The Magnetic Drive Pumps Market was valued at US$ 933.25 billion in 2021 and is estimated to reach US$ 1584.37 billion by 2027, with a CAGR of 7.9% from 2022 to 2027.

The technology of a drive magnet, an inner magnet, and an impeller coupled together allows for the creation of sealless magnetic drive pumps, which move fluid through the pump. The drive magnet and the inner magnet are separated by a rear shell or housing, resulting in a sealless confinement. Due to the lack of fugitive emissions, they emit, sealless pumps can comply with regulations. Sealless pumps are able to comply with requirements since they produce zero fugitive emissions, which addresses environmental concerns and EPA criteria that are more stringent than ever. Due to its simplicity, mag drive pumps save time on seal repairs and handling dangerous leaks. Due to the small number of moving parts—just two—failure is uncommon.

The best pumps to use are mag drive pumps because of their durability and low emissions. Thanks to developments in pump technology, engineers have been able to increase the power and efficiency of magnetic drive pumps while reducing their size. Due to the tremendous field strength of rare earth alloy magnets, compact designs are conceivable. Thanks to innovative pump bearing designs and a broad range of wetted material options, pump lifetime has increased, eddy current power losses have lowered, and maintenance downtime has been reduced.

Market Drivers and Restraints:

One of the most crucial factors to take into account when buying, using, and maintaining new pumps is how fluid handling systems affect the environment and public safety. Magnetic drive pumps are frequently employed in harsh chemical applications. These pumps can run dry in the harshest settings and have superior corrosion resistance. In the biodiesel fuels business, where mixtures of solvents and caustics make sealing challenging, magnetic drive pumps are in great demand. They help to stop the fugitive emissions of volatile organic compounds and VHAPs (VOCs). Adopting a magnetic drive pump enables companies to adhere to safety and health regulations while avoiding steep fines. This is a significant contributor to the magnetic drive pumps' rising recognition on a global scale.

The use of magnetic drive pumps in the renewable energy industry has grown recently. A liquid fuel called biodiesel is created from used and new vegetable and animal lipids. A number of petroleum-based fuels can be replaced with biodiesel since it burns cleaner. In many regions of the world, this has led to an increase in the need for petroleum. Only magnetic drive pumps are created and produced for use in the synthesis of biodiesel. These pumps come highly recommended for chemical recirculation and transfer. In the upcoming years, this is anticipated to enhance the magnetic drive pump industry.

In order to meet specific end-use industry requirements, the construction and mining sectors must adhere to strict legislation in a number of important places. Industries are required to invest heavily in new technologies by environmental agencies like the Pollution Control Agency and the Environmental Protection Agency in order to limit pollution emissions. However, as a result of these regulations, volume sales for manufacturers of industrial pumps have decreased. Lack of compliance and knowledgeable workers in several industries are impeding Sealless Pump sales. Additionally, the lack of new technology causes failures and accidents in the mining and construction industries, which hurts sales.

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The report is segmented as follows:

The Magnetic Drive Pumps Market is segmented by Material Type; the Market is segmented by Application; the Market is segmented by Pump Type:

By Material Type (Polypropylene, Polyvinylidene Fluoride, Stainless Steel, Nickel Alloys, PFA and ETFE)

By Application (Chemical Processing, Water Treatment, Surface Treatment, Food Processing, Oil & Gas and Renewable Energies)

By Pump Type (Centrifugal Pumps and Displacement Pumps)

Geographical Segmentation:

The explosive growth of end-user industries like electronics, transportation, and healthcare in emerging markets like China, India, South Korea, Taiwan, and others. Many major players from a wide range of industries are concentrating on moving their production units to the Asia Pacific region due to the accessibility of cheap labor and the region's rapidly developing manufacturing industries and economic development rate. China is expected to continue being one of the most lucrative markets in East Asia in 2021, with a market share of over 39.2 percent. The mining and construction industries are using more magnetic drive pumps, which will boost sales in China. The fast expansion of mining and construction projects in China, which has one of the largest construction industries in the world, has increased the demand for heavy mining and construction equipment. The magnetic drive pump market is anticipated to expand as a result of India's expanding mining sector. The adoption of magnetic drive pumps has changed how the market grows in India because of the country's booming water treatment and mining industries. Favorable government investments in India's infrastructure development initiatives are also driving the market. India will hold a market share of about 31.1 percent for magnetic drive pumps in South Asia and the Pacific.

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Impact of COVID-19 on the Market:

In a variety of end-use applications, including mining, food processing, water treatment, and others, magnetic drive pumps are frequently used to transfer fluids from bulk tanks to day tanks. Production and supply chain activities suffered greatly as COVID-19 spread over the world, but consumption will rebound when the economy begins to recover as a result of the start of global vaccination campaigns.

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