European Industrial Hose Market 2022-2028

European Industrial Hose Market 2022-2028

The European industrial hose market was valued at €2.4 billion in 2021 and is estimated to reach around €3.6 billion in 2028 at a CAGR of 7.1% during the forecast period (2021-2028). The market is driven by significant demand from automotive, construction, oil & gas, food & beverages, and chemical industry. Europe has one of the largest producers of motor vehicles and the sector represents the largest private investor in research and development (R&D). Further, the continuous increasing infrastructure-related developments and growing modernization in the agriculture industry are contributing to the rising demand for industrial hose in the region. The European industrial hose market has been highly affected by the COVID-19 pandemic. The market observed a decline of 16.5% in 2021 accounted for around €2.4 billion. The automotive industry was already affected by decreasing demand for motor vehicles, in addition, the enforcement of lockdown in the region has reduced the opportunity for industrial hose market growth in recent times. Stringent government regulations for different industries in the region, restrictions on trade & transportation are factors that have affected the growth trajectory of the European industrial hoses in 2021. The European pharmaceutical, chemical, mining, food & beverages, oil & gas, among others, was affected by lockdowns, particularly in 2021. Therefore, the planned expansion projects were either halted or postponed. After a slight recovery at the beginning of 2021, the industry observed a significant demand for industrial hose, and estimated to reach around €2.7 billion in 2021.

Market Segmentation

The European industrial hose market is segmented based on material and end-user. Based on material, the market is segmented into Rubber, Polyvinyl chloride (PVC), Polyurethane (PU), and Other (Silicone and other material). The rubber segment held the highest market share of 49.3% valued at €1.2 billion in 2021 and is estimated to reach €1.8 billion in 2028, growing at a CAGR of 7.2% during the forecast period.The rubber segment covers ethylene propylene diene monomer (EPDM), Nitrile rubber (NR), styrene-butadiene rubber (SBR), and others. PVC segment held the second-largest share of 31.2% accounted for €757.2 million in 2021 and is estimated to reach around €1.2 billion in 2028, growing at the highest CAGR of 7.9% during the forecast period. The demand for PVC material in industrial hoses is contributing to the growth of the market during the forecast period.

Based on end-user, the market is segmented into Automotive, Agriculture, Oil & Gas, Construction and Mining, Food & Beverages, Pharmaceuticals, and Others. The automotive industry held the highest market share of 23.2% accounted for €563.1 million in 2021 and is anticipated to reach €795.9 million in 2028, growing at a CAGR of 6.7% during the forecast period. Other segment is growing at the highest CAGR of 8.1% during the forecast period. The market for other segments was valued at €434.6 million in 2021 and is estimated to reach €703.4 in 2028. Other segment covers chemical and petrochemical industry, wastewater treatment industry, paper, and pulp and other industry.

Based on the country level, the market is segmented into Germany, Austria, Switzerland, Belgium, Netherlands, Luxembourg, Romania, Hungary, Czech Republic, Poland, the Rest of Eastern Europe, and the Rest of Western Europe. The rest of Western Europe held the highest market share of 36.4% accounted for €884.3 million in 2021 and is estimated to reach around €1.4 billion in 2028, growing at the CAGR of 8.0% during the forecast period. The major contribution of the UK, France, Italy, Spain in the western European region is contributing to the highest market share. Germany held the second-largest share of 26.4% accounted for €641.2 million in 2021 and is estimated to reach €900.1 million in 2028. The significant automotive, chemical, pharmaceutical industry in these western European countries is contributing to the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, Germany was the largest automobile manufacturing country in Europe with approximately 4.7 million passenger cars and just over 500,000 commercial vehicles produced.

The key players in the European industrial hose market are contributing significantly by providing different material types of products and increasing their geographical presence across the globe. The key players of the market include Eaton Corporation plc, Gates Industrial Corporation plc, Parker-Hannifin Corp., Continental AG, Ryco Hydraulics, and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers and acquisitions to sustain a strong position in the market. For instance, in September 2021, Eaton Corp. launched a newly developed blowout preventer industrial hose and expanded its range of blowout preventer (BOP) hoses, which are likely to exceed the fire test requirements.