Latest News- Industrial Hose Market: Oil and gas is expected to lead the Application segment during 2024-2028

The Industrial Hose Market is being driven by Increasing demand for PVC

The Industrial Hose Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2650.8 million. The agricultural sector is a vital contributor to economic growth and sustainability, encompassing activities related to the production of food, fiber, and other essential products. Industrial hoses play a pivotal role in enhancing agricultural processes through their extensive utilization in agricultural machinery. Notably, hydraulic rubber hoses are widely adopted for applications such as pneumatic grain conveyance, transporting seeds and fertilizers. In addition, these hoses are integral to irrigation systems. Key industrial hose types employed in agriculture include spray hoses, hydraulic hoses, fittings, valves, and hose assemblies. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Oil and gas
  • Chemicals
  • Food and beverages
  • Automotive
  • Others
• Material
  • Polyurethane
  • Polyvinyl chloride
  • Silicone
  • Rubber
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for PVC
• Rising construction projects globally
• Rising demand for vehicles

However, the market also witnesses some limitations, which are as follows:

• Fluctuations in raw material prices
• Competition from local vendors
• Uncertainties and fluctuations in crude oil prices

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Market Scope in Industrial Hose Market Research Report

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Research Analysis Overview

The Industrial Hose Market encompasses various sectors including Agriculture, Chemicals, and Electric Vehicles (EVs). Key players like OICA, Gates, Parker-Hannifin produce Chemical hoses in PVC material for applications in Hydraulic machines and Fluid transportation. Mechanized farming and vehicle production drive demand, while Energy conservation and Regulations & standards influence market trends. Technology advances lead to Customized industrial hoses with high Pressure capabilities. Adoption of hoses in Chemicals, Agriculture, and Hydraulic systems is increasing due to Infrastructure investment and the shift towards Fluid transportation over Pipelines.

Market Research Overview

The industrial hose market is a significant segment of the larger global industrial machinery and supplies and components market. Key players in this sector include Gates, Ryco Hydraulics, and various OEMs such as Caterpillar's OICA and hydraulic machine manufacturers. This market caters to various end-use industries, including agriculture, chemicals, and energy. The demand for industrial hoses is driven by the expanding production capacities in process and discrete industries, particularly in developing economies. Key applications include the transfer of fluids in chemical processes, hydraulic systems in heavy machinery, and energy conservation in various industries. The use of PVC material in industrial hoses adds to their durability and resistance to harsh chemicals, making them a preferred choice for numerous applications. Technavio projects that the global industrial machinery and supplies and components market will experience substantial growth due to the increasing demand for energy, chemicals, and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/