News Live 2019: Industrial Hoses Market will Reach USD 18.7 Bn by 2026

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.

Key Findings:

• Based on the material type, the polyurethane segment expected to grow at the fastest rate of 8.1% CAGR during the forecast period
• Based on the application, the chemical segment is expected to lead during the forecast period
• Based on end-use industry, the automotive segment held the largest share of 34% in 2018
• In 2018, Asia Pacific held the highest market share of 31% in the global industrial hoses market owing to its growing economy.

Recent News:

• In Dec 2018, Gates launched a new line of premium Hydraulic hoses to fulfil the construction industry's challenging needs. Gates has specifically designed the MXT&trade line of hoses for several of these industrial challenges. This innovative, patented product line meets both the original equipment and the market requirements of the construction industry.
• In November 2019, Eaton has introduced a Synflex Optimum family of hydraulic thermoplastics hoses and fittings, aimed at working together to improve the performance of the hydraulic system, simplify assembly and optimize the inventory.
• In April 2017, Eaton introduced a new series of hydraulic hoses — GH681—with high performance and durability to severe environments, such as compact construction equipment, agricultural vehicles and aerial lift platforms and forest machines.