Numerous factors, including the need for more dependable and secure pumping solutions in corrosive environments, technological developments in these pumps, and environmental concerns, are behind the rising demand for corrosion-resistant magnetic drive pumps. Additionally, the market is anticipated to expand as a result of the expanding uses of these pumps in numerous sectors, including chemical processing, oil & gas extraction/refining, and food & beverage processing.
There is a high demand for corrosion-resistant magnetic drive pumps because they provide a practical answer to the problems posed by corrosive environments in sectors including chemical, petroleum, and natural gas. Corrosion-resistant pumps are made with specialized coatings and materials that can survive corrosive chemicals and high temperatures, enabling them to operate with great efficiency even in difficult environments.
Corrosion-resistant magnetic drive pumps are superior to conventional pumps in many ways, making them perfect for use in several industries. Chemical, oil and gas, general industrial, and other uses are among them. The fact that corrosion-resistant magnetic drive pumps are made to withstand challenging environments with little wear and tear is their greatest benefit. This lessens the requirement for frequent replacement and maintenance, which can be expensive. Magnetic drive pumps with corrosion resistance are renowned for their superior performance, offering more efficiency and flow than regular pumps. They are a more economical alternative because they don't require seals or other components, which also helps to lower energy use.
Mag-drive pumps are a type of magnetically-driven chemical-process pump that does not require shaft sealing. Because there are no mechanical seals, seal-fluid pots, or cooling lines, the original cost of the pump as well as day-to-day running costs are considerably reduced. Specialized centrifugal pumps called corrosion-resistant magnetic drive pumps have hermetically sealed motors that offer the pump additional defense against corrosion and contamination. They are suited for use in a variety of industries, including chemical processing, the production of oil and gas, general industrial applications, and more because they deliver great performance in challenging situations.
The corrosion-resistant magnetic drive pump market is projected to reach USD 5.3 billion by 2031. The market is predicted to increase at a 3.2% compound yearly growth rate between 2021 and 2031. (CAGR).
Current obstacles to the market's expansion for corrosion-resistant magnetic drive pumps exist. Widespread adoption has been severely hampered by factors including the rising demand for pumps with improved efficacy and the expensive price of corrosion-resistant magnetic drive pumps. However, technological developments and the creation of more affordable corrosion-resistant pumps are anticipated to drive down costs and advance the industry.
Among others, Grundfos, ITT Inc., Weir Group plc., KSB AG, Xylem Inc., Ebara Corporation, and Sulzer Ltd. are important market participants.
The Multistage Corrosion Resistant Magnetic Pump Type to Emerge as the Most Lucrative SegmentAccording to type, the market for corrosion-resistant magnetic drive pumps is segmented into single-stage and multistage corrosion-resistant magnetic pumps. Multistage corrosion-resistant magnetic pumps are anticipated to command the largest market share since they outperform single-stage pumps.
The Most Popular Application Segment is the Chemical
Corrosion-resistant magnetic drive pumps are used in a variety of industries, including chemical, petroleum, natural gas, general industrial, and others. Chemical applications are expected to account for a considerable percentage of the global market due to the growing demand for corrosion-resistant pumps in chemical processing plants. The petroleum and natural gas sectors are predicted to grow significantly as a result of increased oil and gas production operations.
North American region to render Adequate Financing Avenues
Geographically, there are divisions in the market for corrosion-resistant magnetic drive pumps between North America, South America, Asia Pacific, Europe, the Middle East, and Africa. Due to the existence of important corporations in the US, Canada, and Mexico, it is expected that the market in North America accounts for a sizeable portion of the global market. Europe is expected to grow steadily during the course of the study period, largely as a result of rising public and private sector investments in the oil and gas industry and other industrial sectors. Due to the existence of important chemical, petroleum, and petrochemical industries in nations like China and India, the market for corrosion-resistant magnetic drive pumps in the Asia Pacific region is anticipated to grow at a significant rate. Over the projected period, the markets in South America, the Middle East, and Africa are also anticipated to rise strongly.
COVID-19 Impact and Market Status
The Covid-19 outbreak has had a major impact on the market for corrosion-resistant magnetic drive pumps. The market is predicted to lose $1 billion in sales in 2020 as a result of supply chain interruptions and decreased demand from sectors like chemical, petroleum and natural gas, general industrial, and others. Market recovery is anticipated to begin in 2021. The price of corrosion-resistant magnetic drive pumps has been affected by the volatility in the price of raw materials like copper and steel brought on by the coronavirus pandemic. Because of the fluctuation in raw material costs, these pumps are now more expensive overall, which has reduced demand. Furthermore, production and distribution activities across several industries, including chemicals and petrochemicals, have been hindered by regulatory limitations to stop the spread of Covid-19, which affects the demand for corrosion-resistant magnetic drive pumps worldwide.
Latest Innovations in the Global Corrosion-resistant Magnetic Drive Pumps Market: A Snapshot
• SEG Pompes S.A.S., a French pump and system manufacturer, was purchased by Grundfos Group in 2019. Through the acquisition, Grundfos was able to increase the number of products it offers in the market for corrosion-resistant pumps.
• BELL GOSSETT Pumps, a line of non-metallic pumps introduced by Xylem Inc. in January 2019 are intended to offer greater corrosion resistance for applications requiring chemical compatibility.
Corrosion-resistant Magnetic Drive Pumps Market Scope
|Revenue forecast in 2032
|USD 5.3 billion
|CAGR of 3.2% during 2021-2031
|by Type, by Deployment, By Application, by Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Grundfos, ITT Inc., Weir Group plc., KSB AG, Xylem Inc., Ebara Corporation, and Sulzer Ltd.
Key Segments of the Global Corrosion-resistant Magnetic Drive Pumps Market
By Type Overview, 2021-2031 (USD Billion)
• Single Stage Corrosion Resistant Magnetic Pump,
• Multistage Corrosion Resistant Magnetic Pump,
By Application Overview, 2021-2031 (USD Billion)
• Petroleum and Natural Gas,
• General Industrial,
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa