The industrial hose assemblies market is expected to be valued at over US$ 37 billion by 2028, according to a new report by Future Market Insights (FMI). According to the study, demand for industrial hose has witnessed a temporary blip, but demand is likely to retain its potency in the long run.
“Manufacturers are focussing on product innovation and unique strategies to gain an upper-hand in the market. High pressure segment is likely to expand steadily throughout the forecast period,” states the FMI Analyst.
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Industrial Hose Assemblies Market – Key Highlights
- Demand for rubber segment is likely to surge owing to its high performance, vast applications and low price.
- By region, North America is expected to remain lucrative
- The food and beverage industry will remain lucrative, with18.5% share
- Medium pressure segment continues to create significant opportunities
Industrial Hose Assemblies Market – Driving Factors
- Agriculture, mining, construction industries require a great deal of solutions through industrial hose assemblies
- Demand for fluid transfer and handling capacity in key sectors has escalated the production and consumption
- When used in automation industries, industrial hose assemblies offer higher resistance towards temperature and pressure
- Better features and unique modifications in pharmaceuticals, oil and gas is attracting the buyers
Industrial Hose Assemblies Market – Key Restraints
- Metal hoses can break or burst before the forecasted time, hence, reducing production and supply.
- High dependency on industrial sectors and intense competition acts as a key restraint in this market.
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Expected Impact on Market by Coronavirus Outbreak
Industrial hose assemblies market might experience considerable pressure due to reduced production. In times like these social distancing and proper hygiene is demanded. These products has always been in demand and can revive soon to the pre-pandemic position because it is demanded in all important industries like chemicals, pharmaceuticals, food and beverage etc. Value added features like cost-efficiency will soon attract the manufacturers.
Key manufacturers are incorporating innovative techniques like product innovation and are investing into strengthening market position throughout.
Key players include Parker Hannifin Corp., Parker Hannifin Corp., Semperit AG Holding, Campbell Fittings, Inc., United Flexible, Continental AG, Eaton Corporation Plc., and Polyhose India Private. Ltd., Trelleborg AB, RYCO Hydraulics, RADCOFLEX Australia Pty Ltd., and Transfer Oil S.p.A., ABCRUBBER Inc.
More on the report
FMI’s report on Industrial Hose Assemblies Market provides proper segmentation and analysis of market trends and macro-economic factors. It provides taxonomy on the basis of material (plastic, rubber, metal), product type (low/medium/high pressure), end-user (agriculture, food, chemicals etc.) and region.
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