Magnetic Drive Pumps Market is expected to reach US$ 1,584.37 Million by 2028

Increasing Production of Biodiesel to Provide Growth Opportunities for Magnetic Drive Pumps Market During 2021–2028

According to our latest market study on “Magnetic Drive Pumps Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Flow Rate, Material, Application, Pump Type, and Geography,” the market is expected to grow from US$ 933.25 million in 2021 and is projected to reach US$ 1,584.37 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.

The global magnetic drive pumps market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2020, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. For the last few years, the use of magnetic drive pumps has increased in the renewable energy sector. Biodiesel is a liquid fuel produced from renewable sources such as new and used vegetable oils and animal fats. Biodiesel is a cleaner-burning replacement for various petroleum-based fuels, which is the primary reason for the growing demand for biodiesel in multiple parts of the world. Magnetic drive pumps are designed and manufactured for optimum application in biodiesel production, and these pumps are highly recommended for chemical transfer and chemical recirculation. Thus, the growing demand for biodiesel production ultimately results in the increasing demand for magnetic drive pumps.

Magnetic drive pumps offered by March Manufacturing, Inc. can facilitate a maximum flow of around 38 gallons per minute at the height of 10 feet. Magnetic drive pumps can also facilitate transesterification (chemical conversion of oil-based fats into biodiesel), vacuum dehydration (extraction of water or vegetable or animal oil), neutralization (chemical removal of a catalyst from the respective crude biodiesel), and distillation (purification of methanol or biodiesel with negative pressures and high temperatures). In 2019, Indonesia was the world's largest biodiesel producer, with a production volume of around 8 billion liters. In 2019, Brazil and the US were among the top biodiesel producers globally and produced about 5.9 billion and 6.5 billion liters, respectively. The growing production and increasing demand for biodiesel create promising opportunities for the magnetic drive pumps market.

Europe is witnessing significant investments in the oil & gas industry. The North Sea remains the primary source of Europe's oil & gas demand, while several projects are in the development phase in the region. Recent or ongoing projects include Johan Sverdrup Development in Norway, Rosebank & Lochnagar Oil & Gas Fields in the UK, Johan Castberg Field in Norway, and Aphrodite Gas Field in Cyprus. The oil & gas industry is one of the most prominent users of magnetic drive pumps, and oil refineries require various equipment to generate petroleum, oil, and gas products. Magnetic drive pumps are required to move corrosive liquids through various stages of the oil refining process. Rapid industrialization and growing demand for renewable energy and exploration operations positively influence the European magnetic drive pumps market. Further, the European Union (EU) has enacted strict legislation to restrict emissions and gas leakages in the mining, refining, oil & gas, power, and chemical industries. The shift from fossil-fuel power generation to gas-based power generation has been one of the most significant transformations in the European energy mix, which has considerably reduced energy generated from coal-powered plants in the past few years and promoted natural gas power generation. Increased operation of natural gas power plants for energy generation has lowered the CO2 emissions from the European power sector.

The global magnetic drive pumps market is segmented on the basis of flow rate, material, application, pump type, and geography. The market, based on flow rate, is segmented into upto 80 m3/hr, 81–200 m3/hr, 201–500 m3/hr, and above 500 m3/hr. On the basis of material, the market is categorized into polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE. Based on application, the market is split into chemical processing, water treatment, surface treatment, food processing, oil & gas, and renewable energies. Based on pump type, the market is divided into side channel pumps, centrifugal pumps, and others.

On the basis of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, Poland, Bulgaria, Sweden, Turkey, Denmark, Hungary, Romania, and the Rest of Europe), Asia Pacific (China, India, South Korea, Japan, Australia, and the Rest of APAC), Middle East & Africa (South Africa, Saudi Arabia, the UAE, Nigeria, Egypt, Morocco, Algeria, Angola, Tunisia, Congo, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

Impact of COVID-19 Pandemic on Magnetic Drive Pumps Market in North America

In North America, the US, Canada, and Mexico witnessed a significant rise in COVID-19 infections in 2020. The COVID-19 pandemic resulted in economic turmoil owing to subsequent lockdowns. In 2020, oil & gas and petrochemical industries were severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. Oil prices have decreased by 50% since January 2020, with the US observing the worst price drops. The International Energy Agency reported that the oil demand fell by 29 million barrels per day during April 2020 and was further reduced by 23.1 million barrels per day in Q2 2020. Moreover, according to the American Chemistry Council (ACC)’s Chemical Industry Situation and Outlook 2020 report, the North American chemical industry was significantly affected due to supply chain disruptions, falling demand, and shrinking revenue linked to the COVID-19 pandemic.

However, in 2021, the chemical industry in North America showed signs of recovery. Also, the process industries are coping well with the significant labor and supply chain challenges, leading to a rise in the production of magnetic drive pumps in 2021. Further, in 2022, magnetic drive pumps will have a higher demand in the region due to the growing chemical and oil & gas industries.

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 major companies operating in the magnetic drive pumps market.

Magnetic Drive Pumps Market - by Geography, 2020 and 2028 (%)

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Magnetic Drive Pumps Market Growth Report – Size, Share 2028

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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)