Global Industrial Hoses Market - 2023-2030

Market Overview

Global Industrial Hoses Market reached US$ 13.2 billion in 2022 and is expected to reach US$ 22.1 billion by 2030, growing with a CAGR of 6.1% during the forecast period 2023-2030. The continually growing infrastructure-related activities are primarily driving the global industrial hoses market. The growing number of infrastructure-related projects encourages private participation in infrastructure (PPI) to invest more money, resulting in increased demand for hoses.

According to the United Nations, the worldwide population is predicted to reach roughly 9.8 billion by 2050, with more than twice as many people living in urban areas as in rural regions, increasing the expansion of the construction sector. Building and construction are estimated to account for around 1/3rd of the global industrial hoses market during the forecast period. Industrial hoses are essential in a variety of applications that involve the transfer of fluids, solids and air.

Market Dynamics

The Growing Adoption of Market Strategies by Major Players

To expand their market reach, distribution network and customer service capabilities, major firms may develop strategic partnerships or collaborations with other companies, distributors or suppliers. Strategic acquisitions or mergers are being made by major players in order to consolidate their market position, acquire new technology or get access to complementary product lines.

Market leaders can spend in expanding into new geographic regions or emerging markets with significant growth potential. It can assist them in gaining access to new customer bases and potential customers. Ryco Hydraulics, a firm that specializes in the design, manufacture and distribution of hydraulic Industrial Hoses, fittings and couplings, completed a new office and warehouse facility and relocated the company's headquarters to Derrimut, Victoria, Australia, in January 2020.

The Rising Demand from Automotive Industry

Depending on the application, industrial hoses used in the automotive sector are often comprised of materials such as rubber, silicone or thermoplastic. It is built to endure the engine's extreme temperatures, fluid exposure and mechanical stress. To manage engine temperature and avoid overheating, automotive engines need a cooling system. Coolant hoses are used to circulate coolant between the engine, radiator and coolant reservoir. It is usually made of rubber or silicone.

Hydraulic brake hoses are an important part of every vehicle's braking system. It transfers braking fluid from the master cylinder to the brake calipers or wheel cylinders, allowing the driver to apply the brakes when he or she pushes the brake pedal. In car air conditioning and heating systems, industrial hoses are used to transport refrigerant, hot coolant and conditioned air throughout the vehicle cabin.

Technological Challenges

It can be difficult to develop hoses that can endure harsh conditions like as high temperatures and corrosive substances. Keeping pace with advances in material sciences and manufacturing technology necessitates ongoing investment. Excessive reliance on specific industries, such as oil and gas, can expose enterprises to market downturns in those sectors.

Diversification into new markets may be difficult due to diverse technical requirements. The industrial hoses market includes a wide range of applications, each with its own set of hose specifications. For manufacturers, managing a wide product range may be complicated and costly. Due to the rapid rate of technological innovation, some hose types or materials may become obsolete, resulting in a limited product lifecycle.

COVID-19 Impact Analysis

Labor shortages in manufacturing plants were caused by lockdowns, social distancing measures and other pandemic-related restrictions. It has a further influence on manufacturing capacity and delivery timelines. Various governments imposed export and import restrictions during the pandemic, affecting international trade. It caused damage on the global flow of industrial hoses and associated products.

The pandemic's general economic uncertainty resulted in lower investments and delayed projects across industries. It had an indirect effect on hose demand, particularly in building and infrastructure projects. Hose prices were influenced by a mixture of supply chain interruptions and shifting demand patterns. Prices rose in certain situations due to scarcity, while they fell in others due to decreasing demand.

Russia- Ukraine War Impact

Instances such as the invasion of Ukraine can raise the prices of raw materials such as carbon black or resin due to increased oil and gas prices. Increasing energy costs will only worsen pricing limitations for hose manufacturers. Resin, being an oil derivative, will be impacted by supply chain interruptions caused by the Russia-Ukraine conflict.

As thermoplastic hydraulic hoses are constructed with resin rather than carbon black, they are a strong rival to rubber hydraulic hoses in this fragile supply chain. The ongoing conflict caused geopolitical uncertainty, resulting in a drop in investor confidence and economic instability. It has an impact on demand for industrial hoses from industries like construction, manufacturing and oil & gas.

Segment Analysis

The global industrial hoses market is segmented based on material, pressure, application and region.

The Growing Demand for High-pressure Industrial Hoses

High pressure industrial hoses segment is expected to hold more than 1/4th of the global industrial hoses market during the forecast period 2023-2030. High-pressure industrial hoses are frequently used in the oil and gas industry to convey liquids under pressurized conditions from one location to another. As per the International Energy Agency (IEA), world oil demand is expected to average 102 million barrels per day (mb/d) in 2023, up by 1.3 million barrels per day from 2019.

Demand is projected to increase to 2.2 million barrels per day, with China's rebound being significantly higher than previously expected. After U.S., China will contribute for approximately 60% of global growth in 2023. The rapid increase in global oil demand is likely to create opportunities for profit in this sector.

Geographical Analysis

The Rapid Growth of Construction Sector in Asia-Pacific

Asia-Pacific is anticipated to have the highest growth in the global industrial hoses market during the forecast period 2023-2030. The presence of heavy-duty industries in India and China, as well as increased production outputs, are driving the industrial hose market. Industrial hoses are essential in heavy sectors such as mining, construction and steel manufacture, where robust and dependable hose solutions are required to handle a variety of demanding applications.

The Chinese Ministry of Industry and Information Technology stated in November 2022 that three new national industrial innovation centers would be established. It also stated that these institutes would focus on essential generic technologies and boost technical research and development in the areas. It is likely to drive Asia-Pacific market to a faster growth rate during the forecast period.

Competitive Landscape

The major global players include: Eaton Corporation PLC, Continental AG, Transfer Oil S.p.A., United Flexible, Semperit AG Holding, Campbell Fittings Inc, Parker-Hannifin Corporation, Ryco Hydraulics, Polyhouse India Pvt Ltd and Gates Industrial Corporation PLC.

Why Purchase the Report?

• To visualize the global industrial hoses market segmentation based on material, pressure, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of industrial hoses market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global industrial hoses market report would provide approximately 61 tables, 64 figures and 202 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies