An industrial hose is a small pipeline or a pipe, which is designed for the transportation of various fluids from one location to another. It is used as a connector in different kinds of equipment used in multiple industries, such as automotive, infrastructure, oil & gas, and chemicals among others. Compared to hard hoses, industrial hoses have excellent flexible and bending features.
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The industrial hose market is estimated to be valued at USD 12.8 billion in 2019 and is projected to reach USD 17.0 billion by 2024; it is expected to grow at a CAGR of 5.8%. Rising adoption of robust hoses in the automotive, chemicals, oil & gas, food & beverages industries to handle critical processes is expected to fuel the growth of the industrial hose market during the forecast period.
The market for industrial hoses transferring chemical media is expected to hold the largest share of the industrial hose market during the forecast period. Hoses are used for transferring chemicals during processing, and loading/unloading of liquids (e.g., tank trucks, rail tankers, IBC containers). Additionally, they are used for diverse technological processes in the chemicals, food, and pharmaceuticals industries, which is likely to accelerate the growth of the industrial hose market.
The automotive industry is the largest adopter of industrial hoses. Industrial hoses are used in radiators & heaters, hydraulics, power steerings, braking systems, lubricant systems, and refueling of commercial as well as private automobiles. In this industry, hoses with capabilities such as efficient working in extreme temperature & pressure conditions and abrasion resistance , are mainly preferred. Hence, the demand for industrial hoses in vehicles is expected to boost market growth during the forecast period.
The industrial hose market in APAC is expected to grow at the highest CAGR during the forecast period. The market for industrial hoses in the region is expected to witness the fastest growth owing to rapid developments in China, Japan, and India. China is likely to offer ample opportunities to the industrial hose market players in the coming years. The key drivers for the growth of this market in APAC, include increasing demand for robust industrial hoses and growing infrastructure-related developments.