Composite Hoses Market to reach US$ 354.0 million in 2024
February 03, 2020
Composite hoses represent niche but extremely high-growth opportunities in years to come. The market for composite hoses is forecasted to grow at an impressive rate over the next five years to reach an estimated value of US$ 354.0 million in 2024. Organic growth in oil & gas production and chemical industry and increasing preference of composite hoses over their counterparts are the major factors spurring the growth of the market.
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Composite Hoses Market Segment Insights:
By Media Type:
Based on the media type, the market is segmented into oil & liquid fuel, gas, and chemical. Oil & liquid fuel media is likely to remain the growth engine of the market during the forecast period. Increasing rapid industrialization and urbanization, especially in the developing economies, such as China and India, is creating a greater demand for oil & gas. Also, the demand for the chemical is escalating at a healthy pace. To have a smooth supply of oils and liquid fuels, the demand for composite hoses is increasing at an excellent rate. It is estimated that oil & liquid fuel is estimated to remain the most dominant segment of the market in the coming five years.
By Inner Liner Type:
Based on the inner liner type, the market is segmented into polypropylene, fluoropolymers, polyamide, and others. Polypropylene liner is expected to remain the dominant as well as the fastest-growing segment of the market during the forecast period. Polypropylene liners are predominantly used in composite hoses, owing to their excellent flexibility, ease of handling, leak-free transfer of fluid, and good electrical conductivity.
By Application Region:
Based on the application type, the market is segmented into tank truck and railcar transfer, in-plant transfer, marine transfer, and others. Tank truck & railcar transfer is expected to remain the dominant segment of the market during the forecast period, whereas in-plant transfer is expected to be the fastest-growing segment during the same period. For tank truck application, composite hoses are mainly used to convey oil and liquid fuels from refineries to storage facilities and from storage facilities to petrol pumps.
By Region:
In terms of region, Asia-Pacific is projected to remain the largest market for composite hoses during the forecast period. Increasing chemical production and rising fuel demand are fuelling the growth of composite hoses in the region. China is the growth engine of the region’s market and is one of the largest producers of chemicals and petrochemicals in the world.
North America is projected to remain the second-largest market for composite hoses during the forecast period. Increasing fuel demand by the emerging economies and increasing shale gas production are triggering the demand for composite hoses in the region. The USA is the growth engine of the region’s market and is one of the largest producers of oil & gas in the world.
Key Players:
The supply chain of this market comprises raw material suppliers, composite hose manufacturers, and end-users. The key players in the composite hoses market are Alfagomma S.p.A., Dantec Ltd., United Flexible Inc., Novaflex Group, Trelleborg AB, Polyhose, Gasso Equipments, Gutteling B.V., and Flextral. Development of lightweight and flexible composite hoses, expansion in untapped markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
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- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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