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North America Industrial Hose Market to Grow at a CAGR of around 3.6% During 2022-2027, Aided by the Rising Demand for the Product in the Automotive Sector

According to a new report by EMR titled, ‘North America Industrial Hose Market Report and Forecast 2022-2027’, the market attained a value of almost USD 2.46 billion in 2020. The North America market for industrial hose is further expected to grow at a CAGR of around 3.6% between 2022 and 2027.

The thriving automotive industry in North America is generating a significant demand for industrial hoses. The robust development of automobile manufacturing facilities in the region is propelling the demand for hoses to facilitate high-pressure operations smoothly such as welding. Over the forecast period, the increasing sales of electric vehicles in the region are anticipated to support the market growth. Meanwhile, the rising investment in the infrastructure development projects, owing to the rapid urbanisation and rising population, is anticipated to be a major driving factor for the industrial hose industry growth. Moreover, the increasing use of industrial hoses for media routing applications in the food and beverage and agriculture sectors, among others, is likely to accelerate the market growth in the coming years. Furthermore, a hydraulic hose is a crucial component in the oil and gas industry as it helps in shifting the oil pressure to power the machine. In this regard, the increasing investments in the oil and gas sector, owing to the increasing demand for crude oil in the region, are likely to garner the market growth in the forecast period.

In May 2020, Eaton Corporation PLC (NYSE: ETN) announced the launch of new thermoplastic hydraulic hoses and fittings in the Synflex Optimum family, aimed towards improving hydraulic system performance, simplifying assembly, and optimising inventory for demanding applications. The product can be applied in several applications including aerial lifts, agriculture and construction machinery, forestry equipment, and lift trucks, among others, owing to the high abrasion resistance and wide range of pressure it offers. Such developments are expected to support the growth of the industrial hose industry in the forecast period.

Market Breakup by Material, Media, Industry, and Region:

  • The market is segmented, based on material, into rubber, polyvinyl chloride (PVC), silicone, and polyurethane, among others.
  • Based on media, the market has been segmented into air and gas, chemical, oil, water and steam, and food and beverage.
  • On the basis of industry, the market can be segregated into agriculture, automotive, oil and gas, food and beverages, chemical and pharmaceuticals, water and wastewater, and construction and mining, among others.
  • Region-wise, the North America market for industrial hose can be divided into the United States of America and Canada.

Key Findings of the Report:

  • The industrial hose industry in North America is being driven by the increasing application of the product in the automotive sector. 
  • The rising demand for industrial hose in the oil and gas sector, owing to the increasing demand for crude oil and crude oil-based products, is likely to drive the market in the coming years. 
  • The progressive product launches by the leading market players in the region, such as the new thermoplastic hose for various applications, are anticipated to spearhead the market growth in the forecast period.
  • The market is anticipated to be aided by the growing government expenditure on infrastructure development and urbanisation projects.

Key Offerings of the Report:

  • The EMR report gives an overview of the North America market for industrial hose for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the materials, media, industries, and regions of industrial hose.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the North America industrial hose market are Eaton Corporation, Parker Hannifin Corporation, Gates Industrial Corporation, Kurt Manufacturing Company, HBD Industries Inc., NovaFlex Group, Kuriyama of America, Inc., and Copper State Rubber, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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