(MENAFN- GlobeNewsWire - Nasdaq) NEWARK, Del, April 17, 2023 (GLOBE NEWSWIRE) -- The global gas connectors and gas hoses market is expected to be valued at US$ 13.5 billion in 2023. With the increasing adoption of Liquefied Petroleum Gas (LPG), the sales of gas connectors and gas hoses are projected to grow at a CAGR of 10.0% between 2023 and 2033, totaling around US$ 35.2 billion by 2033.
One of the key drivers of the market growth is the increasing demand for natural gas as a cleaner and more efficient fuel source. The demand for natural gas is expected to continue to grow as businesses and consumers look for cleaner and more efficient alternatives to traditional fossil fuels. This is expected to create a higher demand for gas connectors and gas hoses to transport and distribute natural gas to homes and businesses.
Another factor driving the growth of the gas connectors and gas hoses market is the growth in the construction industry. The construction industry is expected to continue to grow as infrastructure investments increase and populations grow. This will create a higher demand for gas connectors and gas hoses for the installation of gas pipelines, heating systems, and other gas-powered equipment.
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In addition, technological advancements such as the development of new materials and designs improve performance, durability, and safety. For instance, the use of stainless steel or high-pressure hoses can improve durability and performance, while the use of advanced polymers can improve flexibility and resistance to temperature extremes.
Moreover, regulations and standards related to the safety and quality of gas equipment are expected to create a favorable environment for gas connectors and gas hoses that meet these requirements. This is particularly important in industries where safety is a critical concern, such as oil and gas exploration, where the failure of a connector or hose can have serious consequences.
Key Takeaways from the Market Study
Global gas connectors and gas hoses market was valued at US$ 12.3 billion by 2022-end From 2018 to 2022, the market demand expanded at a CAGR of 6.4% North America is expected to hold the highest market share of 34.2% By type of gas, the natural gas segment is expected to constitute a CAGR of 9.4% On the basis of end-user, the commercial segment is expected to dominate the market with a CAGR of 9.2% in 2033.
“ The increasing popularity of outdoor living spaces and outdoor kitchens is a major factor that is expected to propel the growth of the Gas Connectors and Gas Hoses market in the near future, ” remarks an FMI analyst .
Competitive Landscape
Prominent players in the gas connectors and gas hoses market are Regency Gas Hoses, Dormont, Parker Hannifin Corporation, T&S Brass and Bronze Works, Parker Hannifin Corporation, 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 Developments:
In 2021, Parker Hannifin Corporation launched a new line of gas hoses designed for liquefied petroleum gas (LPG) applications. The hoses are made with a high-performance thermoplastic elastomer material and feature a high burst pressure rating and low permeation rate. In 2020, Eaton Corporation plc launched a new line of gas connectors designed for use in residential and commercial applications. The connectors feature a new seal design that reduces the risk of gas leaks and are available in a range of sizes and materials. In 2020, Emerson Electric Co.: In 2020, Emerson Electric announced the acquisition of American Governor Company, a leading provider of hydro-mechanical and electronic governors for hydroelectric turbines. This acquisition expands Emerson's capabilities in the power generation market.
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Future Market Insights offers an unbiased analysis of the global Gas Connectors and Gas Hoses market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the Gas Connectors and Gas Hoses market, the market is segmented on the basis of Gas Connectors and Gas Hoses market by type of gas (natural gas, propane, butane, and others), by material (stainless steel, rubber, and thermoplastic), by end-user (household, commercial, industrial, and medical), across five major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Key Segments Covered in the Gas Connectors and Gas Hoses Industry Analysis
By Type of Gas:
Natural Gas Propane Butane Others
By Material:
Stainless Steel Rubber Thermoplastic
By End User:
Household Commercial Industrial Medical
By Region:
North America Latin America Europe East Asia South Asia Oceania Middle East & Africa
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Table of Content
1. Executive Summary | Gas Connectors and Gas Hoses Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type of Gas
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Type of Gas, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Type of Gas, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Type of Gas, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Type of Gas, 2023 to 2033
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