The report on Industrial Hose Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues.
Increasing Vehicle Production and Growth of Industrial Sector Globally: Key Driver of Market. In recent years, the growing production of vehicles globally is directly influencing the demand for industrial hoses used in automotive parts. According to data released by the International Organization of Motor Vehicle Manufacturers (OICA), the global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year. Various industrial hose manufacturers are catering to this growing demand in the automotive sector. Considering these factors, the impact of this driver is currently high and expected to remain so during the forecast period.
Over the past few years, modernization in agricultural activity has propelled the sale of industrial hoses in the Asia Pacific region. Depending on the farming operation, companies are offering different hoses, which are more suited to the task. Furthermore, cost effective and flexible ways of getting water into the farm is the primary requirement of farmers. Industrial hoses are bridging this gap, which is driving their market demand.
Ease of government initiatives in several developing countries is likely to be another driving factor in the Asia Pacific region. Governments of different countries are offering exemptions in tax policies to encourage industrial hose manufacturers to increase their production capacity. This is expected to drive the sales of industrial hose in the coming years.
Technological Advancements Significant Opportunity for Industrial Hose Market.Advancement in industrial hoses for transferring various types of media such as gases, chemical, oil, semi-solids, and liquids, among others is gaining huge demand across the globe. Industrial hoses that are used for suction and discharge of media is gaining demand across industry verticals. These hoses should possess high chemical and abrasion resistance, and the capability to withstand extreme pressure and temperature.
Increasing Popularity of Unique or Coated Material: Key Trend of Market
The latest trend observed is increasing use of industrial hoses across various industrial applications, which has positively impacted the growth of the industrial hose market. Rising popularity of coated or blended products with unique patterns is also seen among users.
Progression in materials has expanded the operating life of industrial hoses, even under severe operating conditions. The industrial hose market now is focusing on PVC, polyurethane, and rubber.
Polyurethane material is used for several end-use applications, such as constructing insulation, composite wood panels, insulation of fridges and freezers, and car parts. These industrial hoses have first rate resistance to gas, oil, kerosene, and different petroleum-based products making them suitable to be used in industries, such as oil & fuel, chemicals, mining, meals & liquids, and agriculture.
Post time: Apr-28-2022