Global Hoses Market - 2023-2030

Global Hoses Market - 2023-2030

Global Hoses Market reached US$ 11.2 billion in 2022 and is expected to reach US$ 20.6 billion by 2030, growing with a CAGR of 9.6% during the forecast period 2023-2030. Hoses are used in the automotive industry to improve engine performance and fuel efficiency with regard to of power and output. Growing R&D spending, advancements in electric vehicles (EVs) and the introduction of self-driving vehicles are driving the market growth.

Natural rubber is estimated to account for more than 1/3rd of the global hoses market during the forecast period. Natural rubber hoses have resilience and resistance to wear and tear, making them suitable for use in harsh conditions. It is useful for a variety of applications due to their ability to withstand a wide temperature range as well as chemical and UV radiation exposure.

Market Dynamics

The Growing Adoption of Market Strategies by Major Players

To expand their market reach, distribution network and customer service capabilities, major firms may develop strategic partnerships or collaborations with other companies, distributors or suppliers. Strategic acquisitions or mergers are being made by major players in order to consolidate their market position, acquire new technology or get access to complementary product lines.

Market leaders can spend in expanding into new geographic regions or emerging markets with significant growth potential. It can assist them in gaining access to new customer bases and potential customers. Ryco Hydraulics, a firm that specializes in the design, manufacture and distribution of hydraulic hoses, fittings and couplings, completed a new office and warehouse facility and relocated the company's headquarters to Derrimut, Victoria, Australia, in January 2020.

Technological Advancements

Manufacturers have been able to improve hose performance through technological developments, making them more efficient and reliable in carrying fluids, gases and other substances. It has the potential to improve demand from sectors looking for high-performance hoses. Automation and robots in industrial processes can result in increased production efficiency, reduced production time and reduced human errors, resulting in cost savings and improved product quality.

Manufacturers can now provide additional customization options to customers, allowing them to tailor hoses to their individual demands, resulting in increased customer satisfaction. Implementing Industry 4.0 ideas like data analytics, cloud computing and digital twins helps optimize hose production and supply chain management, resulting in streamlined operations and improved market responsiveness.

Environmental Concerns

Traditional hose manufacturing materials, such as certain types of rubber and plastics, may cause environmental concerns due to their non-biodegradability and ability to emit toxic compounds during production or disposal. Environmental rules and standards may be placed on hose manufacturers to guarantee that their production processes and material choices fulfill certain eco-friendly criteria.

Noncompliance can lead to fines and reputational harm. Hose disposal can cause damage to the environment. Hoses that are not recycled or disposed of correctly may end up in landfills or aquatic bodies, causing negative environmental effects. Environmentally conscious customers and businesses may be concerned about the high energy consumption and greenhouse gas emissions connected with hose manufacturing processes and transportation.

COVID-19 Impact Analysis

Labor shortages in manufacturing plants were caused by lockdowns, social distancing measures and other pandemic-related restrictions. It has a further influence on manufacturing capacity and delivery timelines. Various governments imposed export and import restrictions during the pandemic, affecting international trade. It caused damage on the global flow of hoses and associated products.

The pandemic's general economic uncertainty resulted in lower investments and delayed projects across industries. It had an indirect effect on hose demand, particularly in building and infrastructure projects. Hose prices were influenced by a mixture of supply chain interruptions and shifting demand patterns. Prices rose in certain situations due to scarcity, while they fell in others due to decreasing demand.

Russia- Ukraine War Impact

Instances such as the invasion of Ukraine can raise the prices of raw materials such as carbon black or resin due to increased oil and gas prices. Increasing energy costs will only worsen pricing limitations for hose manufacturers. Resin, being an oil derivative, will be impacted by supply chain interruptions caused by the Russia-Ukraine conflict.

As thermoplastic hydraulic hoses are constructed with resin rather than carbon black, they are a strong rival to rubber hydraulic hoses in this fragile supply chain. The ongoing conflict caused geopolitical uncertainty, resulting in a drop in investor confidence and economic instability. It has an impact on demand for hoses from industries like construction, manufacturing and oil & gas.

Segment Analysis

The global hoses market is segmented based on material, type, media, end-user and region.

The Growing Innovations in EVs Drives Automotive Segment’s Growth

Automotive segment is expected to hold around 1/3rd of the global hoses market during the forecast period 2023-2030. Increasing sales of automobiles due to individuals' high disposable income and purchasing power is driving the automotive segment's growth. China, which has the world's largest electric vehicle market, has received significant support from the government.

Hoses are used in the automotive industry to improve engine performance and fuel efficiency both in terms of power and output. Growing R&D spending, EV innovation and the development of autonomous vehicles are driving market expansion. Tesla Motors inaugurated a US$ 2 billion factory in Shanghai in January 2020, which was assembling almost 3000 cars per week in March 2020, when all of the electric vehicle giant's other global operations were shut down due to the COVID-19.

Geographical Analysis

The Rapid Growth of Construction Sector in Asia-Pacific

Asia-Pacific is anticipated to have the highest growth in the global hoses market during the forecast period 2023-2030. It is expected to increase rapidly due to the expansion of the construction industry in India and China. China's construction sector is expanding at a rapid pace. According to the National Bureau of Statistics (NBS), China's construction output in the fourth quarter of 2022 was roughly US$ 40 billion, representing a 50% increase over the previous quarter (US$ 27.6 billion).

Hoses are important components in the construction sector because they allow heavy-duty equipment like excavators, bulldozers and loaders to operate properly. The hoses provide fluid power from the hydraulic system to various equipment components such as motors, cylinders and valves. Furthermore, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) of Japan estimates that total investment in the construction sector in 2022 was around US$ 508,16 billion, up roughly 0.6% from the previous year.

Competitive Landscape

The major global players include Eaton Corporation PLC, Continental AG, Transfer Oil S.p.A., Kurt Manufacturing, Kuriyama of America, Inc., Flexaust Inc., Parker-Hannifin Corporation, Ryco Hydraulics, Trelleborg Group and Gates Industrial Corporation PLC.

Why Purchase the Report?
• To visualize the global hoses market segmentation based on material, type, media, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of hoses market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global hoses market report would provide approximately 69 tables, 78 figures and 206 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies