Magnetic Drive Pump Market Size, Share, Growth Analysis, By Flow Rate(Up To 100 m3/hr, From 101 To 250 m3/hr, 251 To 500 m3/hr, Greater Than 500 m3/hr), By Material(Polypropylene, Stainless Steel, Engineering Plastics), By Application(Chemical, Oil & Gas, Water Treatment, Food Processing), By Region - Industry Forecast 2024-2031

Magnetic Drive Pump Market Driver

Increased awareness of low risk of fluid and vapor emissions from being leaked

• The magnetic drive pumps have extremely low risk of leakage people working on or near the pump are not exposed to dangers from hazardous, corrosive, flammable and/or explosive fluids, and other toxic chemicals. In addition, expensive liquids are not wasted. Which in turn is driving the growth of magnetic drive pump market.

Eliminates the need for shaft sealing

• The magnetic drive pump eliminates the need for shaft sealing, which reduces the initial cost of the pump as well as day-to-day operational costs as there aren’t any mechanical seals, seal-fluid pots, or cooling lines fitted, the demand for magnetic drive pumps is increasing.

Magnetic Drive Pump Market Restraint

Rising Raw Material Price

• While rising raw material prices affect all types of pump manufacturers, magnetic drive pumps have an additional financial burden: the rare earth elements that make up the permanent magnets that power their drives. These materials are nearly entirely made in China, which drives dependence on China market for this product. Prices of Polypropylene (PP) prices moved up a total of 12cents/lb in June 2021. There is also ongoing pricing issue for PP for the rest of year due to which some processors reported lowering production rates to 75% to 80% of capacity, with increased backlogs.

Low margin owing to high cost of production

• Magnetic drive pumps include high production cost and with the increasing raw material prices, the margin obtained by vendor is low. Furthermore, stiff competition in domestic and international market reduces the margin.