Composite Hoses Market Size, Share, Trends, Growth 2030

Composite Hoses Industry Prospective:

The global composite hoses market size was worth around USD 210.36 million in 2022 and is predicted to grow to around USD 368.97 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.25% between 2023 and 2030.       

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Composite Hoses Market: Overview

Composite hose is made up of many layers of thermoplastic fabrics and films that are spirally wrapped and supported by internal and exterior wire helices. The many material layers strengthen the hose's structure, making it pressure-resistant. The high-quality material used to create composite hoses also increases safety. The composite hose is ideal for fluid transport and has a high degree of elasticity. This makes it an excellent choice for a variety of applications and functions. The composite hoses market is driven by various factors including the growing chemical industry, rising oil & gas exploration and production, growing product launches, growing focus on workplace safety, and environmental regulations.

Key Insights

• As per the analysis shared by our research analyst, the global Composite Hoses market is estimated to grow annually at a CAGR of around 7.25% over the forecast period (2023-2030).
• In terms of revenue, the global Composite Hoses market size was valued at around USD 210.36 million in 2022 and is projected to reach USD 368.97 million, by 2030.
• The growing chemical industry is expected to propel the composite hoses market growth over the forecast period.
• Based on media type, the oil & liquid fuel is expected to dominate the market over the forecast period.
• Based on the inner liner type, the polypropylene segment is expected to capture the largest market share over the forecast period.
• Based on the application, the tank trucks and railcar transfer are expected to grow significantly over the forecast period.
• Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.

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Composite Hoses Market: Growth Drivers

Growth in the chemical sector drives market growth

Composite hoses are widely used in the chemical industry for the secure and effective transmission of a variety of chemicals. The need for composite hoses rises in tandem with the growth of the chemical industry, which is fueled by factors including industrialization, increasing output, and the discovery of new chemical compounds. For instance, according to the U.S. BUREAU OF LABOR STATISTICS, exports of goods used in chemical production had a total trade value of $288.0 billion in 2022—a 13.4% rise from 2021. Almost half of this value was accounted for by the top 6 exporting states. In terms of export chemical production, Texas led the country in 2022 with $63.7 billion in export trade value. That represented 22.1% of all exports from the United States chemical manufacturing industry. California came in second place with a trade dollar value of $17.6 billion, or 6.1% of all exports from the United States that were related to the chemical industry. With $17.1 billion in commerce, Puerto Rico came in third place and made up 5.9% of all exports related to chemical manufacturing. Thus, the aforementioned statistics are expected to propel the global composite hoses market growth during the forecast period.

Composite Hoses Market: Restraints

High initial cost and compatibility issues impeding the market growth

When compared to conventional rubber or PVC hoses, composite hoses are often slightly more expensive. For many enterprises, particularly those with lower budgets or fewer resources, this upfront expense may be an obstacle to doing business. Furthermore, even though composite hoses are made to withstand chemicals, not all compounds will work well with them. Companies must carefully assess if the materials of the hoses are compatible with the particular fluids they are conveying. This may reduce the number of uses for composite hoses. Thus, this might be impeding the composite hoses industry growth over the forecast period.

Composite Hoses Market: Opportunities

Rising oil & gas exploration and production offer a lucrative opportunity for market growth

The rising oil & gas exploration and production is expected to offer a lucrative opportunity to the composite hoses market growth over the forecast period. Composite hoses are essential to the oil and gas industry because they allow the transport of fluids, including hydrocarbons, in harsh conditions. Strong and adaptable composite hoses are becoming more and more necessary as oil and gas exploration and production activities spread to increasingly isolated and hostile areas. For instance, according to secondary sources, it was anticipated that the number of deepwater drilling rigs in the US Gulf of Mexico would rise from 12 in 2020 to 16 in 2021. The US economy benefited from offshore oil drilling to the tune of almost $21 billion in 2019. Jack-up rigs made up 33.6% of all oil rigs worldwide in 2019, followed by semi-submersibles (29.5%) and drillships (37.1%).

Composite Hoses Market: Challenges

Lack of standardization poses a challenge to market growth

Since there isn't a single worldwide standard for composite hoses, producers may differ in terms of quality and requirements. Businesses may find it difficult to choose the best hose and guarantee continuous performance due to this lack of standardization.

Composite Hoses Market: Segmentation

The global Composite Hoses industry is segmented based on media type, inner liner type, application, pressure type, and region.

Based on the media type, the global market is bifurcated into oil & liquid fuel, gas, and chemicals. The oil & liquid fuel is expected to dominate the market over the forecast period. The demand for oil and gas is rising due to the increasing rate of industrialization and urbanization, particularly in developing nations like China and India. Composite hose demand is rising at an outstanding rate to provide a steady supply of liquid fuel and oil. Thereby, driving the segment growth.

Based on the inner liner type, the global Composite Hoses industry is bifurcated into polypropylene, fluoropolymer, polyamide, and others. The polypropylene segment is expected to capture the largest market share over the forecast period. It is well known that polypropylene has exceptional chemical resistance. It functions as an inner or barrier layer in composite hoses, shielding the hose from the corrosive effects of different chemicals and solvents. This is particularly crucial in sectors where the safe transportation of corrosive products is a top priority, such as chemical manufacturing.

Based on the application, the composite hoses industry is bifurcated into in-plant transfer, tank trucks & railcar transfer, marine transfer, and others. The tank trucks and railcar transfer are expected to grow significantly over the forecast period. Composite hoses provide a flexible, dependable, and affordable option for the safe and effective transport of liquids and gases in tank truck and railcar applications. They provide businesses engaged in chemical, petrochemical, and logistical operations peace of mind and assist in reducing the hazards connected with the transportation of hazardous products. The market for composite hoses is anticipated to increase in this specific industry as the demand for secure and effective material transport keeps rising.

Based on the pressure type, the global industry is segmented into <200 PSI, 200-250 PSI, and >250 PSI.

Composite Hoses Market: Report Scope

Composite Hoses Market: Regional Analysis

The Asia Pacific is expected to hold the largest market share over the forecast period

The Asia Pacific is expected to hold the largest composite hoses market share over the forecast period. China and India are two of the industrial economies in the area that are expanding fastest in the globe. For the safe and dependable transfer of fluids, the growth of sectors including petrochemicals, manufacturing, oil & gas, and chemicals has increased demand for composite hoses. For instance, according to secondary analysis, the market value of China's organic chemical material manufacturing sector increased annually between 2011 and 2022, rising from 176.8 billion to 393.4 billion dollars. In 2023, this market value is anticipated to reach 422.1 billion USD. In addition, as per the Ministry of Petroleum and Natural Gas, the output of natural gas and crude oil was 25.87 billion cubic meters (BCM) and 22.08 million tons, respectively, during the current fiscal year 2022–2023. In comparison to FY 2020–21 (233.51 MMT), the output of petroleum products rose by 8.9% to reach 254.31 MMT in FY 2021–22. Therefore, the aforementioned stats are expected to propel the market growth in the region.

Composite Hoses Market: Competitive Analysis

The global Composite Hoses market is dominated by players like:

• United Flexible Inc.
• Alfagomma S.p.A.
• Trelleborg AB
• Dantec Ltd.
• Flextral
• Polyhose
• Gasso Equipments
• Gutteling B.V.
• Novaflex Group
• Parker Hannifin Corporation
• Radcoflex India Pvt. Ltd.
• Titeflex
• Hebei Qianli Rubber Products Co. Ltd.
• CMT Flexibles Ltd
• LUCOHOSE CO. LTD
• Pacific Hoseflex
• A BRIDGESTONE BRAND and Sonda Flex

The global Composite Hoses market is segmented as follows:

By Media Type

• Oil & Liquid Fuel
• Gas
• Chemical

By Inner Liner Type

• Polypropylene
• Fluoropolymer
• Polyamide
• Others

By Application

• In-Plant Transfer
• Tank Trucks and Railcar Transfer
• Marine Transfer
• Others

By Pressure Type

• <200 PSI
• 200-250 PSI
• >250 PSI

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa