Magnetic Drive Pump Market Trends, Share, Analysis by 2028

The magnetic drive pumps market is expected to grow from US$ 933.25 million in 2021 to US$ 1,584.37 million by 2028; it is estimated to grow at a CAGR of 7.9% during 2021–2028.

Increasing Production of Biodiesel to Provide Growth Opportunities for Magnetic Drive Pumps Market During 2021–2028. The food & beverages industry involves processing raw meats and the production of spirits and wines. The food industry in the US is valued at over US$ 500 billion, which includes the processing of foods from raw materials to finished products consumed by both animals and humans. The food & beverage industry emphasizes quality and sanitation concerning the equipment and finished products. A magnetic drive pump help pump various chemicals, including detergents, sanitizers, and cleaning chemicals. The continuous increase in the number of food processing units is a crucial factor responsible for the growth of the magnetic drive pumps market.

Magnetic drive pump operation is similar to a standard centrifugal pump except for the motorshaft seal, which is removed in the magnetic drive pump. It results in eliminating leaks that are sometimes caused by shaft seal failure. Various soft drink producers require a magnetic drive pump for moving the syrup to their respective blending stations. The magnetic drive pump's and magnetic coupling eliminate the requirement for rotating mechanical seals and eradicate the possibility of leakages at the seal points. As per the Indian Council for Research on International Economic Relations (ICRIER), India is one of the fastest-growing alcoholic beverages markets worldwide, with a market size of approximately US$ 52.5 billion as of August 2021. The beverage pumps market is expected to experience remarkable growth in the coming years as several forecasts predict the market to grow steadily every year to reach the value of over US$ 1 billion by the end of 2026. Thus, the growing food & beverages sector is expected to drive the magnetic drive pumps market in the coming years.  

Strategic Insights

Impact of COVID-19 Pandemic on Magnetic Drive Pumps Market

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel bans, mass lockdowns, and business shutdowns, the pandemic has affected economies and countless industries in various countries. The lockdown imposition has resulted in the lesser production of commodities, goods, and services.

In 2020, the COVID-19 pandemic caused a large-scale negative impact on global economies, leading to many challenges. The pandemic also negatively affected the magnetic drive pumps market, which can be seen from both the demand and the supply sides as the production of magnetic drive pumps was less. Further, due to the lockdown situation, several manufacturing industries and supply chains were negatively impacted, affecting the manufacturing of magnetic drive pumps globally. Moreover, the chemical industry has been hit hard by the COVID-19 pandemic as the oil prices fell. According to the article published by the GEP in April 2020, while the historic deal pulled off by OPEC+ to slash global oil production by 10% might put an end to the prolonged price war, it would not be enough to offset the havoc created by the COVID-19 pandemic. Concerns persist with an oversupplied crude oil market having stagnant demand from chemical and refined product industries. Therefore, with the downfall in the chemical and oil & gas industries, the demand for magnetic drive pumps was hampered significantly.

In 2021, with the release of lockdown restrictions and ease of taxation by governments, the manufacturing business restarted, which helped in the growing production of magnetic drive pumps. Also, with the smoother functioning of other industries, including chemical and oil & gas, the demand for magnetic drive pumps increased significantly. Also, in 2022, magnetic drive pumps are likely to witness a higher demand due to their increasing applications in several sectors, including chemical processing, food processing, water treatment, renewable energies, and oil & gas.

Lucrative Regions for Magnetic Drive Pumps Market

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Magnetic Drive Pumps Market Insights

Increasing Adoption of Green Technologies for Industrial Applications

The environmental and safety impact of fluid handling solutions is among the crucial requirements while buying, using, and maintaining new pumps. Magnetic drive pumps are still firmly adopted for corrosive chemical applications. These pumps are characterized by enhanced corrosion resistance and dry running capabilities in the most severe conditions. Green technology is creating considerable demand for magnetic drive pumps in biodiesel fuels production, where mixtures of solvents and caustics create difficulties in sealing. Magnetic drive pumps help prevent fugitive emissions of volatile hazardous air pollutants (VHAPs) and volatile organic compounds (VOCs). Thus, using a magnetic drive pump helps the companies stay compliant with the new state, local, and federal safety and health standards and regulations and avoid expensive fines. The rules and norms regarding emissions have continued to be a trending factor for the increasing popularity of magnetic drive pumps worldwide. For instance, Klaus Union's 100% emission-free magnetic drive pumps do not require emission inspection and reporting. They are excluded from the fugitive monitoring requirement of the Clean Air Act of the US.

Material Type-Based Market Insights

On the basis of material, the magnetic drive pumps market is segmented into polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE. The stainless steel segment held the largest share due to its wide range of benefits, including the reduced initial cost of the pump, coupled with low operational cost with better quality. Major key players prefer stainless steel as casing material for magnetic drive pumps. However, the nickel alloys segment accounted for the highest CAGR due to the growing adoption of magnetic drive pumps in the chemical industry, petrochemical industry, refrigeration & heat transfer, oil & gas, power, and on/offshore plants.

Application-Based Market Insights

On the basis of application, the magnetic drive pumps market is segmented into chemical processing, water treatment, surface treatment, food processing, oil and gas, and renewable energies. The chemical processing segment held the largest share because several industries require chemical pumps to transfer hazardous/dangerous fluids, ultra-pure liquids, and hard-to-seal liquids. However, the water treatment segment accounted for the highest CAGR due to the rising water treatment projects such as wastewater treatment in emerging economies of North America, Europe, and Asia Pacific. The need for wastewater treatment is due to the growing population, urbanization, improving manufacturing activity, and rising oil & gas production.

Players operating in the magnetic drive pumps market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• Sundyne’s business has been expanding rapidly in India since 2021. Sundyne’s engineers in India offer a broad range of capabilities, including product development, technical documentation, application engineering, instrumentation engineering, and order engineering for the company’s compressors and pumps.
• In 2019, Flowserve Corporation launched the HPX-Mag Magnetic Drive Pump. The pump is horizontal, sealless, single-stage, overhung, radially split, and centerline-mounted, and features a high-efficiency magnetic coupling. 

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

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 the key magnetic drive pumps market players considered for the research study. In addition, several other significant magnetic drive pumps market players have been studied and analyzed in this research report to get a holistic view of the global magnetic drive pumps market and its ecosystem.