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. The composite hoses market is expected to grow at a promising CAGR of 4.7% in the long run and reach US$ 390 Million by 2029. The growth of the chemical industry, coupled with the increasing production of oil & gas, is expected to drive the composite hoses market in the foreseeable future.
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 the analyst'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. The analyst 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.
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. The composite hoses market is expected to grow at a promising CAGR of 4.7% in the long run and reach US$ 390 Million by 2029. The growth of the chemical industry, coupled with the increasing production of oil & gas, is expected to drive the composite hoses market in the foreseeable future.
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.
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
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.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.Key Players
The following are the key players in the composite hoses market:- ALFAGOMMA SpA
- Dantec Ltd.
- Smiths Group (United Flexible Inc.)
- Trelleborg AB
- The Novaflex Group
- Bridgestone Corporation (Flextral)
- Parker Hannifin Corporation
- Peraflex Hose Inc.
- Polyhose Inc.
- Trelleborg AB
Research Methodology
This strategic assessment report 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 the analyst'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. The analyst 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
The composite hoses market is segmented into the following categories:
Composite Hoses Market, by Media Type
- Oil & Liquid Fuel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Chemical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Hoses Market, by Inner-Liner Type
- Polypropylene (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Fluoropolymers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Polyamide (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Hoses Market, by Application Type
- In-Plant Transfer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tank Trucks & Railcars Transfer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Marine Transfer (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Hoses Market, by Pressure Type
- Below 200 PSI (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- 200-250 PSI (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Above 250 PSI (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Hoses Market, 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)
Table of Contents
1. Executive Summary: A Bird’s Eye View of the Market
2. Market Environment Analysis: Study of Factors Affecting the Market Dynamics
3. Composite Hoses Market Assessment (2018-2029) (US$ Million)
4. Composite Hoses Market Segments’ Analysis (2018-2029) (US$ Million)
5. Competitive Analysis
6. Strategic Growth Opportunities
7. Company Profiles of Key Players (Alphabetically Arranged)
8. Appendix
Companies Mentioned
- ALFAGOMMA SpA
- Bridgestone Corporation (Flextral)
- Dantec Ltd.
- Parker Hannifin Corporation
- Peraflex Hose Inc.
- Polyhose Inc.
- RADCOFLEX Australia Pty Ltd.
- Smiths Group plc (United Flexible Inc.)
- The Novaflex Group
- Trelleborg AB
Methodology
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