The industrial hose market has seen strong growth, rising from $13.29 billion in 2023 to $14.31 billion in 2024, with a CAGR of 7.6%. This growth is attributed to international trade, infrastructure development, and automotive expansion. The market is projected to reach $18.9 billion by 2028, with a CAGR of 7.2%. Future growth drivers include e-commerce expansion, renewable energy, and biotechnology advancements. Major trends are IoT integration, customization, and bio-based materials.
Major Driver In The Industrial Hose Market
Rapid urbanization is set to play a pivotal role in propelling the growth of the industrial hose market. Urbanization, the increase in the urban population percentage, directly influences the demand for industrial hoses used in urban areas, particularly for water discharge under pressure. According to the World Bank Group's data for 2021, 56% of the global population resided in urban areas, a slight increase from 55% in 2020. The ongoing trend of rapid urbanization contributes significantly to the growth of the industrial hose market, reflecting the increasing urban demand for essential infrastructural components. This trend is expected to shape the market's trajectory, with implications for its 2023, 2024, and 2028 market sizes.
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Industrial Hose Market Competitive Landscape
Continental AG, Bridgestone Corporation, Eaton Corporation plc, Parker Hannifin Corporation, Trelleborg AB, Saint-Gobain S.A., Gates Industrial Corporation plc, Semperit AG Holding, Alfagomma S.p.A., Polyhose India Pvt. Ltd., Kuriyama of America Inc., Hose Master, Inc., Kurt Manufacturing Company, Norres Schlauchtechnik GmbH, Flexaust Co., Inc., RYCO Hydraulics Pty Ltd., Kanaflex Corporation Co., Ltd., Abbott Rubber Company, Inc., PIRTEK USA, Transfer Oil S.p.A., Dantec Ltd., Flexicraft Industries, Salem-Republic Rubber Company, Amnitec Ltd., Anamet Europe B.V., Colex International Limited, Novaflex Group, Pacific Echo, Inc., Goodall Rubber Company, Elaflex Hiby Tanktechnik GmbH & Co. KG, Flextral, HoseXpress, JGB Enterprises, Inc., NewAge Industries, Inc., Pacific Hoseflex Pty Ltd., Penflex Corporation, Senior Flexonics, Inc., Swagelok Company, Texcel Infotech Pvt Ltd., United Flexible Inc.
Key Industrial Hose Market Trend
Advancements in technology are a key trend gaining popularity in the industrial hose market. Major players operating in the industrial hose market are developing new products with advanced technologies to sustain their position in the industrial hose market. For instance, in April 2022, Niedner Inc., a Canada-based company specializing in high-performing flexible fluid transport solutions, introduced ALTRA 3D. ALTRA 3D is a new hose technology that is a double-jacketed hose, designed for high-pressure conditions and reliable for industrial applications. This technology offers safety and corrosion prevention for various industrial verticals. This 3D circular woven hose eliminates wrinkling and snaking while combining the benefits of a double-jacketed hose into one. ALTRA 3D's unique features make it a potential option for moving fluids such as water, minerals, slurry, oil, gas, chemicals, and others in harsh environmental conditions.
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Industrial Hose Market Segmentation
The industrial hose market covered in this report is segmented –
1) By Type: Hydraulic Hoses, Layflat Hose, Wras Hose, Oil Resistant Hose, Corrugated Hoses, Stripwound, Thermo-Duct, Other Types
2) By Material Type: Rubber, Polyurethane, Polyvinyl Chloride, Metal, Thermoplastics, Composite, Silicone, Other Material Types
3) By Wire Type: Wire Braided, Spiral Wire
4) By Pressure: Low Pressure (Less Than 3000 Psi), Medium Pressure (Between 3000 to 6000), High Pressure (More Than 6000)
5) By Industry: Oil and Gas, Water, Agriculture, Food and Beverages, Pharmaceuticals, Automotive, Mining, Other Industries
By Geography:The regions covered in the industrial hose market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the industrial hose market in 2023.
The Industrial Hose Global Market Report 2024 furnishes information about the global industrial hose market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
