CHICAGO, December 6, 2018 /PRNewswire/ --
According to the new market research "Metering Pumps Market by Type (Diaphragm, Piston/Plunger), End-Use Industry (Water Treatment, Petrochemicals, Oil & Gas, Chemical Processing, Pharmaceuticals, Food & Beverages, Pulp & Paper), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Metering Pumps Market is estimated at USD 4.3 billion in 2018 and is projected to reach USD 5.9 billion by 2023, at a CAGR of 6.5% between 2018 and 2023. The increasing use of metering pumps in various end-use industries, such as water treatment; petrochemicals, oil & gas; chemical processing; and food & beverages, is expected to drive the metering pumps market.
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"The diaphragm segment to witness the highest CAGR in the global metering pumps market during the forecast period."
Diaphragm metering pumps are widely used for dosing and chemical injection applications such as corrosive chemical, volatile solvents, viscous & sticky fluids, creams, gels, and oils. These pumps are widely used in the water treatment industry. Along with the treatment, municipalities also look for efficient, cost-effective operations with minimal downtime, creating opportunities for the growth of the metering pumps market. Subsequently, this growth will help in meeting the increasing demand from the water treatment industry, thereby driving the diaphragm metering pumps market. Tapes & Labels is estimated to be the largest application segment of the water-based adhesive market during the forecast period.
"Due to increasing demand for processed food, the food & beverages industry is projected to register the highest CAGR in the global metering pumps market during the forecast period."
The market in the food & beverages end-use industry segment is projected to register the highest growth rate during the forecast period. End users of the food & beverages industry include companies involved in the transformation of livestock and agricultural products into food for consumption. The beverages industry comprises manufacturers of non-alcoholic beverages, alcoholic beverages produced by fermentation, and distilled alcoholic beverages. Metering pumps are used for the dosing/injection purpose during manufacturing of food products such as soup, cream, syrup, milk, yogurt, flavors, spirit, chocolate, dough, creams, and paste. A major driver of the food & beverages industry is the growing population. The vast population base, changing consumer lifestyle, increasing disposable income, and implementation of food security policies are driving the processed food industry, thereby increasing the use of metering pumps in this industry.
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"APAC is expected to be the largest metering pumps market during the forecast period."
APAC is the largest metering pumps market, globally. The rise in demand for metering pumps is associated with the increase in demand for clean water due to rapid industrialization and urbanization. The increase in demand for metering pumps from several industries such as water treatment, chemical processing, and food & beverages in APAC is projected to raise the demand for metering pumps.
The leading players in the Metering Pumps Industry are Milton Roy (US), ProMinent (Germany), IDEX Corporation (US), LEWA (Germany), Grundfos (Denmark), SEKO (Italy), Verder Group (Netherlands), Dover Corporation (US), and Watson-Marlow Fluid Technology Group (UK).
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