Market for industrial hoses made of polyurethane to grow at highest CAGR during 2019–2024
The market for industrial hoses made of polyurethane is expected to grow at the highest CAGR from 2019 to 2024. Polyurethane offers several advantages, such as good abrasion & tear resistance, high tensile strength, and low compression set, along with excellent flexibility. It also has good chemical resistance with excellent stability in rough atmospheric conditions. Polyurethane hoses have exceptional resistance to gasoline, oil, kerosene, and other petroleum-based products, making them suitable for use in industries such as oil & gas, chemicals, mining, food & beverages, and agriculture.
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Market for industrial hoses carrying air and gas media expected to be largest during forecast period
The market for industrial hoses carrying air and gas is expected to grow at the highest CAGR from 2019 to 2024. Hoses are used to transfer air and gas media in industries such as automobile, chemicals, infrastructure, and medical. Hence, increasing usage of hoses carrying air and gas media for various industries provides ample opportunities for market growth during the forecast period.
Rising demand for industrial hoses from various industries to boost market growth in APAC during forecast period
China and India are expected to be the main contributors to the growth of the industrial hose market in APAC in the coming years. APAC is the leading market for industrial hoses, catering to the automotive, infrastructure, and agriculture industries, with the primary demand driven by countries such as China, India, and Japan. China’s economy continues to grow with the rapid industrialization, infrastructural advancements, and continuous improvement in the standard of living of the citizens. Industrial hoses are used in various industries, such as automobile, chemicals, mining, and infrastructure.
Key players in the market include
Gates (US), Eaton (Ireland), Parker Hannifin (US), RYCO Hydraulics (Australia), Transfer Oil S.p.A. (Italy), Kurt Manufacturing (US), Piranha Hose Products (US), NORRES (Germany), and Colex International (UK). These players are increasingly undertaking product launches & developments; contracts & partnerships; acquisitions; and expansions to develop and introduce new technologies in the market.
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