API 610 Centrifugal Pumps Market to Surpass USD 1630 Million by 2031, Driven by Demand in Oil & Gas Sector

Tirzepatide API Market

Tirzepatide is an investigational drug that is being developed for the treatment of type 2 diabetes. It is a dual-acting glucagon-like peptide-1 receptor agonist (GLP-1RA) and glucose-dependent insulinotropic polypeptide receptor agonist (GIPRA) compound.

The global Tirzepatide API market was valued at US$ million in 2023 and is anticipated to reach US$ million by 2030, witnessing a CAGR of during the forecast period 2024-2030.

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North American market for Tirzepatide API is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.

Asia-Pacific market for Tirzepatide API is estimated to increase from $ million in 2023 to reach $ million by 2030, at a CAGR of % during the forecast period of 2024 through 2030.

The major global manufacturers of Tirzepatide API include Teva API, Dr. Reddy's Laboratories, Neuland Laboratories, Midas Pharma, Sinopep Allsino Biopharmaceutical, Hunan Ouya Pharmaceutical, Hangzhou Go Top Peptide Biotech, etc. In 2023, the world's top three vendors accounted for approximately % of the revenue.

Report Scope

This report aims to provide a comprehensive presentation of the global market for Tirzepatide API, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Tirzepatide API.

The Tirzepatide API market size, estimations, and forecasts are provided in terms of sales volume (Kg) and revenue ($ millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global Tirzepatide API market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.

For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

The report will help the Tirzepatide API manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
API 610 Centrifugal Pumps Market Size

The global market for API 610 Centrifugal Pumps was valued at US$ 1267 million in the year 2024 and is projected to reach a revised size of US$ 1630 million by 2031, growing at a CAGR of 3.7% during the forecast period.

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The API 610 pump market is dominated by key players such as Flowserve, KSB, Sulzer, Ruhrpumpen, Trillium Flow Technologies, and Sundyne, etc. The top 5 players accounting for about 50% of the market share. These manufacturers offer various types of pumps, including vertical and horizontal configurations, suited for different industrial needs.

Due to the essential role that API 610 centrifugal pumps play in these industries, manufacturers have tailored their designs to enhance performance in these specific markets, leading to a range of pump types and configurations. Additionally, API 610 centrifugal pumps have become integral components in not only upstream oil and gas operations but also in downstream refining, petrochemical production, and chemical processing plants. The growth of industries reliant on heavy-duty fluid handling solutions continues to shape the global market for API 610 centrifugal pumps.

Market Drivers for API 610 Centrifugal Pumps:

Several factors contribute to the steady growth and increasing demand for API 610 centrifugal pumps. These drivers are largely tied to industrial growth, evolving technological advancements, and an increasing need for efficient and reliable fluid transport in demanding environments.

Growth in the Oil & Gas Industry

The oil and gas sector remains the dominant application market for API 610 centrifugal pumps, accounting for roughly 65% of the total market share. As the global demand for energy continues to rise, the exploration, production, and refining processes in the oil and gas industry require robust pumping solutions capable of handling large volumes of fluids under high pressure and extreme temperatures. Whether it's for upstream operations such as oil extraction, transportation of crude oil, or downstream activities like refining and petrochemical production, centrifugal pumps designed to API 610 standards are critical for maintaining production efficiency and safety.

With the expansion of shale oil, offshore drilling, and deep-water exploration, the demand for high-performance API 610 centrifugal pumps will continue to grow as these processes often involve challenging conditions like high head, extreme temperatures, and corrosive liquids. Additionally, these pumps are necessary in liquid transport pipelines, which are essential infrastructure in the energy sector.

Increasing Demand for Chemical Processing

The chemical industry is another significant contributor to the growth of the API 610 centrifugal pump market. API 610 centrifugal pumps are designed to handle the highly corrosive and abrasive chemicals typically found in petrochemical production, chemical plants, and industrial processes. With the global demand for chemicals and plastics on the rise, particularly in emerging markets, there will be increased need for advanced pumping solutions that ensure safe and reliable fluid transfer.

Technological Advancements in Pump Efficiency

Technological innovation continues to be a key driver of growth for the API 610 centrifugal pump market. Manufacturers are focusing on improving pump efficiency, reducing energy consumption, and enhancing operational performance. The integration of advanced materials such as high-strength alloys, corrosion-resistant coatings, and innovative seal technology allows API 610 pumps to deliver higher reliability, longer service life, and better performance in harsh environments.

Additionally, the rise of smart pump technology is an emerging trend in the market. These pumps are equipped with sensors, predictive maintenance features, and automation capabilities, helping businesses to optimize pump operations, reduce downtime, and lower overall maintenance costs. The implementation of Industry 4.0 principles such as digital twins, IoT connectivity, and machine learning algorithms to predict pump failures or inefficiencies is transforming the market and boosting demand for technologically advanced centrifugal pumps.

Demand for High-Performance and Durable Pumps

API 610 centrifugal pumps are preferred over standard pumps due to their ability to withstand demanding applications, extreme pressures, and temperatures. The need for pumps that offer high efficiency, durability, and minimal maintenance costs is further contributing to the market's growth. As industries like oil and gas, petrochemical, and chemicals increasingly prioritize operational uptime and safety, the demand for API 610 centrifugal pumps will continue to rise, especially as regulatory standards for safety and performance become more stringent.

By Type
• Vertical
• Horizontal

By Application
• Oil and Gas
• Chemical
• Others

Key Companies
Flowserve, KSB, Sulzer, Ruhrpumpen, Trillium Flow Technologies, Sundyne, ITT Goulds Pumps, Pumpworks, Truflo Pumps, Inc., Ebara Corporation, Kirloskar Pompen, Carver Pump, Sichuan Zigong Industrial Pump, Gruppo Aturia, V-FLO

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This release was published on openPR.