NEWARK, Del, July 17, 2024 (GLOBE NEWSWIRE) -- The global industrial hose assembly market value in 2019 was USD 18,879.8 million. The imposition of lockdowns led to a decline in manufacturing activity in 2020 and 2021 dropping down the average CAGR to 2.6% between 2019 and 2023.
The global industrial hose assembly industry is holding a valuation of USD 22,651.4 million as per the estimates for 2024. Moreover, the global sales of industrial hose and fittings recorded a y-o-y growth of 5.6% which is going to continue till 2034. By following this promising CAGR, the global industrial hose assembly industry is vying for a capacity to generate a revenue of around USD 39,058.45 million by 2034.
Hose assemblies for industrial applications have exceptional properties such as high strength, flexibility, and temperature resistance, making them an excellent choice for a variety of sectors. Growing need for oil and gas, new regulations, and rising construction and mining demand are all pushing up demand for industrial hoses and fittings in the present time.
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How are End Use Industries Increasing Sales of Industrial Hose Assemblies?
The automotive industry and automotive components are driving industrial hose assemblies demand. Various growth trends in development and industrialization have pushed demand for hose assemblies in the market.
Rising demand for transferring various fluids and even solids at various industries has propelled market demand for industrial hose assemblies at the market. Its cost-effective qualities and weightlessness have led to a significant boom in market demand.
Increasing demand for farming, construction, industrialization, mining, and other activities has increased the market demand for high-pressure hoses. With the increasing performance demands of modern systems as well as the globalization of equipment platforms within industries such as construction and agriculture, hydraulics continues to be in demand.
Key Takeaways from the Industrial Hose Assembly Market Study Report
- In the United States, industrial hose assembly suppliers are on the point of witnessing 4.8% growth per year till 2034.
- The German industrial hose and fitting industry is on the path to witness a y-o-y growth of 6% from 2024 to 2034.
- China is currently a global supplier of industrial hose assemblies and is all set to follow a CAGR of 6.6% over the next ten years.
- India now holds a very lucrative opportunity for hydraulic hose assembly suppliers with an estimated CAGR of 7% between 2024 and 2034.
“Hydraulics technology is gaining popularity as the performance expectations of modern systems rise and manufacturing platforms have become more globalized. In line with this development, growing operations in farming, building, industrialization, mining, and other industries have substantially raised the demand for high-pressure hoses.” – opines Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
How is the Oil Gas Industry Opening Avenues for Future Growth of 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.
Manufacturers are giving more weighting towards incorporating lightweight raw materials to reduce costs and streamline extraction activities. Prominent materials used for this purpose include PVC, PU, natural rubber, styrene butadiene, butadiene rubber and silicone among others. For instance, Eaton Corporation deploys nitrile and SBR based material to manufacture oil & gas hoses.
Demand for industrial hose assemblies in this industry is especially increasing, amid growing safety concerns regarding extraction activities. By regulating the quantity of oil & gas flowing through the hoses, these assemblies and regulators help prevent leakages, thereby averting potential hazards or accidents.
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Competitive Landscape for the Industrial Hose Assembly Market Players
With rapid industrialization across emerging economies, the overall market has turned fiercely competitive in recent years. Manufacturers can stand out in the market by investing in research and development activities to come up with innovative designs and novel materials.
Key Players in the Industrial Hose Assembly Industry
- 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
Recent Developments by the Industrial Hose Assembly Industry Participants
- In February 2024, Gates announced the introduction of the Clean Master Plus hose platform designed for high-pressure applications in harsh industrial environments. The product operates at exceptionally high pressures of up to 6,000 psi, which is three times higher than the ordinary pressure washer hose. The company also claims it to be 22% lighter and 50% more flexible on average than the present 6,000 psi hoses, This innovative industrial hose is designed to improve ergonomics and safety, reduce worker fatigue, and increase productivity.
- In October 2023, Watson-Marlow Fluid Technology Solutions (WMFTS) expanded its hose portfolio by introducing the innovative and versatile Bredel NR Transfer hose. These hoses can be used for general fluid transfer applications at pressures up to 12 bar (174 psi). These natural rubber hoses are also suitable for handling sludge with a high solid content, food and beverage waste, and abrasive slurry. This solution supplements the Bredel NR Metering hose, which is built for greater duty and can withstand pressures of up to 16 bar (232 psi)
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Key Segments Covered by Industrial Hose Assembly Industry Survey Report
By Material Type:
- Rubber
- Plastics
- Metal
By Product Type:
- Low Pressure
- Medium Pressure
- High Pressure
By Component Type:
- Industrial Hose Assemblies
- Industrial Hose Fittings
By End User:
- Food & Beverages
- Construction & Mining
- Chemical & Pharmaceuticals
- Oil & Gas
- for Automotive
- Agriculture
- General Manufacturing
- Other End Users
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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