Oil And Gas Hose Assemblies Market Players Boost Polymer And Composite Production: Future Market Insights

As per Future Marketing Insights (FMI), the global oil and gas hose assemblies market is anticipated to expand at a CAGR of 4.3% during 2020-2030. The market is mainly fueled by growing investments in oil & gas projects. The surge in demand for high-pressure hose assemblies all over varied industries such as chemical, agriculture, oil & gas, and others is further boosting the market growth.

"Market players are focusing on researches to enhance the overall performance of the oil & gas hose. Players are stressing on ascertaining better cost-efficiency to attain a competitive advantage. The market is thus foreseeing several launches, which will augur well in the approaching years." comments the FMI analyst.

Oil and Gas Hose Assemblies Market - Key Highlights

• North America accounts for the majority of market share as a result of the presence of leading players and growing investments in the oil & gas ventures.
• Midstream application type to foresee a surge in demand during the forecast period.
• High-pressure intake category is anticipated to expand at a notable CAGR during 2020-2030.
• Polymers and composites remain majorly preferred among other material types.
• Dock and hose assemblies to remain key beneficiary among other product category.

Oil and Gas Hose Assemblies Market – Drivers

• Growing demand for downstream applications to spur overall market growth.
• Increasing innovations in raw materials of hoes providing lucrative prospects throughout the forecast period.
• Novel subsea technologies are the foremost contributor to the expansion of the market.

Oil and Gas Hose Assemblies Market – Restraints

• Lack of skilled workers with the technical proficiency of oil & gas hoses is the key challenge for the market.
• Less focus of manufacturers on technological advancements and the accessibility of few manufacturing raw materials are limiting growth.

These insights are based on a report on Oil and Gas Hose Assemblies Market by Future Market Insights