Industrial Hose Assemblies Market Poised for Remarkable Growth: Expected CAGR of 6.5% and Projected Value of US$ 37,556.7 Million by 2028

The global Industrial Hose Assemblies Market is poised for substantial growth, projected to attain a substantial market value of US$ 19,973.7 million in 2022, and is anticipated to ascend at a noteworthy Compound Annual Growth Rate (CAGR) of 6.5%, ultimately reaching an impressive US$ 37,556.7 million by the conclusion of 2028.

Dominance of the Chinese Market:

Throughout the forecast period, China is anticipated to assert its dominance in the global industrial hose assemblies market. This is attributed to Chinese market participants benefitting from economies of scale and the advantageous factor of lower production costs in steel and synthetic polymers.

Key Role in Vehicle Applications:

In the year 2021, industrial hose assemblies designed for end-user applications in vehicles are poised to account for over 17% of the market share. Consequently, China is expected to secure a substantial market share in the industrial hose assemblies market during the forecast period.

Driving Factors Behind Market Growth:

The surging demand for fluid transfer and handling equipment, particularly within industries such as construction, mining, agriculture, and others, is a pivotal driver of the global Industrial Hose Assemblies market. Notably, Industrial Hose Assemblies offer a distinct advantage in these applications, as they facilitate the efficient transfer of materials, culminating in cost-effective solutions.

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The versatility and adaptability of this transmission system render it an optimal choice for a wide spectrum of applications, encompassing industrial equipment, automotive vehicles, and off-road machinery, notably within sectors like construction, mining, and material handling. As delineated in the report's findings, the market is poised for a surge in demand, primarily driven by the escalating need for hoses across diverse industries reliant on fluid transfer and handling systems.

Furthermore, Industrial Hose Assemblies transcend the capabilities of standard tubing and piping mechanisms, delivering superior performance even in the harshest environmental conditions. Their appeal to end users is further underscored by their exceptional resistance to temperature fluctuations, pressure variations, and chemical reactions, among other compelling attributes. These inherent advantages position the market for robust growth in the foreseeable future.

Nonetheless, it is imperative to acknowledge that the utilization of Industrial Hose Assemblies is not without its challenges, which may potentially impede market expansion in the immediate horizon. These challenges encompass a pronounced dependence on diverse industrial activities, heightened competition, and a dispersed customer base spanning multiple countries.

Global Industrial Hose Assemblies Market: Forecast
By material, the rubber segment is expected to hold the largest market share owing to higher end use applications and higher efficiency for transferring fluid in medium pressure and high pressure applications. The rubber segment is expected to dominate the global market capturing a market share of 60.9% by 2018 end. Additionally, the segment is expected to grow with a higher CAGR and is forecasted to hold a market share of about 63.8% by 2028 end.

On the basis of product type, the medium pressure segment holds a dominating position in the global industrial hose assemblies market owing to wide range of applications of medium range pressure hoses in several industries. In terms of value, the market size for the medium pressure segment is estimated to be pegged at US$ 10,424.9 Mn by end of 2018. Growing with a healthy CAGR of 7.0%, the market for the medium pressure segment is estimated to reach US$ 20,528.7 Mn by the end of the forecast period.

On the basis of end user, the food and beverage segment is expected to dominate the market with a market share of 18.5% by the end of 2018 and is projected to hold the same throughout the forecast period owing to improved demand from food and beverage industries and increasing automation requirements. However, it is the general manufacturing segment that is expected to grow with a higher CAGR than the other segments owing to higher demand for material handling and transferring equipment.

From a regional perspective, North America is expected to lead with a market value share of 23.5% by 2018 end; however, China is expected to surpass North America and dominate the market by the end of the forecast period. However, other regional markets are coming up to gain market share similar to North America including Western Europe and South East Asia and Pacific owing to higher growth witnessed in the demand and manufacture of various end use equipment such as agricultural, mining and construction equipment.

If we look at the North American market, both U.S. and Canada are expected to play an important role in the growth of the overall market due to their positioning as renowned off road vehicle manufacturer regions. The markets in Latin America, Middle East & Africa and Eastern Europe hold similar but considerably smaller market share in value terms due to the fact that production of end use equipment is quite limited in these regions; however, the market share in Eastern Europe may expect to improve owing to improving agricultural equipment manufacturing in Russia.

Global Industrial Hose Assemblies Market:

Competitive Landscape

Some of the key players involved in the manufacture of Industrial Hose Assemblies that have been included in the study are Eaton Corp. PLC, Parker Hannifin Corp., Gates Corporation, Continental AG, Trelleborg AB, Semperit AG Holding, Polyhose India Pvt. Ltd., Campbell Fittings, Inc. etc. Key market players are focussing on product innovation and differentiation with unique capabilities to strengthen their market positioning across the globe.

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Key Segments Covered in Industrial Hose Assemblies Industry Survey Anchor

Industrial Hose Assemblies by Material Type

• Rubber Industrial Hose Assemblies
• Plastics Industrial Hose Assemblies
• Metal Industrial Hose Assemblies
Industrial Hose Assemblies by Product Type
• Low Pressure Industrial Hose Assemblies
• Medium Pressure Industrial Hose Assemblies
• High Pressure Industrial Hose Assemblies
Industrial Hose Assemblies by Component Type
• Industrial Hose Assemblies
• Industrial Hose Fittings

Industrial Hose Assemblies by End User

• Industrial Hose Assemblies for Food & Beverages
• Industrial Hose Assemblies for Construction & Mining
• Industrial Hose Assemblies for Chemical & Pharmaceuticals
• Industrial Hose Assemblies for Oil & Gas
• Industrial Hose Assemblies for Automotive
• Industrial Hose Assemblies for Agriculture
• Industrial Hose Assemblies for General Manufacturing
• Industrial Hose Assemblies for Other End Users

Industrial Hose Assemblies by Region

• North America Industrial Hose Assemblies Market
• Latin America Industrial Hose Assemblies Market
• Western Europe Industrial Hose Assemblies Market
• Eastern Europe Industrial Hose Assemblies Market
• South East Asia & Pacific Industrial Hose Assemblies Market
• Middle East & Africa (MEA) Industrial Hose Assemblies Market
• China Industrial Hose Assemblies Market
• Japan Industrial Hose Assemblies Market

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

This release was published on openPR.