INDUSTRIAL HOSE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Industrial Hose Market Size and Trends

Global industrial hose market is estimated to be valued at US$ 14.88 Bn in 2024 and is expected to reach US$ 28.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.

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Global industrial hose market is expected to witness positive growth over the forecast period. Rising demand from the construction sector is expected to drive the market growth. Key ongoing and upcoming construction projects such as roads, bridges, buildings is expected to boost demand for industrial hoses. Further, growing automotive industry is also expected to contribute to the growth of the industrial hose market. In the automotive industry, hoses are used for several applications such as radiator hoses, fuel lines, and ventilation systems among others. These factors are expected to boost demand for industrial hoses during the forecast period.

Growing Industrialization and Infrastructure Development

With rapid urbanization and globalization, there has been significant growth in industrialization and infrastructure development across major economies worldwide. Various industries such as oil & gas, chemical, mining, food processing, construction, agriculture, and others are expanding operations and producing at larger capacities. This has tremendously boosted demand for industrial hoses that are used for a wide range of material handling applications in these industries. Whether its transportation of crude oil, chemicals, slurries, food items or construction materials - hoses play a critical role in conveying fluids and bulk products within the industrial premises and across locations. Government investments in building new roads, bridges, ports, power plants, factories, commercial spaces, and others have also boosted the need for hoses. As the scale of operations grows, requirement rises for reliable and durable hoses that can withstand harsh conditions and ensure smooth operations over longer usage cycles without interruptions. This has propelled the industrial hose market growth as manufacturers are focusing on developing hoses with advanced polymer formulations, robust engineering designs and wider product portfolios to suit the application needs of various industries. Growing industrialization and infrastructure development are expected to drive the market growth. For instance, according to the data by Invest India in 2022, India's infrastructure is anticipated to expand at a compound annual growth rate (CAGR) of almost 7% during the forecast period.

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With advancing technologies, new industrial processes are continuously emerging which put emphasis on performance, efficiency and safety. This evolution is opening up opportunities for enhanced hoses required to handle new type of fluids and materials. For instance, developing economies are investing heavily in renewable energy sources like solar, wind, hydro, tidal, and others. Construction of solar farms, wind turbines, desalination plants needs specialized hoses equipped to function under heavy duty cycles and harsh environmental conditions over extended life. 3D printing technology is revolutionizing the manufacturing sector with polymers, metals and composites being used as raw materials. This calls for specialized conductive and non-conductive hoses capable of precisely metering and dispensing varied materials. Even industries like oil extraction are adopting techniques like hydraulic fracturing that involve pumping of toxic chemicals into wells under high pressure. Such processes necessitate hoses made from premium materials offering high chemical resistance along with ability to withstand wide range of temperatures and pressure levels.