May 16, 2023 10:30 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Continuous development of industrial hose systems used by end-use industries in the transportation of wide range of petroleum, synthetic or water-based fluids enable them to meet stringent operating criteria and harsh environmental conditions. Fuel Oil Rubber Hose
Rapid increase in demand for hose in the automotive, oil & gas, construction, and chemical industries is anticipated to offer significant opportunities for companies in the industrial hose market.
The global industrial hose market was valued at US$ 15.3 Bn in 2022, and is projected to reach US$ 22.8 Bn by 2031. Introduction of hoses that meet latest standards pertaining to equipment piping is broadening the market outlook. For instance, rise in installation of industrial hoses certified with EN 857 2SC, SAE 100 R16, and ISO 11237-1. Another instance is the increasing popularity of EN 857 2SC steel wire reinforced hydraulic hose.
Usage of industrial hoses made of abrasive materials is expected to increase in material handling applications in the oil & gas industry in the near future. Significant demand for industrial hose in earthmoving and agriculture applications is anticipated to generate substantial revenue opportunities for companies in the near future. Rapid pace of innovation in hose materials is offering hose manufacturers new revenue streams in the next few years.
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A report on the global industrial hose market found that Asia Pacific accounted for a leading share in 2022. Widespread usage of hoses in several industries is anticipated to bolster the market value in the region over the next few years. Rapid pace of industrialization is likely to also fuel the market.
Europe and North America are offering significant revenue opportunities to companies in the next few years. Early adoption of advanced industrial hoses presents significant opportunities to companies in the market, especially in chemical, oil gas, and automotive industries. Significant demand for high-pressure hoses in multiple industries for a wide range of applications is anticipated to strengthen revenue growth in North America.
Manufacturers are leveraging state-of-the-art manufacturing processes to develop industrial hose that meet international standards. Leading companies are making significant investment in R&D activities in order to develop innovative products. Rise in usage of ISO 9001 certified products is an example.
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Top players are focusing on product portfolio expansion in order to increase market share.
Key players operating in the industrial hose market are
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