Stainless Steel Magnetic Pump Market Size, Share, Industry Analysis, Growth Report, 2030

Stainless Steel Magnetic Pump Industry Prospective:

The global stainless steel magnetic pump market size was worth around USD 266 million in 2022 and is predicted to grow to around USD 440 million by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.       

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Stainless Steel Magnetic Pump Market: Overview

A magnetic pump made of stainless steel transfers power from the motor to the impeller by a magnetic connection, doing away with the requirement for a mechanical seal. This construction makes it appropriate for handling harsh or hazardous materials since it guarantees a leak-free operation and keeps the pumped fluid from coming into contact with the atmosphere. These pumps are made of stainless steel because of its superior corrosion resistance, toughness, and hygienic qualities. The need for leak-free pumping solutions is being driven by the increasing focus on industrial safety and environmental laws, which is contributing to the stainless steel magnetic pump market's growth. Stainless steel magnetic pumps are also being used more often in sectors including food & beverage, pharmaceutical, and chemical processing because of their capacity to handle corrosive fluids and stringent hygiene requirements.

Key Insights

• As per the analysis shared by our research analyst, the global Stainless Steel Magnetic Pump market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
• In terms of revenue, the global Stainless Steel Magnetic Pump market size was valued at around USD 266 million in 2022 and is projected to reach USD 440 million, by 2030.
• The increasing demand from the end-use industry is expected to drive the stainless steel magnetic pump market growth over the projected periods.
• Based on the type, the thermo-electro-magnetic pump segment is expected to hold a significant market share over the forecast period.
• Based on application, the oil & gas segment is expected to dominate the market during the forecast period.
• Based on region, the Asia Pacific is expected to capture a significant market share during the forecast period.

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Stainless Steel Magnetic Pump Market: Growth Drivers

Corrosion resistance and requiring less maintenance drive the market growth

Corrosive fluids can be handled with stainless steel because of its well-known resistance to corrosion. Chemically aggressive pumps are frequently used in industries like petrochemicals, chemicals, and medicines. Compared to conventional pumps with mechanical seals, it is also intended to be more reliable and require less maintenance. For businesses where downtime costs funds, this might be a big driver. 

Stainless Steel Magnetic Pump Market: Restraints

Volatility in raw material price hampers market growth

The volatility in the raw material price is expected to hamper the stainless steel magnetic pump market growth during the forecast period. For instance, according to secondary sources, During the fiscal year 2023, the semi-finished stainless steel wholesale price index for all of India was around 152. The price index for stainless steel rose from the 2012 base fiscal year by around 52%. In 2022, there was a significant rise in the stainless steel index value. Thus, the aforementioned stats hamper the market growth.

Stainless Steel Magnetic Pump Market: Opportunities

Growing applications in various end-use industries offer a potential opportunity for market growth

The overall stainless steel magnetic pump industry growth is being driven by the increased use of water treatment for water treatment projects, such as wastewater treatment in emerging nations. Furthermore, magnetic drive pumps will witness a rise in demand as the value of recycling water continues to rise globally. Stringent rules are required for the mining and construction industries in several strategic sites to satisfy certain end-use industry requirements. Industry must invest heavily in innovative technology to lower pollution emissions, according to regulations from environmental organizations like the Environmental Protection Agency and the Pollution Control Agency.

Stainless Steel Magnetic Pump Market: Challenges

Maintenance complexity poses a major challenge to market growth

Even though magnetic pumps don't always need as much maintenance as conventional pumps with mechanical seals, when they do, there might be more involved. It is possible that specialized equipment and knowledge are needed, and not all maintenance staff members are conversant with the nuances of magnetic pump repair. Thus, this complexity poses a major challenge for the market growth.

Stainless Steel Magnetic Pump Market: Segmentation

The global Stainless Steel Magnetic Pump industry is segmented based on the type, application, and region.

Based on the type, the global market is bifurcated into thermo-electro-magnetic pumps, self-priming magnetic pumps, and others. The thermo-electro-magnetic pump segment is expected to hold a significant stainless steel magnetic pump market share over the forecast period. An apparatus that uses the concepts of fluid dynamics, electromagnetism, and thermodynamics to pump fluids or gases without the need for mechanical parts like pistons or impellers is called a thermo-electro-magnetic pump.

This kind of pump is frequently utilized in situations where precise fluid control is necessary and when mechanical pumping solutions might not be the best option. The market for thermo-electro-magnetic pumps appears to have a bright future due to the growing need for reliable and effective pumping solutions in a variety of sectors. The technique has several benefits, including the capacity to handle caustic or abrasive fluids, decreased maintenance requirements, and reduced energy use. The oil & gas, chemical processing, water treatment, and healthcare sectors are among the businesses that find thermo-electro-magnetic pumps appealing due to these advantages.

Based on the application, the global stainless steel magnetic pump industry is bifurcated into oil & gas, chemical, pharmaceuticals, food, and aerospace & defense. The oil & gas segment is expected to dominate the market during the forecast period. Corrosive and aggressive fluids are frequently used in the oil and gas sector. In these kinds of settings, stainless steel is the material of choice for pumps because of its corrosion resistance.

Magnetic pumps with stainless steel structures are useful for working with corrosive materials. In addition, the market for a variety of industrial equipment, including stainless steel magnetic pumps, may benefit from the overall development and expansion of the oil and gas sector, which is fueled by factors including rising energy consumption and exploration activities. For instance, in FY 2021–22, India utilized 63.9 BCM of natural gas and 204.23 MMT of petroleum products, an increase of 5.1% and 5% over FY 2020–21, respectively. According to Bharat Petroleum, by 2050, India's energy needs will quadruple and its need for natural gas will expand fivefold.

Stainless Steel Magnetic Pump Market: Report Scope

Stainless Steel Magnetic Pump Market: Regional Analysis

Asia Pacific is expected to capture a significant market share during the forecast period

The Asia Pacific is expected to capture a significant stainless steel magnetic pump market share during the forecast period. The rapid development of end-user industries in emerging nations like China, India, South Korea, Taiwan, and others, including the electronics, automotive, and healthcare sectors. A lot of major companies across various industries are concentrating on moving their production facilities to the Asia-Pacific region because of the region's inexpensive labor supply, rapidly rising economic growth rate, and robust industrial sectors. With the highest market share in 2021, China is predicted to continue to be one of East Asia's most lucrative marketplaces.

China's sales of stainless magnetic drive pumps will increase due to their increasing application in the construction and mining sectors. The rapid growth of mining and construction projects in China, home to one of the biggest construction sectors globally, has led to a surge in the need for heavy mining and construction equipment. Because of the mining industry's rapid expansion, the stainless magnetic drive pump market in India is anticipated to be the second biggest in the South Asia Pacific. Increased mining and building projects have raised the need for centrifugal pumps nationwide, which has led to a rise in magnetic drive pump sales. Additionally, the increasing use of stainless magnetic drive pumps in mining and water treatment applications has changed the direction of the Indian market's growth. Thus, driving the market growth in the region.

Stainless Steel Magnetic Pump Market: Competitive Analysis

The global Stainless Steel Magnetic Pump market is dominated by players like:

• Sundyne
• Richter Chemie
• IWAKI
• Klaus Union
• ITT Goulds Pumps
• March Manufacturing
• Flowserve
• CP Pumpen
• Precision Engineering
• Dandong Colossus
• Dickow Pumpen
• Yida Petrochemical Pump
• Yangguang Pump
• Micropump
• Verder
• Taicang Magnetic Pump
• DESMI
• HERMETIC-Pumpen
• Tengyu Enterprise

The global Stainless Steel Magnetic Pump market is segmented as follows:

By Type

• Thermo-electro Magnetic Pump
• Self-priming Magnetic Pump
• Others

By Application

• Oil and Gas
• Chemical
• Pharmaceuticals
• Food
• Aerospace & Defense

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa