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Petrochemical Pumps Market Size

Report ID: GMI10130
Published Date: Jul 2024
Report Format: PDF

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Petrochemical Pumps Market Size

Petrochemical Pumps Market was valued at USD 3.17 billion in 2023 and is estimated to grow at a CAGR of 4.5% during 2024 to 2032. driven by increased use of petrochemical products across various industries, stringent environmental regulations, and advances in pump technology. The increasing usage of petrochemical compounds in a variety of industries, including packaging, automotive, construction, and electronics, is driving the demand for efficient and dependable pumps. Furthermore, the growth and modernization of petrochemical plants, particularly in emerging markets, is driving the demand for innovative pump systems. These upgraded facilities necessitate high-performance pumps to enable greater production capacity and operating efficiency.

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Additionally, the need to comply with regulations imposed by the government for the safe handling of hazardous materials and environmental preservation is driving petrochemical businesses to invest in compliant & high-quality pumps. For instance, the Clean Air Act (CAA) in the U.S. regulates air emissions from various sources including industrial facilities.

Petrochemical Pumps Market Report Attributes
Report Attribute	Details
Base Year:	2023
Petrochemical Pumps Market Size in 2023:	USD 3.17 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.5%
2032 Value Projection:	USD 4.69 Billion
Historical Data for:	2021 - 2023
No. of Pages:	250
Tables, Charts & Figures:	160
Segments covered:	Type, Material, Application, End Use, Distribution Channel, Region
Growth Drivers:	Increased use of petrochemical products Stringent environmental regulations Advances in pump technology
Pitfalls & Challenges:	High Initial Costs Maintenance and Operational Costs

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The substantial initial expenditures associated with advanced and high-performance pumps present a significant financial barrier for Small and Medium-sized Enterprises (SME) in the petrochemical industry Moreover; to maintain dependability and efficiency, these pumps also need high maintenance and operating costs, which pose as a significant barrier in market growth.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of petrochemical pumps was worth over USD 3.17 billion in 2023 and will register a 4.5% CAGR between 2024 and 2032 due to increasing demand for petrochemical products.

The centrifugal pumps segment was reached USD 1.73 billion in 2023, driven by their versatility and efficiency in handling various petrochemical fluids.

Asia Pacific petrochemical pumps industry size surpassed USD 1.11 billion in 2023, attributed to the region's expanding chemical manufacturing and refining sectors.

Companies including Flowserve, Grundfos, Hayward Gordon, HERMETIC Pumpen, IDEX, ITT Goulds Pumps, KSB, PSG Dover, Ruhrpumpen, SPP Pumps, Sulzer, Sundyne, Truflo Pumps, and Xylem, are operating in the petrochemical pumps industry.