Market Excerpt

The global industrial hose market was valued at US$ 10.75 Bn in 2017 and expected to expand at a CAGR of 4.8% during the forecast period from 2018 to 2026.  Booming construction and real estate industry due to economic stability is one of the prominent factors driving demand for industrial hoses worldwide. Gradual shift from traditional farming practices to mechanized farming will also have positive impact on the overall demand for industrial hoses worldwide. To promote mechanized farming, the governments across the globe are offering incentives and flexible credit policies for the purchase of automated farming equipment. In the existing market scenario, the global industrial hose industry is marred by lack of product differentiation, which has led to price wars among manufacturers and consequently slow growth in the market value.

Polyurethane Hoses to Register Maximum Adoption

Selection of right raw material for manufacturing hoses used for varied applications is crucial. Common parameters taken into account while selecting a raw material for manufacturing hose include its compatibility with chemicals, weight, resistance to abrasion, and pressure rating among others. Hoses made from polyurethane are presumed to witness strong adoption during the forecast period on the back of superior characteristics offered in terms of tear and abrasion resistance, flexibility, tensile strength, weight, etc. In addition, excellent resistance offered to petroleum-based products such as gasoline, kerosene, and oil makes polyurethane hoses ideal for applications in industry verticals including oil & gas, mining, chemicals, and agriculture. In view of positive outlook, a large number of established manufacturers have begun offering industrial hoses made from polyurethane.

Asia Pacific to Remain Engine of Growth throughout the Forecast Period

In 2017, Asia Pacific was the largest industrial hose market worldwide. The value contribution from Asia Pacific stood at 41.5% in the same year. China, India and Japan represent major industrial hose markets, collectively accounting for over 70% of the market value in Asia Pacific. Positive outlook of the construction and industrial sector bodes well for the market growth in the region. China is one of the largest construction equipment manufacturers in the world. According to China Construction Machinery Association, sale of Chinese construction equipment is expected to exceed US$ 87.0 Bn in 2018. The export of Chinese construction equipment will also register strong growth, reaching US$ 20.0 Bn in 2018 from US$ 14.6 Bn in 2017. Similarly, with increasing modernization of agricultural practices, demand for large size, advanced agricultural machineries is on a rise. All these developments augers well for the futuristic market growth. While developed markets such as North America and Europe witnessed sluggish growth during the first half of this decade, the industrial output will surge in the coming years with markets showing economic stability. The replacement of aging industrial hoses with advanced hoses having better characteristics will also keep market demand afloat in developed economies.

Market Demand Buoyed by Farm Mechanization & Resurgence in the Automotive & Manufacturing Sectors

Based on end-use, the global industrial hose market is classified into construction & mining, agriculture, automotive, industrial manufacturing, oil & gas, food and beverage, and others (pharmaceuticals, utilities, etc.). Hoses being fundamental components in industrial equipment, their growth coincides with increase in industrial output and subsequent demand for heavy machinery. Resurgence in the industrial production, agricultural process automation, and strong demand for automobiles worldwide will aid demand for industrial hoses. In addition, influx of population in urban areas, especially in emerging economies has increased construction activities in the region. For instance, with Indian population estimated to grow by a staggering 150 million by 2030, the construction market in India will grow almost twice as fast as China, becoming third largest construction market by 2021 and driving demand for industrial hoses.

Key companies profiled in the research study include Gates Corporation (the U.S.), Eaton Corporation Plc (the U.K.), Parker Hannifin Corporation, RYCO Hydraulics Pty Ltd. (Australia), Piranha Hose Products, Inc. (the U.S.), Polyhose India Pvt. Ltd. (India),  Dyna Flex, Inc. (the U.S.), Kurt Manufacturing Co., Inc. (the U.S.), MAC Tubi S.p.A (Italy), and ZEC S.p.A. (Italy) among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Industrial Hose market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Industrial Hose market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Industrial Hose market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Industrial Hose market?
• Which is the largest regional market for Industrial Hose market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Industrial Hose market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Industrial Hose market worldwide?