Stainless Steel Magnetic Pump Market Size, Share, Growth, and Industry Analysis, By Type (Thermo-electro-magnetic Pump, Self-priming Magnetic Pump, Others), By Application (Oil and Gas Chemical Industry, Pharmaceuticals), and Regional Forecast to 2027

Updated On: 22 April 2024

Stainless Steel Magnetic Pump Market Report Overview

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The global stainless steel magnetic pump market size was 268.82 million in 2021. As per our research, the market is expected to reach USD 363.45 million in 2027, exhibiting a CAGR of 5.16% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with stainless steel magnetic pump market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The stainless steel magnetic pump is composed of a magnetic pump consisting of a pump, a magnetic actuator and an electric motor. The key component magnetic actuator consists of an outer magnetic rotor, an inner magnetic rotor and a non-magnetic isolation sleeve. When the motor drives the outer magnetic rotor to rotate, the magnetic field can penetrate the air gap and the non-magnetic material, and drive the inner magnetic rotor connected with the impeller to rotate synchronously to realize the non-contact transmission of the power, and convert the dynamic seal into a static seal. Pumps are available in strong engineered plastic, rigid ceramic and stainless steel suitable for most corrosive liquids.

Most liquids can be pumped by these materials without substantial contagion of the product. Stainless steel magnetic pump can be widely used in chemical, pharmaceutical, oil, electroplating, food, develop film photography, scientific research institutions, defense industry pumping units such as acid, alkali, oil, rare precious liquid, plating solution, volatile liquid, and form a complete set of equipment of circulating water. Specifically for inflammable, explosive, corrosive, volatile liquid pumping, stainless steel magnetic pump is more safe and ideal. Participants are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Segmentation 

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• By Type Analysis

According to type, the market can be segmented into thermo-electro-magnetic pump, self-priming magnetic pump, others.

Thermo-electro-magnetic pump will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into oil and gas chemical industry, pharmaceuticals.

Stainless steel magnetic pump market players cover segment as oil and gas chemical industry will dominate the market share during forecast period.

Driving Factors

"Stainless steel magnetic pump are more safe and ideal to boost the market growth"

Stainless steel material design is very practical, the craft is advanced and has the full seal no leakage, corrosion resistance and other chief features. Stainless steel magnetic pump performance has reached advanced level of similar foreign pump products. It has compact structure, beautiful appearance, small size, low noise, stable running, convenient use and maintenance also more safe and ideal.

"Technological advancement and development to upsurge the market."

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the stainless steel magnetic pump market growth. Growing investment in research and development activities and growing awareness about benefits of stainless steel magnetic pump are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.

Restraining Factors

"High cost of maintenance to hamper the market growth"

High cost is hampering development of stainless steel magnetic pump market. Investment cost required for the industry is not affordable for all companies. High initial cost, complex procedure and upkeep condition are involved in the restraining factors. Lack of knowledge and awareness and standardization is also another factor which is depleting the market growth. Technical difficulties will reduce the industry revenue.

Regional Insights

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"Asia Pacific to dominate the region due to increasing use in mining and construction industry"

Asia Pacific is further expected to witness growth in the stainless steel magnetic pump market share. The region is dominating the market due to rising use in the mining and construction industry. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• March Manufacturing (China)
• ITT Goulds Pumps (U.S.)
• Sanwa hydrotech Corporation (U.S.)
• CP Pumpen (Switzerland)
• Dandong Colossus (China)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.