As per the latest market research conducted by FMI, the global oil and gas hose assemblies market is expected to record a CAGR of 4.3% from 2023 to 2033. In 2023, the market sizeprojected to reach a valuation of USD 1,409.5 million. By 2033, the valuation is anticipated to reach USD 2,138.4 million.
The market for oil and gas hose assemblies is expanding significantly on a global scale. Investments in oil and gas projects have increased, which is significantly driving the market. The growth is being substantially boosted by the increasing need for high-pressure hose assemblies across a wide range of sectors including oil & gas, agriculture, chemical, and others.
There are Several Factors that can Contribute to the Growth of the Oil and Gas Hose Assemblies Market:
Overall, numerous tire and rubber manufacturing companies are becoming interested in the significant rise in demand for oil and marine hoses, and as a result, many businesses began making these hoses in response to the particular requirements of their customers. Thus, this important factor is driving the growth of the marine gas hose assemblies market.
| Attributes | Value |
|---|---|
| Oil and Gas Hose Assemblies Value (2022) | USD 1,349.8 million |
| Oil and Gas Hose Assemblies Market Expected Value (2023) | USD 1,409.5 million |
| Oil and Gas Hose Assemblies Market Forecast Value (2033) | USD 2,138.4 million |
| Oil and Gas Hose Assemblies Market Expected CAGR (2023 to 2033) | 4.3% |
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Overall, these trends are expected to drive the growth of the oil and gas hose assemblies market, and manufacturers are likely to innovate to meet the evolving needs of the industry.
Exploration and Production: As oil and gas companies pursue expanding their exploration and production activities, there is a need for flexible and durable hose assemblies that can withstand harsh environments and operate safely and reliably. Hose assemblies for drilling, fracking, and well-completion operations are essential for efficient and effective oil and gas extraction.
Transportation and Distribution: The transportation and distribution of oil and gas require hoses that can handle high pressures and temperatures, as well as corrosive and abrasive materials. As the demand for oil and gas increases, there is likely to be a need for more advanced hose assemblies that can improve the efficiency and safety of transportation and distribution operations.
Environmental Compliance: With the increased regulations on the oil and gas industry, there is a growing need for hose assemblies that are designed to minimize environmental impact. Hoses that are leak-proof, durable, and resistant to environmental hazards are critical to ensuring compliance with regulations and protecting the environment.
Technological Advancements: Advances in materials science and engineering are enabling the development of new hose assemblies that offer improved performance and durability. There is a need for innovative hose assemblies that can withstand higher temperatures, pressures, and harsh environments while also reducing maintenance requirements and downtime.
Overall, the oil and gas hose assemblies market presents several opportunities for growth and innovation. Companies that can develop advanced hose assemblies that meet the evolving needs of the industry are likely to be well-positioned for development.
North America, where the United States is the market leader, makes up a sizeable portion of the global market. Due to increasing investments in oil and gas projects like Alaska LNG and Driftwood LNG, the region is expected to maintain its dominance. Another element promoting growth is the presence of well-known manufacturers in the area, including Kuriyama of America, Inc., Parker-Hannifin Company, and Gates Industrial Corporation plc.
One of the regions responsible for a sizable portion of the global market is Europe, which is headed by Russia. The stringent regulation of the governments and their consistent policies to support the oil and gas industry are likely to be responsible for the region's growth. The area is observing expenditures in research & development activities that are resulting in innovations and raw material development. This is driving the area's expansion. Due to the development of new subsea technologies in the area, FMI predicts that there might be a lot of opportunities in Europe.
The expansion of the oil and gas sector in this region is primarily responsible for the growth witnessed. According to FMI, the region is expected to experience significant growth over the course of the forecast period as a result of increasing private and public investments in ongoing oil and gas projects like the Third Grassroot Refinery at the Ruwais Refinery Complex and an innovative strategy for upcoming projects like the Hail and Ghasha Sour Gas at Abu Dhabi North West Development.
Based on application type, the midstream segment is anticipated to lead throughout the forecast period. The need for the hose is rising because of the increasing demand for oil and gas production in both established and developing countries, which is likely to be the reason for the segment's rise.
Based on pressure intake, FMI anticipates that over the assessment period, the high pressure category is likely to dominate the market. High pressure hose's dependability, adaptability, high collapse resistance, and high level of customizability all contribute to the segment's growth. Its suitability for various settings is what's fueling the segment's expansion. A sizable CAGR is predicted for this market category.
In comparison to rubber and metal, polymers and composite hose assemblies offer better performance. According to FMI's estimation, the polymer and composite category is likely to remain the top option during the projected period. These hoses' multi-layered construction ensures their endurance and flexibility, two qualities that are considered to be crucial in the oil and gas industry.
The dock and hose assemblies segment is anticipated to continue dominating in terms of product type during the forecast period. According to FMI, the drilling mud hose assemblies market is expected to experience significant expansion during the forecast period.
The market for oil and gas hose assemblies is incredibly competitive. Several new players are entering the market as a result of its potential for development. To increase their market share, however, significant industry players are concentrating on spending extensively on the growth of manufacturing facilities. They are constantly attempting to raise the cost and performance standards for various applications.
For example, Parker released its catalog of thermoplastic oil and gas hose assemblies. Hoses and fittings for the oil and gas industry are included in the catalog.
The manufacturers' attention has shifted, as observed by FMI, to the growth of their distribution systems in South and East Asia. This is due to the region's high concentration of industrial players and its generally low labor costs.
In order to provide their customers with high-performance hose assemblies and expand their base in developing economies, corporations are increasingly entering into joint ventures with research and development organizations and working with investors.
The market share held by top players is about one-fourth of the market share. Due to the numerous regional and global competitors, the market is highly competitive.
FMI lists some of the key players in the global oil and gas hose assemblies market including Gates Corporation, Eaton Corporation Plc, Continental AG, Trelleborg AB, ERIKS North America, Inc. Parker Hannifin Corporation, Manuli Hydraulics, ALFA GOMMA Spa, Kuriyama Holdings Corporation amongst many others.
The list is only indicative – a full list of global oil and gas hose assemblies market key players is available upon request
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Growth Rate (2023 to 2033) | 4.3% CAGR |
| Market Analysis | USD million for Market Value and ‘000 Feet for Market Volume |
| Market Value for 2022 | USD 1,349.8 million |
| Key Regions Covered | North America; Latin America; Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Segments Covered | Product Type, Material Type, Pressure Intake, Application, and Region |
| Key Companies Profiled | Gates Corporation; Eaton Corporation Plc; Continental AG;Trelleborg AB; ERIKS North America; Inc. ParkerHannifin Corporation; Manuli Hydraulics; ALFA GOMMA Spa; Kuriyama Holdings Corporation |
| Report Coverage | Market Forecast, Competitive Landscape, Region-wise and Category-wise Insights, Key Trends, Key Challenges |
| Customization & Pricing | Available upon Request |
The market is valued at USD 1,409.5 million in 2023.
Gates Corporation, Eaton Corporation Plc, and Continental AG, are key market players.
The market will USD 2,138.4 million by 2033.
Growing use of automation and robotics will drive the market.
Midstream segment is likely to remain preferred through 2033.
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Oil and Gas Hose Assemblies Market
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