Composite Hoses Market Growth Analysis | 2024-2029

Market Insights

The composite hoses market was estimated at USD 294.5 million in 2023 and is likely to grow at a promising CAGR of 4.7% during 2024-2029 to reach USD 390 million in 2029.

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Market Dynamics

Introduction

A composite hose is a type of flexible hose made up of multiple layers of different materials, such as thermoplastics, films, and thermosetting plastics. It is specifically designed to handle a wide range of chemical and petrochemical fluids, making it ideal for various industrial applications. Composite hoses offer numerous advantages such as flexibility, chemical resistance, lightweight construction, durability, and versatility, making them suitable for diverse fluid transfer applications across different industries.

COVID-19 Impact

In the year 2020, the global market experienced disruptions due to the COVID-19 pandemic, affecting both supply chains and consumer demand. Lockdown measures, export restrictions, and economic uncertainties led to a decrease in industrial activities across various regions. Furthermore, the changing geopolitical conditions such as wars (Russia-Ukraine war, Israel-Hamas war, etc.), inflation, and recession are affecting the recovery trajectory of the overall oil & gas industry, which, in turn, is impacting the recovery of its stakeholders, including composite hose suppliers. The composite hoses industry suffered a decline of approximately 10% in 2020 due to the pandemic. However, it has started to recover in 2021 and is expected to continue to do so in the future.

Market Drivers

The major factors driving the growth of the composites hoses market are:

• The growth of the chemical industry.
• The increasing production of oil & gas.

Recent Market JVs and Acquisitions: A small number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In March 2021, Trelleborg AB announced the completion of its acquisition of Gutteling Group BV. The acquisition strengthens Trelleborg's position in LNG transfer and enhances its composite hose business.
• In January 2019, to strengthen its position in attractive market segments, Trelleborg AB formed a joint venture with Wellcall Holdings Bhd. to manufacture and sell industrial composite hoses in Malaysia.

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Key Players

The following are the key players in the composite hoses market:

• ALFAGOMMA SpA
• Bridgestone Corporation (Flextral)
• Dantec Ltd.
• Parker Hannifin Corporation
• Peraflex Hose Inc.
• Polyhose Inc.
• Smiths Group (United Flexible Inc.)
• The Novaflex Group
• Trelleborg AB

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Media Type

Based on the media type, the composite hoses market is segmented into oil & liquid fuel, gas, and chemical. Oil & liquid fuel is expected to remain the largest and the fastest-growing media type in the market during the forecast period. These hoses are used in onshore and offshore transfer, industrial use, dockside, and general shipboard transfer, as well as loading and unloading of road and rail tankers from storage tanks. Additionally, they are employed in loading and unloading road and rail tankers from storage tanks. Moreover, these hoses are utilized for bulk transfers of aviation fuels from storage facilities to grounded aircraft.

By Inner Liner Type

Based on the inner-liner type, the market is segmented into polypropylene, fluoropolymers, polyamide, and others. Polypropylene is expected to remain the dominant as well as the fastest-growing inner-liner in the market during the forecast period. PP liner-based composite hoses offer excellent flexibility, chemical resistance, corrosion resistance, broad temperature range, ease of processing and manufacturing, and good electrical conductivity. In addition to that, composite hoses for oil & liquid fuel conveyance are preferably constructed with a polypropylene liner with a carcass made of polypropylene fabrics and films sandwiched between inner and outer wires made of stainless steel or galvanized steel.

By Application Type

Based on the application type, the market is segmented into in-plant transfer, tank trucks & railcars transfer, marine transfer, and others. Tank trucks & railcars transfer is expected to remain the largest application in the market throughout the forecast period, mainly used for loading and unloading chemicals, oils, petroleum, and aromatic products from refineries and storage facilities to tankers in trucks or railcars. Composite hoses are preferred for mobility applications, such as tank trucks and railcars, due to their flexibility, low bending radii, and lightweight design.

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By Pressure Type

Based on the pressure type, the market is segmented into below 200 PSI, 200-250 PSI, and above 250 PSI. Below 200 PSI is expected to remain the most preferred pressure rating for composite hoses in the market during the forecast period. Composite hoses with lower pressure ratings (below 200 PSI) are commonly employed in transportation and logistics, particularly for loading and unloading tank trucks and railcars. They are used for vapor return in marine, road tanker, and railcar operations, as well as for vapor recovery in bottom-loading applications.

Regional Insights

In terms of regions, Asia-Pacific is expected to remain the largest market for composite hoses during the forecast period. The rapid industrialization in emerging economies like China and India, along with increased demand for LNG, and crude oil, and the rapid growth of chemical production, is driving the high growth of the composite hose market. To capitalize on this growing market potential, manufacturers are expanding their manufacturing capacities in the region.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s composite hoses market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for existing and new players
• Key success factors

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The composite hoses market is segmented into the following categories:

By Media Type

• Oil & Liquid Fuel
• Gas
• Chemical

By Inner-Liner Type

• Polypropylene
• Fluoropolymers
• Polyamide
• Others

By Application Type

• In-Plant Transfer
• Tank Trucks & Railcars Transfer
• Marine Transfer
• Others

By Pressure Type

• Below 200 PSI
• 200-250 PSI
• Above 250 PSI

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and  Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Regional Analysis: Latin America, The Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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