Magnetic Drive Pumps Market

Global Magnetic Drive Pumps Market Size (2024-2032):

The size of the global magnetic drive pumps market was worth USD 1,176 million in 2023. The global market is anticipated to grow at a CAGR of 7.91% from 2024 to 2032 and be worth USD 2,333 million by 2032 from USD 1,269 million in 2024.

Current Scenario of the Global Magnetic Drive Pumps Market

Magnetic Drive pumps are sealless pumps that transport the fluid through the pump using the technology of a drive magnet and an inner magnet coupled to an impeller. A back casing or housing separates the drive magnet and the inner magnet, creating a sealless containment. Sealless pumps produce no fugitive emissions, allowing them to meet regulatory requirements. With environmental concerns and EPA standards stricter than ever, sealless pumps allow for zero fugitive emissions, allowing them to meet the necessary compliances. Because of their simplicity, mag drive pumps save time repairing seals and dealing with hazardous leaks. There are only two moving parts, thus failure is unlikely.

When it comes to dependability and low emissions, mag drive pumps are the way to go. Engineers have been able to minimize the size of magnetic drive pumps while boosting their power and efficiency thanks to advancements in pump technology. Compact design is possible because of rare earth alloy magnets with strong field strength. Pump lifetime has been increased, power losses due to eddy currents have been decreased, and maintenance downtime has been minimized thanks to new pump bearing designs and a wide choice of wetted material possibilities.

MARKET GROWTH

Magnetic drive pumps are designed and manufactured exclusively for use in biodiesel production. In the next years, this is projected to strengthen the magnetic drive pump industry.

MARKET DRIVERS

The influence of fluid handling systems on the environment and safety is one of the most important considerations when purchasing, operating and maintaining new pumps.

For corrosive chemical applications, magnetic drive pumps are often used. These pumps have improved corrosion resistance as well as the ability to run dry in the most extreme environments. Magnetic drive pumps are in high demand in the biodiesel fuels industry, where combinations of solvents and caustics make sealing difficult. They aid in the prevention of fugitive emissions of VHAPs and volatile organic compounds (VOCs). As a result, adopting a magnetic drive pump allows businesses to comply with safety and health rules while avoiding costly fines. This is a key factor in the growing popularity of magnetic drive pumps around the world.

In recent years, the use of magnetic drive pumps has increased in the renewable energy sector. Biodiesel is a liquid fuel manufactured from waste and new vegetable oils and animal fats. Biodiesel is a cleaner-burning fuel that can be used in place of a variety of petroleum-based fuels. This has resulted in an increase in the demand for petroleum in many parts of the world. Magnetic drive pumps are designed and manufactured exclusively for use in biodiesel production. These pumps are highly recommended for chemical transfer and recirculation. This is expected to strengthen the magnetic drive pump sector in the next years.

MARKET RESTRAINTS

Construction and mining sectors in several key locations need to follow tight legislation in order to meet particular end-use industry criteria. Environmental agencies such as the Pollution Control Agency and the Environmental Protection Agency require industries to spend extensively on new technologies in order to reduce pollution emissions. However, as a result of these regulations, industrial pump makers have seen a drop in volume sales. The sales of Sealless Pumps are hampered by a lack of compliance and experienced professionals in certain industries. In addition, failures and accidents occur in the mining and construction industries due to a lack of new technology, which impedes sales.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Magnetic Drive Pumps Market Analysis By Material Type

Due to a multitude of advantages, including reduced initial pump costs and lower running expenses with superior quality, the stainless steel category held the largest market share. Stainless steel is the casing material of choice for magnetic drive pumps. On the other hand, the nickel alloys market had the largest CAGR due to the increased use of magnetic drive pumps in the chemical industry, petrochemical sector, refrigeration & heat transfer, oil & gas, power, and on/offshore plants.

Global Magnetic Drive Pumps Market Analysis By Application

Chemical pumps are used to move hazardous/dangerous fluids, ultra-pure liquids, and hard-to-seal liquids in a variety of industries, with the chemical processing segment accounting for the biggest proportion. However, due to rising water treatment projects such as wastewater treatment in emerging economies in North America, Europe, and the Asia Pacific, the water treatment category had the highest CAGR.

Global Magnetic Drive Pumps Market Analysis By Pump Type

Centrifugal pumps are predicted to maintain their dominance in terms of pump type, with over 52.1% of the global market share. The demand for different types of magnetic drive pumps varies by area. Centrifugal pumps are projected to be in high demand in East Asia and the South Asia Pacific region. Magnetic drive pump sales are likely to expand during the forecast period, owing to increased demand for centrifugal pumps in the Asia Pacific.

REGIONAL ANALYSIS

The rapid expansion of end-user industries such as electronics, automobiles, and healthcare in developing economies such as China, India, South Korea, Taiwan, and others. Due to the availability of inexpensive labor and the dramatically expanding economic growth rate and manufacturing industries, many key players from many sectors are focusing on transferring their production units to the Asia Pacific. With a market share of around 41.2% in 2023, China is likely to remain one of the most profitable markets in East Asia. Magnetic drive pumps are becoming more popular in the mining and construction industries, which will improve sales in China. The need for heavy mining and construction equipment has expanded due to the rapid expansion of construction and mining projects in China, which has one of the world's largest construction sectors. Due to the increasing expansion of the mining industry in India, the magnetic drive pump market is predicted to grow. Due to expanding water treatment and mining applications, the use of magnetic drive pumps has redefined market growth in India. Additionally, the market is being driven by favorable government investments in India's infrastructure development activities. In South Asia Pacific, India's magnetic drive pump market will account for roughly 31.1% of the total market share.

KEY PLAYERS IN THE GLOBAL MAGNETIC DRIVE PUMPS MARKET

Companies playing a prominent role in the global magnetic drive pumps market include IWAKI CO., LTD., Flowserve Corporation, Dickow Pump Company, ITT Goulds Pumps, Sulzer Ltd, Finish Thompson, Inc., OPTIMEX, HERMETIC-Pumpen GmbH, CP Pumpen AG, CDR Pumps, and Others.

RECENT HAPPENINGS IN THE GLOBAL MAGNETIC DRIVE PUMPS MARKET

• HMD Kontro has expanded its Think Sealless campaign with a dedicated website area and other learning resources to help raise awareness of magnetic drive sealless pumps and help customers unfamiliar with the technology identify the best fit for their fluid transfer needs.
• Sundyne is a global manufacturer of precision-engineered centrifugal pumps and compressors that are highly reliable, safe, and efficient. In India, Sundyne has opened a new office. The office was founded to service local possibilities and provide engineering support for the company's headquarters in Arvada, Colorado, as well as its businesses in Dijon, France, HMD-UK, and Marelli, Spain.

DETAILED SEGMENTATION OF THE GLOBAL MAGNETIC DRIVE PUMPS MARKET INCLUDED IN THIS REPORT

This research report on the global magnetic drive pumps market has been segmented and sub-segmented based on material type, application, pump type and region.

By Material Type:

• Polypropylene
• Polyvinylidene Fluoride
• Stainless Steel
• Nickel Alloys
• PFA
• ETFE

By Application:

• Chemical Processing
• Water Treatment
• Surface Treatment
• Food Processing
• Oil and Gas
• Renewable Energies

By Pump Type:

• Centrifugal Pumps
• Displacement Pumps

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa