The global industrial hoses market was valued at USD 11.18 Bn in 2018 and is expected to reach USD 18.7 Bn in 2026, growing at a CAGR of 6.7% during the forecast period.
Emerging construction and real estate industry are one of the prominent factors driving the demand for industrial hoses in the global market, owing to the economic stability across globe. Growing demand for PVC material and increasing demand for robust industrial hoses in critical applications also drive the growth of the market during the forecast period. A progressive shift from traditional farming to mechanized agricultural practices will also have a positive effect on worldwide demand for industrial hoses. Moreover, hoses and metal pipes are used in the automotive industries for enhancing the smooth running of vehicles. Owing to the increase in disposable income and purchasing capacity of individuals the demand for automobiles is expected to increase and it is anticipated to boost the growth of industrial hoses market during the forecast period.
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Due to increasing urbanization, increased motor demand and the modernization of agriculture processes, APAC is one of the potential markets for industrial hoses. The growth of the industrial hoses market is driving by high population density and increased per capita income in the region. In addition to this, large-scale industrialization and urbanization are accelerating the overall market demand for industrial hoses in this region. Moreover, industrial hose providers are expected to create massive opportunities in end-user industries like oil & gas, automotive, building & construction, and pharmaceutical industries.
On the other hand, lack of technical experts for the industrial hoses is expected to hamper the growth of the market during the forecast period.