China, Germany, The U.K., The U.S., And Japan Are The Leading Manufacturers Of Industrial Hoses

The China Industrial Hoses Market is anticipated to grow 5.7% year over year in 2021, defying early predictions about how the market would fare in the event of a global pandemic. By 2031, China's total industrial hose demand is anticipated to reach 548 Mn Meters.

The China industrial hoses market will reach a value of US$ 1.9 Bn in 2031, growing at a CAGR of 7.3%, predicts Future Market Insights (FMI). Industrial hoses for ultra-high pressure will experience positive growth with a CAGR of 7.5% during the assessment period.

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Commercial Potential of Industrial Hoses in China

The industrial hoses' energy application market has expanded recently as a result of these products' ability to transport media smoothly while maintaining pressure standards in manufacturing facilities.

Power production is becoming more significant as countries strive for sustainable development using renewable resources. In order to ensure minimal leakages and lower operating costs, industrial hoses are becoming increasingly popular among industry leaders in power generation plants.

Cryogenic transfer hoses were created as a result of the need for new technologies and methods for moving natural resources from the ocean. LNG, butadiene, butane, and propane mixtures are just a few of the low-temperature fluids that can be transferred using composite cryogenic hoses.

Transferring liquid gases, such as medical oxygen, between containers using cryogenic transfer hoses has become more crucial in areas that are still experiencing pandemic effects.

A greater need for improved hose and processing operation safety has arisen as a result of the rise in accidents. To increase operational safety, regulatory bodies have created regulations.

China Driving Sales for Industrial Hoses Market

In terms of output, China is the largest manufacturer in the world. Foreign companies and investors have increased their manufacturing capacity in China as a result of its commitment to opening up the economy and low tariff access to several western markets.

The ongoing foreign direct investments in the industrial and infrastructure sectors totaled US$ 163 billion in 2020-21. China's industrial sector is anticipated to offer growth opportunities in terms of manufacturing output, which is anticipated to lead to high demand. Due to the healthy demand from its domestic market, which accounts for more than 55% of the country's sales and consumption, China accounts for close to 10% of the global industrial hoses market.

Key States Positioned in the Regional Market of Industrial Hoses in China

The major Chinese provinces of Guangdong, Jiangsu, Shangdong, Shanghai, and Zheijang are thought to account for more than 40% of the market's consumption. Leading businesses for hose production and end use industries are based in the key states. According to estimates, the industrial sector contributes 40% on average of each province's GDP.

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Competitive Landscape

Companies operating in the China industrial hoses market are aiming for the launch of new products, gaining new supply contracts, and establishing strategic partnerships to expand their product manufacturing capacity, addressing the demand of an expanding user pool.

For instance, in 2020, Eaton Corporation launched 3 new products to its portfolio of oil and gas well control products, the 3″ ID x 10,000 PSI Black Gold® 10k Choke and Kill Hose. The design met criterion such as sustained exposure to fire, and usability in choke and kill applications.
Tubes International's machine shop got a test bench for testing high-pressure hose assemblies in a full range of diameters up to 6000 bar. This new investment enables precise parameterization of every testing stage according to the latest ISO 1402 standard.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

This release was published on openPR.