The China Industrial Hoses Market is anticipated to rise 5.7% year over year in 2021, defying early predictions about how the market would fare in the event of a global pandemic.
The China Industrial Hoses Market is anticipated to rise by 5.7% year over year in 2021, defying early predictions about how the market would fare in the event of a global pandemic. By 2031, China’s total industrial hose consumption is anticipated to reach 548 Million Meters.
According to the most recent data from Future Market Insights, sales of industrial hoses in China are expected to reach a value of US$ 986.5 Million in 2021, with a consistent long-term estimate. According to the analysis, the market would grow at a rate of around 7% CAGR between 2021 and 2031.
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Due to production restrictions and related supply chain activities brought on by the COVID 19 pandemic, the market for industrial hoses experienced a modest decline in demand in 2020. By the conclusion of Q2, China's GDP growth rate had recovered to 3.2%, with an industrial sector growth rate that was higher than 8% compared to 2019.
The sales of industrial hoses in China are also understood to have risen with demand from its domestic market commanding over 55% of the nation’s total sales and consumption. The export curbs are also likely to be eased in the upcoming years.
One of the major markets for industrial hoses is the oil and gas sector. Since crude oil and gas are corrosive by nature, they may degrade linings and necessitate routine hose installation, which increases the need for replacement units. Industrial hose sales are anticipated to increase significantly as a result of the use of superior grade materials such composites, polymers, and steel.
Industrial hoses must now be used under extremely high pressure and temperature as a result of the advent of cryogenics in HVAC, industrial air separation plants, and medicine. For the same, steel and braided hose types have been preferred. The medical and life sciences industries, which use cryogenics and cold storage systems, are projected to be the driving force behind the demand.
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Key Takeaways from Market Study
• China has an estimated share of 9.1% of the global industrial hoses market and close 30% of regional market consumption owing to the country’s high manufacturing output.
• Lubricant hoses to hold the lead with US$ 166.1 Mn in 2021 owing to extensive use in automotive applications.
• Plastic and polymer hoses account for over 33% of the value share in 2021, owing to cost and durability benefits.
• Energy applications to account for US$ 148 Mn in 2021, driven by investments in energy infrastructure upgrades.
• Leading provinces in China are estimated to contribute over 40% of the overall market consumption at 1.1 X of the overall CAGR.
“Transportation of critical fluids under stringent pressure regulations and demand from construction, oil and gas, and cryogenics sectors are major factors driving the demand for industrial hoses in China through 2031,” says a Future Market Insights analyst.
Competitive Landscape
The market is highly fragmented, with key players accounting for slightly more than one-fifth of the market share. These players are likely to invest in developing new materials and expansion of their clientele in various industries to enhance their product portfolios.
Some of the key players in this industry are Parker Hannifin Corporation, Tiger Polymer Corporation, Continental AG, Eaton Corporation, Rehau Group AG, Balflex LLC, Trelleborg AB, Kuriyama Holdings Corporation, and Qingdao Everflex Rubber & Plastic Co., Ltd. amongst others.
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Industrial Hoses Market by Category
By Material:
By Product Type:
By Pressure Intake:
By Application:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
China Industrial Hoses Market review , outlook , forecast , demand , size , share , keytrends , analysis , Research , overview
May 16, 2023
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