The Slurry Pump industry is expected to witness a strong growth during the forecasted period, owing to rapid industrial usage and further growth in industries for which it is utilized. Also, the market will be driven surging adoption of these products in the mining, construction, chemical, wastewater, and Paper industries. The demand within the global Slurry Pump market has been rising on account of advancements in the machinery industry.
Technological improvements have brought about the improvement of different compact type slurry pumps which might be easy in their design. This has extended the adoption of slurry pumps in lots of industries, for that reason selling the expected boom of slurry pumps marketplace for the duration of the forecast length. The introduction of vertical slurry pumps that may be used for froth pumping is anticipated to cause a boom in the slurry pumps market.
Moreover, slurry pumps are made to get hired in lots of industrial programs, consisting of effluent handling, coal washing, bottom ash pumping, pumping reactor feed and fly ash pumping. This drives the growth of the slurry pumps market. Increase in usage of the heavy duty and excessive obligation slurry pumps within the mining enterprise similarly supports increase of slurry pumps marketplace that builds opportunity for the market.
The continuous need to boost pressure and supply water/fluid to conduct various operations has propelled slurry pumps in different verticals like, pulp and paper, metal manufacturing, chemical, and many others. Moreover, slurry pumps are employed in many industrial applications, such as coal washing, effluent handling, fly ash pumping, bottom ash pumping and pumping reactor feed. However, several factors, including viscosity, temperature, specific gravity, pressure, density, etc. govern the applicability of these products in different capacities and sizes. This further supplement the expected growth of the slurry pumps market over the assessment period.
The heavy designs of slurry pumps suffer less damage to cavitation as compared to process pumps; rising applications of heavy-duty and severe duty slurry pumps in the mining act as a driver for the slurry pumps market. In mining industries such as gold, silver, iron ore, diamond, and slurry pumps are widely used for transporting corrosive and high concentration slurry. The robust growth in the mining industry in the Africa region and rising government investments are anticipated to drive the growth of the Slurry Pump market globally in the near future. Increasing number of investment schemes in this sector by various governments is also boosting the growth of the non-metal mining segment. For instance, in 2019, the Australian government raised new funding for its critical minerals and rare earth minerals sector. Extraction projects in the areas of defense and critical minerals will have access to dual funding through the Export Finance Australia (EFA) and Northern Australia Infrastructure Facility (NAIF). Furthermore, the Government of India has allowed 100% FDI in this sector for the exploration of metal and non-metal ores. Moreover, the Ministry of Steel aims to more than double the steel production capacity to 300 million tons by 2030-31.
Prominent miners across the globe are eyeing new-age minerals’, such as cobalt, copper, nickel, lithium, and many more commodities in a bid to attain substantial benefits, owing to their long-term prospects and their rising prominence apropos of the technology of the future. Leading mining firms, with an objective of tapping into new opportunities, are vying to capitalize on this evolving trend having an optimistic potential.
Urbanization in developing economies such as China, India, Russia, Thailand and Brazil have escalated the infrastructure development in these countries which has further strengthened the global market of slurry pumps. As the economies are growing the construction industry is booming and becoming the busiest of all. In order to build a good infrastructure for the country constructing new places and sites becomes necessary. Roadways, railways, dams, buildings, factories and other infrastructure need to be built in order to make these economies run smoothly. This is where the need for Slurry Pump happens to be very high and in demand for the coming years. Moreover, factors such as population growth and increasing infrastructure investment are fostering the growth of global slurry pump market. Many government initiatives for the modification of existing infrastructures and development of new infrastructures in the countries are anticipated to bolster the growth of global slurry pump market. Thus, rising urbanization, industrialization and construction of new infrastructures in emerging regions such as Asia Pacific and Latin America region drives the growth of the market.
The Market size for the Asia Pacific was USD 473.0 Million in 2021. The Asia Pacific market is witnessing strong growth owing to rise in adoption of advanced technologies in product development for various solutions across end user industries. Moreover, growing mining activities as well usage of slurry pumps in many industrial applications, such as coal washing, effluent handling, fly ash pumping, bottom ash pumping and pumping reactor feed. Is expected fuel the slurry pumps market over the assessment period. Slurry Pumps are widely utilized in Chemical industry in parts of Asia-Pacific region especially in China & India. Another major market trend is the increase in use of Slurry Pump in the Paper & Pulp industry in China and other Asian countries. The Asia Pacific Slurry Pump market is expected to continue to grow fastest in coming years. Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at a product level.
The U.S. Slurry Pump market is anticipated to account for the major share of the market, due to rise by technological advancements in the mining and construction industry. The North American region holds the 24% of market share with the CAGR of 0.61%. Demand for Slurry Pump will grow exponentially across the chemical sector owing to the booming need from end user industry. The surging demand for heavy duty pumps for hydro cyclone feed, minerals processing, tailings, and sugar processing along with burgeoning adoption of slurry pumps are leading to an increase in mining industries, which is expected to promulgate the growth of the market.