmented into hydraulic industrial hose, pneumatic industrial hose, and others. During the forecast period, the market is anticipated to be dominated by the hydraulic industrial hose segment. In the report, based on material, the industrial hose market has been segmented into rubber, PVC, silicone, polyurethane, and others.
Based on pressure, the industrial hose market has been segmented into high pressure, mid pressure, and low pressure. The high pressure segment is anticipated to expand at a significant growth rate during the forecast timeline.
Based on media, the industrial hose market has been categorized into oil, water, gases, steam & hot water, chemicals, food & beverages, abrasives, and others. The oil media segment is anticipated to expand at a higher pace. In terms of end user, the industrial hose market has been divided into automotive, construction, chemicals, oil & gas, food & beverages, pharmaceuticals, water & wastewater treatment, agriculture, marine, mining, and others. During the forecast period, the chemicals end user is anticipated to dominate the market. Asia Pacific has seen a surge in adoption of e-Commerce among consumers, which in turn has increased online retail sales of industrial hose.
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Industrial Hose Market: Prominent Regions
Geographically, Asia Pacific led the industrial hose market in 2019 and the region is expected to retain its dominance during the forecast period. China and India are considered the major markets for industrial hoses in the Asia Pacific region, although North America and Europe have been dominating the industrial hose market. Apart from Asia Pacific, African provinces also significantly contribute to the growth of the global industrial hose market.
Industrial Hose Market: Key Players
The competition landscape of the industrial hose market is highly fragmented with leading players accounting for nearly 25% of the revenue share. Key players operating in the global industrial hose market include ContiTech AG, Eaton Corp. Plc, Merlett Tecnoplastic S.p.A., The Yokohama Rubber Co., Ltd, Parker-Hannifin Corp., and Colex International Ltd.
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