Global industrial hose assemblies market forecast at $37 billion by 2028

Pune, India – By 2028, the global industrial hose assemblies market is expected to be worth US$ 19,973.7 million and US$ 37,556.7 million, expanding at a 6.5% CAGR according to Future Marke Insights. China is anticipated to dominate the global industrial hose assemblies market for the duration of the forecast period. Participants in the Chinese market benefit from economies of scale and lower steel and synthetic polymer manufacturing costs.

In 2021, there will be more than 17% of the market for industrial hose assemblies used in end-user applications in cars. China is therefore expected to account for a sizable portion of the industrial hose assemblies market during the forecast period.

Increased construction, mining, agricultural, and other industrial activities have increased demand for fluid transfer and handling equipment, driving the global Industrial Hose Assemblies market. One of the benefits of using Industrial Hose Assemblies in such applications is their ability to deliver or transfer material more efficiently, resulting in cost-effective solutions.

This makes it the ideal transmission system for industrial equipment, automotive and off road vehicles including construction vehicles, mining equipment and material handling equipment. Based on the findings specified in the report, the market is expected to witness increasing demand on the backdrop of growing hose requirement in several end use industries involving fluid transferring and handling systems.

Additionally, Industrial Hose Assemblies are more versatile than simple tubes and piping mechanisms as they provide better results in extreme environmental conditions. Industrial Hose Assemblies are also preferred by various end users owing to several advantages such as higher resistance towards temperature, pressure and chemical reaction among others further benefitting the growth of the market in the coming years.

However, there are some disadvantages associated with using Industrial Hose Assemblies that can hinder the growth of the market in the near future. Some of the factors include high dependency on various industrial activities, intense competition and distributed customer presence in various countries.

By material, the rubber segment is expected to hold the largest market share owing to higher end use applications and higher efficiency for transferring fluid in medium pressure and high pressure applications. The rubber segment is expected to dominate the global market capturing a market share of 60.9% by 2018 end. Additionally, the segment is expected to grow with a higher CAGR and is forecasted to hold a market share of about 63.8% by 2028 end.

On the basis of product type, the medium pressure segment holds a dominating position in the global industrial hose assemblies market owing to wide range of applications of medium range pressure hoses in several industries. In terms of value, the market size for the medium pressure segment is estimated to be pegged at US$ 10,424.9 Million by end of 2018. Growing with a healthy CAGR of 7.0%, the market for the medium pressure segment is estimated to reach US$ 20,528.7 Million by the end of the forecast period.

On the basis of end user, the food and beverage segment is expected to dominate the market with a market share of 18.5% by the end of 2018 and is projected to hold the same throughout the forecast period owing to improved demand from food and beverage industries and increasing automation requirements. However, it is the general manufacturing segment that is expected to grow with a higher CAGR than the other segments owing to higher demand for material handling and transferring equipment.

From a regional perspective, North America is expected to lead with a market value share of 23.5% by 2018 end; however, China is expected to surpass North America and dominate the market by the end of the forecast period. However, other regional markets are coming up to gain market share similar to North America including Western Europe and South East Asia and Pacific owing to higher growth witnessed in the demand and manufacture of various end use equipment such as agricultural, mining and construction equipment.

If we look at the North American market, both U.S. and Canada are expected to play an important role in the growth of the overall market due to their positioning as renowned off road vehicle manufacturer regions. The markets in Latin America, Middle East & Africa and Eastern Europe hold similar but considerably smaller market share in value terms due to the fact that production of end use equipment is quite limited in these regions; however, the market share in Eastern Europe may expect to improve owing to improving agricultural equipment manufacturing in Russia.

Some of the key players involved in the manufacture of Industrial Hose Assemblies that have been included in the study are Eaton Corp. PLC, Parker Hannifin Corp., Gates Corporation, Continental AG, Trelleborg AB, Semperit AG Holding, Polyhose India Pvt. Ltd., Campbell Fittings, Inc. etc. Key market players are focussing on product innovation and differentiation with unique capabilities to strengthen their market positioning across the globe.