The global market for industrial hose is projected to have considerable CAGR of around 8.4% during the forecast period. Industrial hoses are generally referred to as the heart of the industrial operations, as it delivers and transport water, oil, air, and mild chemicals. With the continuous rise in industrial sector across the globe, the demand for industrial hoses is increasing. In the recent years, a significant rise in industrialization is seen in the emerging economies such as India, China, Brazil. The government initiatives for driving the industrial sector along with the abundance of economic labor in these economies can be an attractive destination for investment by the industrial parts manufacturers. The market players operating in the industrial hose market can take an opportunity and can expand their services in these emerging economies.
Browse the full report description Global Industrial Hose Market Size, Share & Trends Analysis Report by Material Type (PVC, Natural Rubber, Nitrile, Polyurethane, and Others), By Vertical (Automotive, Agriculture, Oil & Gas, Construction & Mining, Food & Beverages, Pharmaceuticals, and Others) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/industrial-hose-market
It is projected that the China’s manufacturing industry is growing at a much faster pace than any other economies. “Made in China 2025”, a government initiative to drive the country’s manufacturing sector, is one of the most lucrative projects, aimed at increasing competitiveness of Chinese manufacturing industries such as electronics and automotive, among others. The goal of the project was to foster Chinese brands, boost innovation and reduce the country’s reliance on foreign technology by making the nation a major or dominant global manufacturer of various technologies. This initiative is aimed to transform China from a manufacturing giant to global manufacturing power by 2049.
The transformation of the manufacturing sector will include the rise in industrialization and less dependency on other economies for end products. With the rise in the industrial sector, the companies will definitely look for industrial parts, including industrial hoses, which in turn, will augment the industrial hose market. Moreover, India will exhibit a growth in the industrialization in the coming years. The cohesive government initiatives, such as reduction of corporate tax on companies will play a supportive role in the growth of the industrial sector. In addition, the ‘Make in India’ initiatives of the Government of India will drive the industrialization in the country. Due to such initiatives, the country has jumped the World Bank’s Ease of Doing Business to 63 in 2019 from 142 in 2014.
Such improvements are expected to further motivate foreign companies and foreign venture capitalists to invest more in the country. This, in turn, will augment the industrial hose market in India. In the energy & power sector, India is one of the largest consumers all across the globe. The oil imports of India were around $87 billion in 2017-18, increase from $70 billion in 2016-17. Moreover, the import increased to $112 billion in fiscal year 2018-19. The country is the third-largest consumer of oil in with 4.69 million barrels per day in 2017 as compared to 4.56 million barrels per day in 2016. Therefore, in these economies, the growing industrial sector coupled with adoption of modern industrial parts further provide significant growth opportunity for industrial hose market.
Global Industrial hose Market Segmentation
by Material Type
by Vertical
Global Industrial hose Market – Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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