Industrial Hose Market Size to Grow at 6.4% CAGR to Reach

2022-11-23 20:39:05 By : Ms. Sarah Chen

November 16, 2022 06:34 ET | Source: The Insight Partners The Insight Partners

New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Industrial Hose Market Size, Share, Report, Demand, Growth Strategy, Industry Trends and Forecast to 2030 – COVID-19 Impact and Global Analysis – by System, Process, End-Use Industry, and Geography," the global industrial hose market size is expected to grow from USD 13.5 billion in 2022 to USD 22.1 billion by 2030 and estimated to grow at a CAGR of 6.4% during the forecast period of 2022 to 2030. Marine Raw Water Intake Hose

Industrial Hose Market Size to Grow at 6.4% CAGR to Reach

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Global Industrial Hose Market Report Scope, Segmentations, Regional & Country Scope:

Global Industrial Hose Market: Competitive Landscape and Key Developments

Eaton Corporation; PARKER HANNIFIN CORP; RYCO Hydraulics; Kuriyama Holding Corporation; NORRES Schlauchtechnik GmbH; Transfer Oil S.p.A; Kanaflex Corporation Co., ltd.; Colex International Limited, and Gates Corporation are among the leading players profiled in the Industrial Hose market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the industrial hose market are mentioned below:

June 2020: Eaton Corporation announced the launch of the Synflex Optimum family of thermoplastic hydraulic hoses and fittings, which were designed to improve hydraulic system performance, simplify assembly and optimize inventory.

October 2022: Kurt Manufacturing entered into an agreement with Dyco. Under this agreement, Dayco branded hydraulic hose and coupling inventory will be transferred to Kurt Hydraulics.

Growing Infrastructure Developments Catalyze Global Industrial Hose Market Growth:

Infrastructure development plays a crucial role in the world’s economy. The availability of transport, electricity, communication, health facilities, safe water and sanitation, and other basic facilities greatly impacts demand and supply for various industries. Infrastructure development worldwide is rising due to shifts in capital availability, evolving social and environmental priorities, and rapid urbanization. Governments of various economies planned to stimulate and meet carbon reduction targets, hence focusing on green infrastructure development. Moreover, the shift towards remote working also necessitates developments in the telecommunications infrastructures such as fiber, broadband, and data centers. For instance, The Federal Aviation Administration (FAA) funded US$ 840 million in infrastructure grants to 381 airports across the US. Moreover, The California High-speed Rail Authority 2023 projected that $20.6 billion to $23.3 billion would be invested in one of California’s biggest railroad construction projects.

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The industrial hose market in the Asia Pacific is projected to witness impressive growth during 2022–2030. The region comprises developing economies such as China, India, and South Korea; several Southeastern countries; and developed economies such as Australia and Japan. Increasing use of industrial hoses in industries such as oil and gas, industrial machinery, automobiles, and domestic operations is expected to drive the industrial hose market growth in Asia Pacific.

Global Industrial Hose Market: Industry Overview

The Industrial Hose market has been segmented on the basis of material, industry vertical, and geography. Based on the material, the industrial hose market is bifurcated into natural rubber, nitrile rubber, polyurethane, PVC, silicone, and others. Based on industry vertical, the industrial hose market is bifurcated into automotive, water & wastewater, oil & gas, chemicals, infrastructure, food & beverages, agriculture, mining, and others. Based on geography, the Industrial Hose market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The industrial hose market growth in North America is growing significantly. Increasing growth of the oil and gas and automotive industry is expected to drive the industrial hose market growth in North America. Moreover, North America has the presence of major manufacturers, which are enhancing the availability of the product in the region.

Impact OF COVID-19 Pandemic on Global Industrial Hose Market:

The COVID-19 pandemic has impacted the sales of industrial hoses across the world. However, the pandemic created opportunities for a few players present in the ecosystem. Since the pharmaceutical manufacturing centres globally were active, chemical and gas hoses were in demand. In the pharmaceuticals industry, industrial hoses are utilized in vacuum conveying devices, suction conveyors, dosing systems, and pelleting machines. Thus, an increase in pharmaceutical production is anticipated to fuel the demand for industrial hoses post-COVID-19 crisis.

Owing to the adverse effects of the COVID-19 pandemic, automotive is the most-affected industry after the oil & gas industry. Automobile production across Europe and North America was reduced or nonoperational during the lockdown. The use of industrial hoses is an essential and large issue of the automotive industry. In the modern-day marketplace situation, it is difficult to decide the effect of COVID-19 pandemic on the use of industrial hoses in the automotive industry. However, after the pandemic, the manufacturing of vehicles is anticipated to grow, which would propel the adoption of industrial hoses including water, gas, and chemical hoses during the forecast period.

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About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Industrial Hose Market Size to Grow at 6.4% CAGR to Reach

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