The global drum pump market is projected to reach a value of USD 506.7 million in 2023. The rising adoption of advanced technologies for the efficient delivery of fluids is anticipated to fuel overall market growth. The demand for drum pumps is expected to grow at a CAGR of 6.3% from 2023 to 2033, ultimately totaling approximately USD 927.8 million by 2033.
Drum pumps are portable devices specifically designed for the safe and efficient transfer of low-viscosity fluids between containers. They eliminate the need to lift heavy barrels by attaching to the upper openings of containers, allowing for the secure transfer of liquids. Drum pumps come in various materials, models, and tube lengths to accommodate different liquids. Many electric drum pumps can be powered by the same motor. As various industries produce heavier fluids stored in drums, the use of drum pumps becomes essential for transferring liquids safely.
In recent years, major players in the market have significantly invested in quality assurance, implementing new pump test stands for the final inspection of drum pumps as well as testing for centrifugal and air-operated pumps. This surge in investments, coupled with favorable industrial policies, has boosted the demand for drum pumps. Furthermore, ongoing technological advancements and emerging trends within leading regional markets are expected to drive market growth throughout the forecast period.
Key Takeaways
- The demand for drum pumps is expected to witness a significant surge for a variety of reasons. One of the primary reasons contributing to the expansion of the drum pump is the surging demand from numerous industries such as chemicals & materials, oil & gas, and lubricant among others. These industries import and export liquids in massive containers rather than tiny containers to reduce shipping and transportation costs.
- Furthermore, drum pumps are preferred more than any other containers for the distribution of liquid from large container industries, which boosts the drum pump market favorably. It provides for the rapid transfer of liquid without spilling, which contributes to the growth of the drum pump industry. The requirement for drum pumps is expanding rapidly in the industry and is expected to spread faster than normal owing to an increase in demand from various industries.
Competitive Landscape
The key market players in the global drum pump market are working hand-in-hand in order to provide the best-in-class drum pump for enhancing the global analytics arena. However, many global start-ups in the Drum Pump market are stepping forward in matching the requirements of the Drum Pump domain.
More Insights into the Drum Pump Market
North America is expected to dominate the global drum pump market by accounting for the largest portion of the global industry around 14% of the total revenue in 2022. The manufacturer’s preference for drum pumps is high as they serve as cost-effective and efficient dispenser equipment for a wide range of liquids.
North America dominates the global drum pump market due to the presence of significant investment by prominent companies in the area along with a well-established chemical sector in the local market.
As per the reports of Future Market Insights, Europe is anticipated to possess a large share of the global market revenue by accounting for around 18.0% of the global drum pump market as of 2022. Europe has a significant market share due to strong technology adoption and a developing equipment manufacturing industry throughout the region.
The Asia Pacific is expected to be a crucial region in the global drum pump market attributing to the area’s well-established chemical and food & beverage industry as well as the deployment of electric-driven drum pumps in regional factories.
China is expected to lead the market followed by India, Japan, Korea, and others, owing to the expanding oil & gas pipeline projects all over the world and surged government backing for the chemical and additives production industry.
Key Segments Covered in the Drum Pump Industry Analysis
By Product Type:
- Electric Driven Drum Pumps
- Hydraulic Drum Pumps
- Rotary / Manual Drum Pumps
- Pneumatic Drum Pumps
- Other Drum Pump Types
By Material Type:
- Plastic Drum Pumps
- Chlorinated Polyvinyl Chloride (CPC)
- Polypropylene (PP)
- Polyvinylidene Fluoride (PVDF)
- Others
- Metal Drum Pumps
- Stainless Steel
- Cast Iron
- Aluminium
- Others
By Application:
- Drum Pumps for the Petroleum Industry
- Drum Pumps for Chemical Plants
- Drum Pumps for Food Processing Plants
- Drum Pumps for Manufacturing Plants
- Drum Pumps for Automotive Industry
- Drum Pumps for Wastewater Treatment
- Drum Pumps for Laboratories
Report Preview: https://www.futuremarketinsights.com/reports/drum-pump-market
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