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.
Growing Applications in the Chemical Industry
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.
Rising Demand from General Process Industries
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.
Persistence Market Research (PMR) recently published a study report on the global liquid ring vacuum pump market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the liquid ring vacuum pump market structure. This market research report presents exclusive facts and figures about how the liquid ring vacuum pump market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the liquid ring vacuum pump market over the forecast period.
The study is relevant for stakeholders in the liquid ring vacuum pump market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the liquid ring vacuum pump market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the liquid ring vacuum pump market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the liquid ring vacuum pump market. The study also offers actionable insights based on the future trends in the liquid ring vacuum pump market. Furthermore, regional players and new entrants in the liquid ring vacuum pump market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of the Liquid Ring Vacuum Pump Market
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.
Key Questions Answered in PMR’s Liquid Ring Vacuum Pump Market Report
Liquid Ring Vacuum Pump Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the liquid ring vacuum pump market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the liquid ring vacuum pump market study, which comprise of the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the liquid ring vacuum pump market to make PMR’s projection on growth prospects of the liquid ring vacuum pump market more accurate and reliable.