The global market for gas connectors and gas hoses is poised for significant expansion, projecting a value of US$ 13.5 billion in 2023. This surge is expected to be driven by an exceptional Compound Annual Growth Rate (CAGR) of 10.0% between 2023 and 2033, ultimately aiming for an impressive market worth of approximately US$ 35.2 billion by 2033.
One of the primary catalysts fueling this extraordinary growth is the burgeoning demand originating from the healthcare sector. Gas connectors and hoses play a pivotal role in the healthcare industry, ensuring the secure and efficient delivery of medical gases to patients in hospitals and healthcare facilities. The continuous upsurge in demand for healthcare services and the vital role these components play in patient care stand as the driving forces behind the escalating need for these crucial components.
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Market Expansion Driven by Growing Natural Gas Demand and Thriving Construction Sector:
The surge in demand for natural gas, heralded as a cleaner and more efficient fuel source, stands as a pivotal driver propelling market growth. As businesses and consumers increasingly seek eco-friendly and efficient alternatives to traditional fossil fuels, the demand for natural gas is anticipated to remain on an upward trajectory. Consequently, the market for gas connectors and gas hoses is poised to witness heightened demand, facilitating the transport and distribution of natural gas to residential and commercial spaces.
Furthermore, the flourishing construction industry contributes significantly to the market’s expansion. With escalating investments in infrastructure and population growth, the construction sector is set to continue its upward trajectory. This sustained growth is expected to lead to an increased demand for gas connectors and gas hoses, essential for the installation of gas pipelines, heating systems, and various gas-powered equipment.
Insights from the Market Study:
- The global market for gas connectors and gas hoses reached a valuation of approximately $12.3 billion by the conclusion of 2022.
- Over the span of 2018 to 2022, market demand showcased an impressive Compound Annual Growth Rate (CAGR) of 6.4%.
- Anticipated to command the leading market share, North America is poised to hold a substantial portion, accounting for 34.2%.
- The natural gas segment, categorized by gas type, is projected to exhibit a noteworthy CAGR of 9.4%.
- In terms of end-users, the commercial segment is poised to emerge as the dominant force, foreseeing a compelling CAGR of 9.2% by 2033.
“The escalating popularity of outdoor living spaces and outdoor kitchens stands as a significant driving force poised to accelerate the Gas Connectors and Gas Hoses market’s expansion,” observes an analyst from FMI.
Competitive Scenario:
Distinguished contenders within the gas connectors and gas hoses market encompass Regency Gas Hoses, Dormont, Parker Hannifin Corporation, T&S Brass and Bronze Works, Tubes International, Grainger, Companion Outdoor, Trelleborg Sealing Solutions, Continental AG, Swagelok Company, Bromic Plumbing and Gas, Emerson Electric Co., Eaton Corporation plc., Prestige, rrmcia, IBEDA, and Bay Corporation, among others.
Recent Advancements:
- In 2021, Parker Hannifin Corporation introduced a new line of gas hoses tailored for liquefied petroleum gas (LPG) applications. Crafted from high-performance thermoplastic elastomer material, these hoses boast a substantial burst pressure rating and exhibit a low permeation rate.
- In 2020, Eaton Corporation plc unveiled a fresh range of gas connectors tailored for residential and commercial usage. These connectors feature a novel seal design that mitigates the risk of gas leaks, available across an array of sizes and materials.
- In 2020, Emerson Electric Co.: Emerson Electric made headlines by acquiring American Governor Company, a renowned provider of hydro-mechanical and electronic governors for hydroelectric turbines. This strategic acquisition bolsters Emerson’s prowess in the power generation market.
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Key Segments Covered:
By Type of Gas:
- Natural Gas
- Propane
- Butane
- Others
By Material:
- Stainless Steel
- Rubber
- Thermoplastic
By End User:
- Household
- Commercial
- Restaurants
- Hotels
- Cafes
- Industrial
- Medical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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