According to Fortune Business Insights™ The increasing demand for oil and petroleum is expected to foster healthy growth of the oil hose market, states Fortune Business Insights, in a report, The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The oil hose market accentuates a profound study of the industry, while shedding light on vital facts and figures. It also offers insightful data about dominant regions, policies adopted by governments and companies. Besides, providing a brief overview of the market with future insights. The report also encompasses critical factors exhibiting growth. Also, COVID-19 impact is also covered in the report
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Market Driver:
Agreement between Trelleborg Industrial Hoses and Wellcall Holdings to Enable Growth
The increasing collaborations and agreements between key companies can have an excellent effect on the global market. For instance, in January 2019, Trelleborg industrial hoses entered a joint venture with Wellcall Holdings, a Malaysian manufacturer of hoses, to manufacture and sell hoses in the local market and further strengthen its position. The surging demand for oil and petroleum around the world is expected to drive the need for oil hoses. Moreover, the hoses made from different materials depending upon the applications prove to be one of the convenient ways of transportation, which is likely to boost the market. Oil hoses are flexible, and hollow tubes are intended to carry fluids or oils from one point to another. The hoses are cylindrical in shape. PVC, natural rubber, nylon, polyurethane, polyethylene, and metals like steel are used to make hoses. In the oil industry, the hoses used are high-pressure hoses and are employed to move the fluids under high pressure. They are also used to load crude oils and petroleum products from offshore industrial sites to the vessels in storage facilities and vice versa. However, technological advancements in transportation techniques and inclination towards other alternatives can subsequently hamper the market's growth.
Regional Analysis:
Heavy Demand for Oil to Augment Growth in Asia Pacific
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Latin America is the largest oil hose market attributed to the largest oil reserves in countries like Venezuela and Brazil. The Middle East and Africa is expected to hold the second-largest share in the global market for oil hose due to the petroleum and oil reserves in countries like Saudi Arabia, Iran, Iraq, Kuwait, and UAE. Asia Pacific is expected to hold the highest share during the forecast period due to the high demand for oil from Asian countries. China ranks second in total oil consumption. North America is expected to exhibit significant growth owing to the growing oil and gas industry. Europe is expected to experience considerable growth due to the increasing exploration activities in the region.
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Key Development
June 2018: Saint Gobain introduced Versilon, a fluoropolymer hose reinforced with steel designed to meet fluid application demand.
The Report Lists the Key Companies in the Global Oil Hose Market:
- Saint-Gobain Performance Plastics
- Parker Hannifin
- Codan Rubber
- Jinyuan Rubber
- ContiTech Group
- Trelleborg Industrial Hos
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