MOUNTAIN
VIEW, Calif. /PRNewswire/ -- With improving
economies in North
America, and theAsia-Pacific (APAC)
regions, there are tremendous opportunities for pump manufacturers.
As developing nations are expected to witness the highest growth
owing to booming chemicals industries, manufacturers are gradually
shifting focus away from developed economies. In
particular, APAC, accounting for 46 percent of chemical sales
worldwide, will command attention as it rides high on MNC
investment and successful merger and acquisition activities in the
chemicals industry.
New
analysis from Frost & Sullivan, Analysis of the
Global Pumps Market in the Chemicals Industry, finds that
the market earned revenues of more than $4
billion in 2013 and estimates this to
cross $5
billion in 2020.
For
complimentary access to more information on this research, please
visit http://bit.ly/1qG8eMi.
The
study covers trends in both centrifugal and positive displacement
(PD) pumps. Centrifugal pumps will continue to hold a larger market
share due to broad application potential. On the other
hand, PD pumps will see higher compound annual
growth owing to enhanced marketing efforts and
customers' realization of the advantages of using these pumps over
centrifugal pumps.
"As
the automotive, construction and manufacturing industries – top end
users of chemical products worldwide – are likely to expand in the
upcoming years, the demand for chemicals and thus pumps will rise,"
said Frost & Sullivan Industrial Automation &
Process Control Research Analyst Sakthi
Pandian
These
major end users of chemicals are still recovering from the recent
economic recession, and hence the pumps market has not reached its
full potential. While the global pump market in the
chemicals industry has been showing signs of recovery, it will only
reach the post-recession level by 2018.
Along
with the residual impact of recession, tough competition from
low-cost manufacturers in developing nations restrains market
development. As customers are increasingly adopting these
inexpensive but high-quality chemical pumps that comply with
environmental standards, the market share of leading participants
is being eroded.
"Since
the leading pump manufacturers find it difficult to compete with
low-cost rivals on the basis of price, they will have to rely on
the quality of their products, services and maintenance to survive
in the global market," stated Pandian. "Participants looking to
secure their position in the market must also quickly capitalize on
customers' preference for integrated solutions, services and
asset-management technology."
Analysis of the Global Pumps Market in the Chemicals
Industry is part of the Industrial
Automation & Process Control (http://www.industrialautomation.frost.com)
Growth Partnership Service program. Frost & Sullivan's related
studies include: Analysis of the Latin American Positive
Displacement Pump Market, Global Automation Services Market for
Process Industries, Analysis of the Global Sanitary Pump Market in
the Food and Beverage Industry, and Pumps and Valves in the North
American Shale Industry. All studies included in subscriptions
provide detailed market opportunities and industry trends evaluated
following extensive interviews with market participants.
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Analysis of the Global Pumps Market in the Chemicals
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