According to a new market research report published by Credence Research, “Industrial Hose Market (By Material (Polyurethane, Poly Vinyl Chloride (PVC), Rubber, Silicone, and Others), By End-use Vertical (Construction & Mining, Agriculture, Industrial Manufacturing, Automotive, Oil & Gas, and Other Verticals (Pharmaceuticals, Utilities, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global industrial hose market was valued at US$ 10.75 Bn in 2017 and expected to expand at a CAGR of 4.8% during the forecast period from 2018 to 2026.
Industrial Hose Market – Growth, Future Prospects, and Competitive Landscape, 2018 -2026 report at https://www.credenceresearch.com/report/industrial-hose-market
Product & Market Insights
An industrial hose is a hollow pipe designed to carry fluids from one location to another. In a hydraulic equipment, hoses carry fluid required for transmitting the requisite force. Hoses find applications across wide range of end-use segments including construction, mining, agriculture, industrial manufacturing, automotive, oil & gas, food & beverage, and pharmaceuticals among others. The industrial hose market which experienced a slowdown over the last few years is buoyed by the recovery of construction industry in developed economies like the U.S. and strong infrastructure development in emerging economies. In addition, increase in industrial output and subsequent need for industrial automation has had positive implications on the overall demand for industrial machinery and related components.
On the other hand, shift from traditional farming practices to mechanized farming bodes well for the market growth. Farmers across the globe are turning towards mechanization to meet the growing food demand by reducing losses. The majority of crops are damaged (around 50% – 60%) during harvesting if the process is carried out manually. In addition to limiting harvesting losses, shift towards mechanized farming is helping farmers produce five times more than using traditional farming practices. According to European Commission’s recent study JRC, around 40.3% of farmers in Europe are expected to invest in modern agriculture equipment by 2020. This is expected to increase the demand for industrial hoses in the region.
Lack of product differentiation remains major challenge for manufacturers in the global industrial hose market. Lack of product offerings and availability of cheap local variants, especially in unorganized markets of emerging countries has compelled established manufacturers to cut down prices, resulting in profit crunching and low value growth. Thus, in order to remain competitive in the market place, manufacturers are striving for product enhancement and strengthening their distribution network to improve product reach. Key companies profiled in the research study include Gates Corporation (the U.S.), Eaton Corporation Plc (the U.K.), Parker Hannifin Corporation, RYCO Hydraulics Pty Ltd. (Australia), Piranha Hose Products, Inc. (the U.S.), Polyhose India Pvt. Ltd. (India), Dyna Flex, Inc. (the U.S.), Kurt Manufacturing Co., Inc. (the U.S.), MAC Tubi S.p.A (Italy), and ZEC S.p.A. (Italy) among others.