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 E

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 is expected to reach US$ 1,584.37 million by 2028 from US$ 933.25 million in 2021; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028. The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. In APAC, the magnetic drive pumps market is growing due to the increasing large-scale industrialization. Countries such as China, South Korea, and Thailand have discovered new oil and gas reserves. Further, China and India have a more significant number of chemical industries. Hence, the consumption of magnetic drive pumps is increasing with the growth of industries in the region. Another reason behind the strong growth of the magnetic drive pumps market over the years is the presence of many market players in the region. Some of the key players in the APAC magnetic drive pumps market include Kirloskar Brothers Limited (India); TEIKOKU ELECTRIC MFG. CO., LTD. (Japan); NIKKISO EIKO Co., Ltd. (Japan); Zhejiang Yonjou Technology Co., Ltd (China).

In order to reduce emissions, there is a growing focus on the adoption of green technology. Magnetic drive pumps are 100% emission-free, and their demand is increasing due to strict emission norms for industrial operations. The growing financial sector, easy availability of business loans, and reducing rate of interest are giving a boost to the new water processing, chemical processing, and food processing plants. This is accelerating the requirement for respective magnetic drive pumps. Owing to distinct rules, regulations, norms, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent.

The use of magnetic drive pumps has increased in the renewable energy sector for the last few years. Biodiesel is a kind of liquid fuel produced from renewable sources like new and used vegetable oils and animal fats. Biodiesel is a much cleaner-burning replacement for various petroleum-based fuels. This is the reason for the growing demand for petroleum in various parts of the world. Magnetic drive pumps are designed and manufactured for optimum application in biodiesel production. These pumps are highly recommended for chemical transfer and chemical recirculation. This is expected to boost the magnetic drive pump market in the upcoming years.

The growth of the North America magnetic drive pumps market can be attributed to many magnetic drive pumps market players, including Sundyne LLC, Dickow Pump Company, Flowserve Corporation, and Gould Pumps. Moreover, the number of chemical and petrochemicals industries, pharmaceuticals plants, oil refineries, and water treatment plants in the region is rising, thereby increasing the use of magnetic drive pumps.

The overall magnetic drive pump market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the magnetic drive pump market. The process also serves the purpose of obtaining an overview and forecast for the magnetic drive pump market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the magnetic drive pump market. 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 among the key players operating in the global magnetic drive pumps market.

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The List of Companies - Magnetic Drive Pumps Market

1. Flowserve Corporation
2. Sulzer Ltd
3. KSB SE & Co. KGaA
4. Sundyne
5. Klaus Union
6. Dickow Pump Company
7. ITT Goulds Pumps
8. Finish Thompson Inc.
9. CDR Pumps
10. OPTIMEX
11. HERMETIC-Pumpen GmbH
12. CP Pumpen AG
13. IWAKI CO., LTD.