The US market for polymeric flexible hose and tubing materials is set to see a five-year compound annual growth rate (CAGR) of 2.4%, according to a new report from BCC Research.
The study said that the US market should reach 500 million kg by 2020. It examined markets in which flexible polymers are used to fabricate hose and tubing for use in transporting fluids and other materials.
The market for automotive and aeronautical hose and tubing, primarily automotive under-the-hood products such as cooling system and fuel hose, reached an estimated 64 million kg (polymeric raw material) in 2015.
Hydraulic hose, a market estimated at about 26 million kg of polymers in 2015, of which about 15 million kg were thermoset elastomers could reach around 29 million kg in 2020 on a five-year CAGR of 2.7%.
Industrial hose, which totalled an estimated 108 million kg in 2015, encompasses many different types ranging from large applications such as air/multipurpose hose and chemical/petroleum was tipped to grow to about 122 million kg in 2017.
Several important changes have occurred in recent years in accordance with new regulatory and environmental requirements in sectors such as automotive and industrial hose and tubing, BCC Research said. One key industry shift was that thermoplastic elastomers had gained markets at the expense of older traditional thermosets.
"Both newer and older materials compete for places in the hose and tubing market. The major competitive factors in the market are those between materials and technologies. Inter-material competition is a way of life in a technologically advancing society, and hose and tubing markets are no exception," said BCC Research analyst J Charles Forman.
"There is strong competition and significant overcapacity in several sectors, and new technologies and products continue to also strive for market share."