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Liquid Ring Vacuum Pumps Market Segmented By Cast Iron, Stainless Steel Marterial Type with Capacity < 500 cfm, 500 cfm - 1500 cfm, > 1500 cfm used in General Process Industries, Paper & Pulp, Chemical Processing
In the last few years, the upstream oil and gas sector has undoubtedly struggled; however, the downstream sector (refineries) has experienced a period of prosperity. The global refinery capacity is projected to increase with a CAGR of ~2% over 2016–2020, compared to the previous average growth rate of ~1% over the past 10 years. A prominent share of this growth is anticipated to come from new refineries in Asia Pacific and MEA regions.
Conversion capacity is projected to increase at a higher growth rate compared to distillation capacity, and result in increased conversion capacities of existing refineries. Liquid ring vacuum pumps and steam ejectors offer reliable solutions for vacuum distillation in refinery applications. This factor is expected to fuel the demand for liquid ring vacuum pumps.
Setting up and expansion of refinery projects in Egypt, Uganda, Nigeria, Taiwan, Malaysia, and India is one of the primary factors expected to fuel the demand for liquid ring vacuum pumps in these countries, over the forecast period.
Liquid ring vacuum pumps and compressors are widely used across most chemical process industries, particularly those requiring solvent recovery, vacuum filtration, and vapor recovery. Additionally, specialized applications such as chlorine or hydrogen compression, vinyl chloride monomer recovery, etc., require vacuum pumps, with liquid ring vacuum pumps providing the best solution for the above-mentioned applications.
The reviving global outlook for the chemical industry, primarily attributed to the robust growth from end-use customers, especially from Asian countries, is expected to fuel the growth of the liquid ring vacuum pumps market.
The growth of the global bioethanol and biodiesel industry is another prominent factor driving the revenue for the liquid ring vacuum pumps and compressors market. Governments in various countries are inclined towards ethanol production, due to its high octane content and ability to reduce greenhouse emissions.
As per PMR analysis, the global production of bioethanol is expected to expand at a CAGR of 7% between 2016 and 2020.
Liquid ring vacuum pumps are used extensively during bio ethanol production, particularly during distillation and rectification. Moreover, these also find application in the transesterification process and are used in the separation of biodiesel and glycerin, as well as extracting wet and saturated gases with vacuum. Production of bioethanol is projected to continuously increase over the forecast period, which in turn, drives the growth of the liquid ring vacuum pump market.
Liquid ring vacuum pumps and compressors have been witnessing higher demand from process industries, with growing output, especially in the textiles, pulp & paper, sugar processing, pharmaceuticals, and food & beverage industries.
Increasing demand for energy-efficient manufacturing operations in developed nations is, in turn, expected to increase expenditure on new pumping equipment, ultimately driving the demand for liquid ring vacuum pumps. Growing demand for liquid ring vacuum pumps from SMEs, particularly in developing economies of India and China is a major factor driving sales of the same. However, a large segment of this demand is anticipated to come from sugar, paper & pulp, and chemical process industries and for pumps having capacities less than 1000 cfm.
The global paper & pulp industry has been fairly stagnant over the last few years, but with exponential growth in e-Commerce, the demand for paper used for packaging applications is expected to revive growth in the paper & pulp industry.
Rising middle class in developing countries is further helping revive growth rates in the global textile industry. China is expected to register second-highest growth (after India) in paper and paperboard production through 2019.
These factors, coupled with rising number of small entrepreneurs in markets of India and China, who are focusing on sugar processing, F&B and pharmaceuticals, are expected to fuel the liquid ring vacuum pump market growth in the near future.
An extensive analysis of the global liquid ring vacuum pump market has led our analysts to conclude that the market is growing at a significant rate, with and Asia Pacific and North America holding a prominent share of the global liquid ring vacuum pump market. The China liquid ring vacuum pump market is estimated to be an opportunistic market in terms of sales.
Rising number of prominent market players, increasing investments in oil & gas sector, increased productivity, and constant innovations will positively impact the liquid ring vacuum pump market.
The liquid ring vacuum pump market is characterized by the presence of few key players from North America, Europe, and China. The chemical processing segment in the liquid ring vacuum pump market is anticipated to dominate the global liquid ring vacuum pump market over the forecast period. Collaborations along with technological innovations, as well as mergers and acquisitions by major market participants, will also push the liquid ring vacuum pump market growth.
PMR’s study on the liquid ring vacuum pump market is divided into four significant segments- capacity, material type, end use, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.