Maturity of Old Oil Reserves to Offer Glycol Pumps US$ 123.7 Mn Market Opportunity by 2022
Fact.MR's in-depth analysis of the global glycol pumps market provides readers with a 360-degree view for the forecast period of 2022 to 2032. The study also reveals key information regarding future growth drivers, opportunities, and trends across multiple segments including type, capacity, operating pressure, pump type, and end-use industry across six major regions.
NEW YORK, June 28, 2022 /PRNewswire/ -- The global glycol pumps market size is expected to be valued at US$ 224.3 Mn in 2032 and exhibit a considerable growth at a CAGR of 6.1% in the forecast period (2022-2032). Increasing demand for industrial gear pumps, including glycol pumps in a wide range of industries, such as asphalt pouring and food processing is set to augment growth.
As per Fact.MR, sales in the global glycol pumps market are projected to reach US$ 123.7 Mn in 2022. The market stood at US$ 119.1 Mn in 2021. Surging usage of glycol pumps in the oil and gas industry for leaning or moving rich glycol from reboilers to the contractor is anticipated to drive the market.
Moreover, increasing demand for energy, coal bed methane, tight gas, and shale gas across the globe on the back of maturity of conventional oil & gas resources is likely to spur the sales. Subsequently, implementation of stringent regulatory frameworks in China and the Middle East to improve the production output of the domestic refining industry is another factor fueling the sales in the market.
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In addition to that, rising investment by government and private organizations in specialized reciprocating pumps to initiate complex refining processes is expected to accelerate growth. As current refining processes involve high pressures and temperatures, the requirement of state-of-the-art glycol pumps is surging as these can efficiently handle volatile fluids.
Presence of a robust infrastructure for processing oil in Saudi Arabia is another significant factor that is projected to foster growth. Besides, increasing usage of glycol pumps in the automotive industry as a heat transfer fluid, brake fluid, antifreeze agent, and hydraulic fluid would augment growth.
Key Takeaways:
- The U.S. glycol pumps market is expected to generate the largest share of nearly 86.9% in North America and exhibit a CAGR of 5.3% between 2022 and 2032.
- China is projected to hold the second-largest market share of about 73.2% in East Asia and register a CAGR of 7% during the assessment period.
- Based on type, the ethylene segment is anticipated to dominate by generating a glycol pumps market share of around 75.2% in 2022.
- By end-use industry, the oil & gas category is estimated to hold 21.1% of the market share in 2022 and grow at 7.5% CAGR by 2032.
- The automotive & transportation industry is set to expand at a CAGR of 6.3% and generate a market share of approximately 18.9% in the upcoming years.
Growth Drivers:
- Increasing consumption of natural gas is set to boost the demand for advanced electrical glycol pumps offering longer duty cycles and less downtime.
- High demand for cost-effective and environmentally friendly alternatives to conventional pumps in end-use industries is set to aid growth.
Restraints:
- Accumulation of trash or debris in the dehydration system can often make their way through glycol pumps, thereby leading to scratches on the piston rod.
- Short stroking of glycol pumps can cause excessive wear in the middle of the piston rod, which would require replacement of the rod.
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Competitive Landscape:
Leading players operating in the global glycol pumps market are focusing on mergers and acquisitions with local or international companies to co-develop novel products and gain a competitive edge.
Meanwhile, a few other key players are aiming to conduct research and development activities to introduce cutting-edge products to cater to the high demand from various industries across the globe.
For instance,
- In April 2022, North Ridge Pumps, an independent manufacturer of pumps headquartered in the U.K., conducted a case study on ATEX Triplex Plunger pumps for the production of green hydrogen. The pumps were specially designed to suit high pressures, as compared to piston models.
- In March 2022, the Atlas Copco Group, a multinational industrial company based in Sweden, signed a new agreement to acquire Geveke B.V. and subsidiaries, as well as LEWA GmbH and subsidiaries. The acquisition would enable Atlas Copco to strengthen its presence and technology portfolio in the positive displacement pumps segment.
Key Companies Profiled by Fact.MR
- North Ridge Pumps
- Kimray
- Mcmaster
- Viking Pump
- LEWA
- Verder
- Cat Pumps
- Xylem
- TriRotor Inc
- Goulds Pumps
- Heat Exchange & Transfer, Inc.
- John Wood, Inc.
- T-Mag
- Exterran
- Rotor Tech
- Bifold
- HERMETIC-Pumpen GmbH
- March Pumps
- Sintech
More Valuable Insights on Glycol Pumps Market
In the latest study, Fact.MR offers a detailed study on global glycol pumps market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of glycol pumps through detailed segmentation as follows:
By Type:
- Ethylene
- Propylene
By Capacity:
- Less than 5 Gpm
- 5-10 Gpm
- 10-15 Gpm
- Above 15 Gpm
By Operating Pressure:
- Less than 50 Bar
- 50-100 Bar
- 100-150 Bar
- Above 150 Bar
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By End-use Industry:
- Chemicals & Petrochemicals
- Food & Beverages
- Pharmaceuticals
- Automotive & Transportation
- Oil & Gas
- Cosmetics
- Plastics
- Paints and Inks
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Glycol Pumps Market Report
- What is the projected value of the glycol pumps market in 2022?
- At what rate will the global glycol pumps market grow until 2032?
- Which are the factors hampering the growth in the glycol pumps market?
- Which region is expected to lead in the global glycol pumps market during 2022-2032?
- Which are the factors driving the glycol pumps market during the forecast period?
- What is the expected market value of the glycol pumps market during the forecast period?
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