Rising Product Demand from Oil & Gas Industry Driving Metering Pump Market Globally

In 2018, the global metering pump market generated a revenue of $4.2 billion and is projected to witness a 6.0% CAGR during the forecast period (2019-2024). The market is growing due to the rising demand from the oil & gas industry, strict government regulations regarding water treatment, and growing demand from the chemical industry.

A metering pump is utilized for moving precise volumes of fluids (chemicals, solutions, and water) in a specified period of time and at an adjustable volumetric flow rate.

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When type is taken into consideration, the metering pump market is divided into piston, diaphragm, and others (which include peristaltic pumps and syringe pumps).

Out of these, the largest share of the market was occupied by diaphragm pumps during the historical period (2014-2018), both in terms of value and volume. The division is further bifurcated into metallic and polytetrafluoroethylene (PTFE).

The category of PTFE is predicted to hold the larger share of the market and grow at the faster pace during the forecast period, as PTFE pumps are cheaper than metallic pumps.

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On the basis of end user, the metering pump market is categorized into petrochemicals, chemical processing, pharmaceuticals, pulp & paper, water treatment, oil & gas, food & beverage, and others (which include mining, construction, textiles, and agriculture).

Among these, the water treatment category accounted for the major share of the market during the historical period and is further predicted to retain its position during the forecast period.

Metering pumps are utilized in wastewater treatment and municipal drinking water treatment applications for making water suitable for disposal or reuse. A major driving factor of the metering pump market is the implementation of stringent government regulations regarding water treatment

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Another factor leading to the growth of the metering pump market is the rising demand from the oil & gas industry.

The increasing demand for metering pumps in this industry is facilitated by the rising production of crude oil in countries including Russia, Iraq, the U.S., and Saudi Arabia. The average crude oil production in the U.S. rose from 9.4 million barrels per day in 2017 to approximately 10.9 million barrels per day in 2018.

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This release was published on openPR.