Market Trends of High Pressure Pumps Industry
This section covers the major market trends shaping the High Pressure Pumps Market according to our research experts:
Manufacturing Industries Sector to Dominate the Market
- Global manufacturing sector is equally important for both the developing and the developed world. In the former is provides a means to support growing economies and increasing population, while in latter it is a means of innovation and competitiveness.
- Manufacturing sector related to steel production, processed food and beverages and automotive industry have seen a rapid growth is recent years and is expected to follow this trend in forecast period. High pressure have a variety of applications in manufacturing industries sector, from handling water in steel manufacturing, to transporting chemicals and fluids in automotive sector.
- Steel manufacturing industry have also been on a rise in recent years, with China, Japan, and India holding top three positions in steel manufacturing. High pressure pumps are used to spray water on newly made steel to remove scales.
- Therefore, the increasing population, rising economies, and dropping prices of high pressure pumps are expected to drive the demand of high pressure pumps in manufacturing industry sector during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific is witnessing huge economic growth which has resulted in the development of industrial infrastructure. The industrial infrastructure in the region witnessing growth with policy level focus on driving the industrial sector.
- Most of the countries in the Asia-Pacific region is in a growing phase and the high rate of population growth has led to increased demand for various manufactured items such as food, textile, steel, electricity, etc. The majority demand is coming from China and India owing to rapid economic growth and increasing population, which in turn is expected to increase the market for high pressure pumps.
- India's investment in refining and petrochemicals industry is expected to pave a way for the high pressure pump market in India. Refining capacity of India grew to 22495.43 TMT in March 2019, an increase of 6.51% from March 2018. Refining capacity of China is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical.
- Most of the countries in the Asia-pacific region have positive outlook pertaining to industries such as manufacturing sector, steel industry, oil & gas, etc. which, in turn, are expected to drive the demand for high pressure pumps during the forecast period.
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