The market is expected to generate an incremental $ opportunity of US$ 479.3 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00255 Format: PDF Pages: 340
Oil and Gas Hose Assemblies Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Oil and Gas Hose Assemblies Market was worth US$ 1,135.7 Mn and is expected to grow at a CAGR of 4.5% over the forecast period. The market is expected to hit US$ 1,763.7 Mn by 2032 end.
Oil and gas hose assemblies are used for various purposes, including conveying and drawing oil and water, delivering and transporting pressurized liquid and gas, and more. High-pressure hoses are in greater demand due to the expanding use of high pressure in the oil and gas industry.
The oil and gas hose assembly market is expected to increase during the forecast period due to the rising demand from the oil and gas industry for durable hoses for critical applications.
INCREASING INVESTMENT AND R&D IN OIL & GAS PROJECTS FUELS THE MARKET
The focus of the manufacturers is on the use of low-cost raw materials, such as Polyvinyl chloride (PVC), Polyurethane (PU), Natural Rubber (NR), Styrene-butadiene (SBR), Ethylene Propylene Diene Monomers (EPDM), Nitrile Butadiene Rubber (NBR), Silicon (Si), Chloroprene Rubber (CR), Cross-linked polyethylene (XLPE), and others.
The choice of raw materials is important because the hoses must be able to endure the elements and the materials that run through them during the various stages of the finishing operations. To enhance the properties of hoses and make them more reliable and safe, the market is observing continual expenditures in research and advancements in raw materials. These advancements present participants with attractive chances.
THE LACK OF AVAILABILITY OF QUALIFIED PROFESSIONALS RESTRICTS THE MARKET
Installing oil and gas hose assemblies requires technical and scientific expertise for fitting hoses at various places. Hoses that are improperly built can seriously harm people or destroy property. The main market issue is the lack of qualified professionals with technical knowledge of oil and gas hoses. Growth is also being hampered by the manufacturers’ generally shorter attention spans for technological advancements and the scarcity of manufacturing raw resources.
The market for oil & gas hose assemblies has been adversely affected by the COVID-19 outbreak in several different industries. Because of the lockout, production facilities have been forced to close, reducing market sales. The market’s worth is expected to decrease by -7.0% in 2020. However, according to the market study, the market will rebound starting in 2021 and rise strongly until the end of 2032.
Market Segments Covered in Report
By Pressure Intake:
By Region and Country:
Which application type in Oil and Gas Hose Assemblies is projected to lead the market?
Depending on the kind of application, midstream is anticipated to have the lead throughout the projection period. The need for the hose is rising because of the escalating demand for oil and gas production in both established and emerging nations, which is the reason for the segment’s rise.
The need for midstream oil and gas applications has increased due to new government initiatives and oil and gas industry investments. The increased rig activity levels and significant projects drive the segment’s growth.
Why is the high-pressure segment expected to expand faster during the forecast period?
The high-pressure segment is to rule the market during the evaluation phase. The 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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
The market for oil and gas hose assemblies is quite cutthroat. Numerous new players are entering the industry due to its potential for expansion. To increase their market share, however, major industry players are concentrating on spending extensively on the growth of production facilities. They always attempt to raise the cost and performance standards for various applications.
A list of some of the key suppliers present in the market are:
Global Oil and Gas Hose Assemblies Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Material, Application, Pressure Intake, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|