As per the newly released report by Future Market Insights (FMI), the demand for the magnetic drive pump market is up by grew year-on-year (YoY) rate of 4.4% in 2021, with its shipment forecast to top 822,539 units.

As per FMI, the centrifugal pump segment grew 4.2% to a total of 430,000 units, while the sales of the positive displacement pump segment were up by 4.5% to reach 390,000 units. Expanding at a CAGR of 5.3%, sales of magnetic drive pumps are expected to reach a valuation of US$ 807.9 Mn through 2021.

2016-2020 Magnetic Drive Pump Market Sales Performance in Comparison to Demand Outlook for 2021-2031
Demand for magnetic drive pumps grew at a sluggish 1.1% CAGR between 2016 and 2020. An unprecedented outbreak of COVID-19 stunted the market growth due to suspended manufacturing activities and disruptions in supply chains.

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Magnetic drive pumps are extensively used for moving fluids from bulk tanks to day tanks for mining, food processing, water treatment, and other applications across diverse end-use sectors. As COVID-19 gradually engulfed the world, production and supply chain activities witnessed a major slump, yet the consumption will improve with the economic recovery on cards following the commencement of vaccination drives across the globe.

The COVID-19 outbreak has adversely impacted various end-use industries, resulting in decelerating demand worldwide. However, with the recovery of mining and manufacturing operations, FMI expects the global magnetic drive pump market to achieve its pre-pandemic status, exhibiting growth at 5.3% CAGR through 2031.

Demand for global magnetic drive pumps waned in 2020 due to the outbreak of COVID-19. With the construction industry in recovery mode, the long-term outlook of the market is expected to remain positive.

Expansion of the construction and mining industries is expected to increase the demand for heavy machinery and equipment, increasing sales in the magnetic drive pump market. As per FMI, increasing application in the construction and mining industries is projected to register steady growth across China, India, and Indonesia.

As per FMI’s analysis, rapid adoption of technologically advanced equipment and machinery, coupled with an increasing application for water treatment activities will spur sales. Backed by these aforementioned factors, the market is expected to surpass US$ 1.35 Bn by 2031.

Key Takeaways:

• In terms of pump type, the centrifugal pumps segment is projected to hold 52.6% of the total magnetic drive pump market share.
• Applications of magnetic drive pumps are anticipated to continue rising in the water treatment and mining sector, accounting for 15.6% and 13.3%, respectively.
• Stainless steel is expected to remain the most-preferred casing material for magnetic drive pump services
• China is anticipated to emerge as an attractive market, capturing 40.2% of the East Asia magnetic drive pump market share.
• Germany is projected to lead Europe’s magnetic drive pump market, growing at a 5.1% CAGR.
• India will continue experiencing high demand for magnetic drive pumps, capturing 31.8% of the South Asia Pacific market share.
• Japan and South Korea will collectively account for 8% of the global market share.

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“Integration of advanced technology due to focus on automation in construction and mining industries is pushing the sales of advanced magnetic drive pumps. CAPEX investments and increase in water treatment projects also are expected to provide lucrative opportunities for the magnetic drive pump market. Steered by this, some of the leading OEMs are investing in strategic alliances, partnerships and product innovations to gain competitive advantage in the global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says FMI analyst.

Competitive Landscape

The market is expected to be primarily consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and the expansion of their networks to maintain their market shares.

Global Magnetic Drive Pump Market by Category

By Pump Type:

• Centrifugal Pumps
• Positive Displacement Pumps

By Flow Rate:

• Up to 80 m3/hr
• 81 – 200 m3/hr
• 201 – 500 m3/hr
• Above 501 m3/hr

By Casting Material:

• Stainless Steel
• Alloy
• Engineering Plastic
  • PP
  • ETFE
  • PFA
  • CRETE

By Application:

• Mining
• Chemical Manufacturing and Processing
• Bio-Fuels and Refineries
• Metal Plating and Finishing
• Fume Scrubbing
• Food Processing
• Water Treatment
• Surface Treatment
• Desalination
• Others

By Region:

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

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Some of the key players in the market are

• Ebara Corporation, Flowserve Corporation, Kirloskar Brothers Limited, ITT Goulds Pumps Inc., Iwaki Co Ltd., Klaus Union, March Manufacturing, Ruhrpumpen Inc., Sundyne LLC, Xylem Inc., PRECISION ENGINEERING CO., Grosvenor Worldwide Private Limited, GCA Energy, Magnatex Pumps, Inc., Grundfos Pumps Corporation, TEIKOKU ELECTRIC MFG. CO., LTD., ELEPON E.C.A.P. Corporation, NIKKISO EIKO Co., Ltd., etc.