Industrial Hose Market: Insights into the Competitive Scenario of the Market
Posted by surendra choudhary on April 7th, 2021
Market Players to Focus on Improving Physical and Functional Properties of New Hoses
An industrial hose, which is also known as an industrial rubber hose, is primarily used as a connector in an array of machinery and equipment across different industries. Over the past few decades, industrial hose made from different materials has gradually gained considerable popularity and are increasingly replacing hard hoses, due to improved flexibility and bending features. The evolving industrial landscape around the world has played an imperative role in increasing the adoption of industrial hoses, particularly for applications in hostile operating environments. Over the past couple of decades, industrial hose manufacturers are increasingly focusing on material, design, storage capacity, and other important parameters to improve the quality of their products.
In the current market landscape, industrial hoses are available in a range of variants made from various materials, including rubber, silicone, polyurethane, and polyvinyl chloride. At present, industrial hoses are increasingly being used across a host of industrial sectors such as oil & gas, automotive, chemicals, construction, marine, etc. Market players involved in the industrial hose market are expected to invest resources in product innovation and development to gain a competitive edge in the current market landscape. In addition, market players are also projected to explore the potential benefits of industrial hoses made from different materials.
At the back of these factors, the global industrial hose market is expected to attain a market value of US$ 21 Bn by the end of 2030.
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High Adoption in Range of Industrial Domains to Boost Market Growth
An industrial hose is extensively used across a host of industries for optimum operation efficiency, transfer of fuel, chemicals, bulk materials, air, etc. Although the industrial applications of an industrial hose continue to expand, the end users are increasingly focusing on the efficiency levels of industrial hoses made from different materials. In addition, apart from material, the pressure rating of an industrial hose is another important parameter, which is taken into consideration while selecting an industrial hose. The choice of industrial hose varies from industry to industry. For instance, chemical transfer hoses are widely used to transfer industrial chemicals, petroleum transfer hoses are used to transfer gas, petroleum, oil, etc., in several industries, including shipbuilding, agriculture, construction, and railroads, among others. Steam hoses have garnered immense popularity for steam-cleaning, heat control, and fire prevention in chemical plants, refineries, and steam pumps.
Industrial hoses are increasingly being used across the food & beverages sector around the world to handle various types of bulk material. However, complying with the regulations laid down by the Food and Drug Administration (FDA) pertaining to the materials of choice is essential. The widening applications of industrial hoses around the world in various industries is a major factor that is anticipated to propel the industrial hose market during the assessment period.
Market Players Focus on Expanding Product Portfolio to Increase Market Share
Due to the evolving industrial landscape, market players operating in the current industrial hose market landscape are increasingly focusing on innovations and product development to gain a competitive edge in the current market ecosystem. Several leading players are eyeing organic growth strategies, including product launches to establish a solid foothold in the industrial hose market. For instance, in September 2019, Eaton launched a newly developed blowout preventer industrial hose and expanded its range of blowout preventer (BOP) hoses, which are likely to exceed the fire test requirements. Similarly, in December 2019, Gates announced the launch of a new hydraulic hose MXG 4K in India, which offers optimum flexibility, is light in weight, has a compact design, and is a perfect choice for the industrial and automotive replacement sector.
As more number of players continue to launch new variants of industrial hoses, the focus on innovations and product development has witnessed an increase over the past few years.
Demand to Remain Steady amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a short-term impact on the growth of the global industrial hose market. While the demand for industrial hoses in the first two quarters of 2020 is projected to remain lower than usual due to the ongoing COVID-19 pandemic, the demand is likely to gain momentum in the last quarter of 2020 and the beginning of 2021. Stringent government regulations for different industries, restrictions on trade & transportation are some of the top factors that are projected to dent the growth of the market for industrial hoses around the world in 2020. As the industrial sector around the world is gradually shifting gears post the lockdown period, the demand for industrial hoses is on the rise.
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About the Authorsurendra choudhary
Joined: February 12th, 2019
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