Industrial Hose Market to Witness the Highest Growth in APAC Region

Northbrook, USA, 2021-Oct-20 — /EPR Network/ —

According to the new research report the Industrial Hose Market by Material (Natural Rubber, Nitrile Rubber, Polyurethane, PVC), Media Type, Industry (Automotive, oil & gas, Chemicals, Pharmaceuticals, Infrastructure, food & beverages, agriculture), and Geography – Global Forecast to 2025″, is expected to grow from USD 10.2 billion in 2020 to USD 16.4 billion by 2025; it is expected to grow at a CAGR of 9.9% during 2020–2025.

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Chemical hose held the largest market share of industrial hose market in 2019

The chemical hose is expected to account for the largest share of the industrial hose market by 2025. The use of chemical hoses in chemical processing, transfer, and loading/unloading of liquid chemicals (e.g., tank trucks, rail tankers, IBC containers) for diverse technological processes in the chemicals, food, and pharmaceuticals industries is likely to accelerate the market growth. The demand for ventilators, masks, and other medical devices is high. This high demand has resulted in pharmaceutical companies coming forward and manufacturing the required medical devices and drugs. This situation has led to the prediction that the demand for chemical hoses for this industry will be high in the coming 2 to 3 quarters.

Automotive industry held share of industrial hose market in 2019

The automotive industry is expected to continue to account for the largest size of the industrial hose market. Increasing sales of vehicles due to high disposable income and purchasing power of the individuals help the automotive industry to grow at a faster rate, which, in turn, propelling the growth of the industrial hose market. Also, turbochargers are rapidly gaining demand and popularity due to their benefits, such as improved engine performance and enhanced fuel efficiency in terms of power and output. Hence, the automotive industry is likely to witness a high demand for industrial hoses during the forecast period.

Industrial hose market in APAC to grow at the highest CAGR during the forecast period

The industrial hose market in APAC is expected to grow at the highest CAGR during the forecast period. The most common applications of oil & gas are fuel for automobiles, fuel for industrial machinery, and fuel for domestic operations. In the oil & gas industry safety, environmental protection, and operating efficiency have prime importance for which robust hoses are used. Hence, increasing adoption of industrial hoses for different applications is expected to provide growth opportunities to the industrial hose market in the future.

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Key players in the market include Gates Industrial Corporation plc (US), Eaton Corporation plc (Ireland), Parker-Hannifin Corporation (US), Ryco Hydraulics (Australia), Transfer Oil S.p.A. (Italy), Kuriyama of America, Inc. (US), Continental AG (Germany), Kurt Manufacturing (US), NORRES (Germany), and Colex International (UK) . These players are increasingly undertaking product launches and developments, partnerships, contracts, expansions, and acquisitions, to increase their market shares.

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