The global hose pipe market growth is attributed to several factors, including a rise in the building construction industry, growth in the automotive industry, and the growth of the manufacturing industry.
Portland,OR, Sept. 20, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Hose Pipe Market by Type (Hydraulic, Pneumatic, and Others), Materials (Rubber and Plastic), and End-user Industry (Construction, Automotive, Oil & Gas, Agriculture, Food & Beverage, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global hose pipe industry generated $18.7 billion in 2020 and is anticipated to generate $32.3 billion by 2032, witnessing a CAGR of 4.4% from 2023 to 2032. Hose pipes are rubber or plastic pipes that are long and flexible. They are used to direct water through a hose for a variety of purposes, including extinguishing fires, cleaning cars, and watering gardens.
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Prime Determinants of Growth:
The global hose pipe market growth is attributed to several factors, including a rise in the building construction industry, growth in the automotive industry, and the growth of the manufacturing industry. However, the fluctuating cost of raw materials is restraining the growth of the market. On the contrary, growth in the chemical and manufacturing industries in emerging countries is expected to offer lucrative opportunities for the growth of the market.
Report Coverage & Details:
|Market Size in 2020||$18.7 Billion|
|Market Size in 2032||$32.3 Billion|
|No. of Pages in Report||245|
|Segments Covered||Type, Materials, End User, and Region|
|Drivers||Growth in the automotive sector, Growth of the manufacturing industry|
|Opportunities||Fluctuating cost of raw materials|
|Restraints||Growth in the chemical industry|
- The outbreak of the COVID-19 pandemic had a negative impact on the global hose pipe market, owing to a downfall in construction activities during the lockdown.
- Furthermore, the global lockdowns resulted in reduced industrial activities, eventually leading to reduced demand for hose pipes from various sectors such as construction and industrial.
- However, the pandemic has subsided, and the major manufacturers are performing well, and the market is growing rapidly.
The pneumatic segment to maintain its leadership status throughout the forecast period-
By type, the pneumatic segment held the highest market share in 2020, accounting for more than half of the global hose pipe market revenue, and is expected to maintain its leadership status throughout the forecast period. Due to the increased adoption of pneumatic hoses in various industries such as automotive, construction, manufacturing, and others drives the demand for reliable, high-performance pneumatic hoses. However, the hydraulic segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032. The hydraulic hose is likely to benefit from the growth of the construction industry and is expected to boost the growth of the market.
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The rubber segment to maintain its leadership status throughout the forecast period-
By material, the rubber segment held the highest market share in 2020, contributing to nearly two-thirds of the global hose pipe market revenue, and is expected to maintain its leadership status throughout the forecast period. Rubber is a widely used material due to its exceptional properties that contribute to flexibility, durability, and resistance in various applications. However, the plastic segment would display the highest CAGR of 5.7% from 2022 to 2032. Plastic is often used as a material for hose pipes due to its flexibility, lightweight, and ability to be molded into different shapes and sizes. In addition, different resins are selected based on specific piping requirements, including factors such as chemical compatibility, temperature resistance, flexibility, and durability.
The construction segment to maintain its lead position during the forecast period-
By end-use industry, the construction segment accounted for the largest share in 2020, accounting for more than one-third of the global hose pipe market revenue, and is predicted to maintain its lead position during the forecast period. A rise in the expansion of construction activities and an increase in demand for resilient, reliable, and adaptable hose pipes capable of withstanding the challenging conditions of construction sites are expected to boost market growth. However, the automotive segment would portray the largest CAGR of 4.9% from 2023 to 2032. The automotive industry continues its trajectory of innovation and evolution, and the demand for specialized, high-performance hose pipes capable of enduring the demands of contemporary vehicle systems is anticipated to propel the market growth.
Asia-Pacific to maintain its dominance by 2032-
By region, Asia-Pacific held the highest market share in 2020, holding more than half of the global hose pipe market revenue, and is likely to dominate the market during the forecast period. The major players are striving to develop manufacturing units in these markets to improve production quantities as well as serve the Asian industries including construction, oil & gas, mining, and others. Furthermore, according to the report published by the Overseas Development Institute (ODI) based in London, the Asian regional economy grew by 6% in 2017 and is projected to grow significantly until 2025. This influences the overall growth of construction and manufacturing facilities in these regions. However, the LAMEA region is expected to witness the fastest CAGR of 4.9% from 2023 to 2032. The rapid growth in the economy coupled with the increasing population positively affects the growing industrial and construction sector and is expected to boost the demand for hose pipes.
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Leading Market Players: –
- Sumitomo Riko Company Limited
- Easton Corporation PLC
- Gates Corporation
- Parker Hannifin
- Nichirin Company Limited
- Ryco Hydraulics
- Dutron Group
- SHP Primaflex GmbH
- Manuli Hydraulics
The report provides a detailed analysis of these key players in the global hose pipe market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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