New York, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Magnetic Drive Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Flow Rate (Upto 80 m3/hr, 81–200 m3/hr, 201–500 m3/hr, and Above 500 m3/hr), Material (Polypropylene, Polyvinylidene Fluoride, Stainless Steel, Nickel Alloys, PFA, and ETFE), Application (Chemical Processing, Water Treatment, Surface Treatment, Food Processing, Oil & Gas, and Renewable Energies), and Pump Type (Side Channel Pumps, Centrifugal Pumps, and Others)”. The magnetic drive pumps market growth is driven by the increasing adoption of green technologies for industrial applications and increasing production of biodiesel.
| Report Coverage | Details |
| Market Size Value in | US$ 933.25 Million in 2021 |
| Market Size Value by | US$ 1,584.37 Million by 2028 |
| Growth rate | CAGR of 7.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 249 |
| No. Tables | 171 |
| No. of Charts & Figures | 112 |
| Historical data available | Yes |
| Segments covered | Flow Rate, Material, Application, and Pump Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Magnetic Drive Pumps Market: Competitive Landscape and Key Developments
IWAKI CO., LTD.; Sundyne; Klaus Union GmbH & Co. KG; Flowserve Corporation; Dickow Pump Company; KSB SE & Co. KGaA; ITT Goulds Pumps; Sulzer Ltd; Finish Thompson, Inc.; OPTIMEX; HERMETIC-Pumpen GmbH; CP Pumpen AG; and CDR Pumps are a few key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global magnetic drive pumps market and its ecosystem.
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Since Sundyne’s business is expanding rapidly in India, the company is hiring aggressively. Sundyne’s engineers in India offer a broad range of capabilities, including product development, technical documentation, application engineering, instrumentation engineering, and order engineering for compressors and pumps.
Being a perfectionist in the magnetic drive sealless pumps, Sundyne HMD Kontro introduced a new pump option in 2021 specifically designed to use hydrofluoric acid (HF) alkylation.
The economic diversification through the establishment of new businesses and industrial hubs, along with the increase in oil & gas production, is driving the magnetic drive pumps market in the Middle East & Africa.
With the growing industrialization across the world, the demand for oil and gas is increasing steadily. Most oil and gas-rich countries in the MEA have announced to increase production capacities of the oil & gas industry. For instance, the Upper Zakum oil facility in the UAE is set to increase its production to ~1 million barrels per day by 2024. The Zubair Oil Field in Iraq is set to increase its production from 500,000 barrels per day to 700,000 barrels per day by the end of 2022. The Marjan Oil Field in Saudi Arabia has planned to increase its production capacity from 270,000 barrels per day to 813,000 barrels per day. Also, Northern African countries are planning to increase their oil and gas production.
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Saudi Arabian government announced its plan to change the economic plans in its 10th development plan, including investments in varied industries and efforts to attract private investment in the country to make it a diversified economy that is not reliant on oil. Such developments are anticipated to propel the magnetic drive pumps market in the forthcoming years. The predicted rise in pollution and water waste is expected to increase the water treatment plants.
With the resumption of operations of projects, waste from the oil & gas industry is projected to rise once more. Furthermore, the region's water constraint is causing an increase in water treatment operations, which is promoting the magnetic drive pumps market growth. In this context, nearly US$ 66 billion in long-term capital investments have been pledged for water and sanitation projects in the region over the next decade, with the government aiming for 100% wastewater reuse in cities with 5,000 or more residents by 2025.
In APAC, India is the worst-hit country by the COVID-19 pandemic. APAC experienced a notable decline in several economic activities as the government authorities imposed strict lockdowns, travel bans, and business shutdowns. APAC constitutes the world’s two most populated countries—India and China—that are also hubs for manufacturing. China virtually imposed strict lockdown and social isolation, which almost halted the manufacturing and production for several weeks. Moreover, the country suspended the import and export of critical raw materials and components, which disrupted the global supply chains in early 2020. India also imposed a nationwide lockdown to check the growing COVID-19 cases across the country. As a result, lockdown and disruption of industrial activities across India and China contributed to the disruption of the supply chain of various raw materials and goods. However, these countries had to permit the manufacturing of a few essential goods. Disruptions in manufacturing units stopped the production of magnetic drive pumps; thus, negatively impacted the magnetic drive pumps market growth in 2020. Further, according to the GEP article published in April 2020, APAC posted a production decline of 3.9% in the production of chemicals during February 2020.
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Magnetic Drive Pumps Market: Stainless Steel Overview
The stainless steel pumps are used for pumping acids, hydrocarbons, and heat transfer liquids & liquid gases in multiple industries. The stainless steel pumps have a compact design with virtually no dead areas, allowing easy and efficient heating, and are dependable for low flow, medium flow, medium to high heat, high-temperature applications. It has horizontal and vertical configurations available, and its rugged construction and proven design features make it ideal for use in chemical installations. These stainless steel pumps are designed to handle corrosive liquids that need to be pumped at high pressures. The stainless steel pumps are primarily used due to their wide range of benefits, including the reduced initial cost of the pump and low operational cost with better quality. Further, major players prefer stainless steel as a casing material for magnetic drive pumps.
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