Gear pump Market is expected to reach US$ 15.40 Billion by 2031

Surging Demand in Petrochemical Industry Bolsters Gear Pump Market Growth

According to our latest study on "Gear pump Market Size and Forecast (2021-2031) – Geography Analysis – by Type, Pressure, and Industry," the market was valued at US$ 11.22 billion in 2024 and is projected to reach US$ 15.40 billion by 2031; it is anticipated to record a CAGR of 4.9% from 2025 to 2031. The report includes growth prospects owing to the current gear pump market trends and their foreseeable impact during the forecast period.

The external pumps segment held a significant share of the gear pumps market in 2024. External gear pumps are commonly used in various industries for fluid transfer and handling. These pumps are renowned for their accuracy, efficiency, and adaptability. Their operation is based on the meshing of two perfectly machined gears—the driving gear (rotor) and the driven gear (idler)—which spin externally. External gear pumps are widely used in a variety of industries because of their adaptability, efficiency, and precision in fluid management. In the automobile industry, they contribute to the smooth operation and performance of cars by aiding in engine lubrication, fuel transfer, power steering, and hydraulic systems. The oil and gas industry also relies heavily on external gear pumps, which are incorporated in petroleum product exploration, extraction, and transportation operations. Further, external gear pumps excel in accurate metering and dosing, ensuring the precise delivery of chemicals and additives in production and processing industries.

Gear Pump Market Share — by Region, 2024

Source: The Insight Partners Analysis

Gear pumps are used extensively in the automotive sector, particularly in lubricating and hydraulic applications. Their effective design ensures that lubricants are consistently delivered to engine components, decreasing wear and increasing machinery life. Internal gear hydraulic pumps provide the necessary pressure and flow for a variety of purposes in hydraulic systems, including power steering and braking systems, hence improving vehicle performance and safety. Gear pumps are also utilized in coolant circulation systems to keep the engine running at an ideal temperature. They aid in circulating coolant through the engine block and radiator, ensuring uniform cooling. In addition, gear pumps are used in hydraulic presses to provide the high pressures required for metal forming, forging, and stamping operations. They maintain a steady flow of hydraulic fluid, ensuring precise control and dependable performance. In addition, gear pumps power cranes' hydraulic systems, which regulate lifting, lowering, and rotating operations. They can withstand high pressures and provide the required power for large lifting activities. Furthermore, these pumps power hydraulic systems in forklifts, stackers, and container-handling vehicles, allowing the lifting and moving of big loads. They deliver dependable performance in harsh conditions.

The geographical scope of the gear pump market report offers a detailed regional analysis. North America, Europe, and Asia Pacific are major regions witnessing significant growth in the gear pump market. Asia Pacific held the largest gear pump market share in 2024.

The North America gear pump market is segmented into the US, Canada, and Mexico. The region is a pioneer in the adoption of advanced technologies. It is also home to well-established manufacturing industries, including automotive, chemical, and oil and gas. Gear pumps have widely found their application in the oil & gas industry. According to the International Energy Agency (IEA), the total crude oil production in North America was 48,602,021 Terajoules (TJ) in 2022, recording an increase of 75% from 2000. Further, various companies in the natural gas industry in the region have undertaken the expansion of their plants. For instance, in March 2025, Venture Global announced plans for an 18 Mt/year (Metric Tonne Per Year) brownfield expansion at its Plaquemines LNG project in Louisiana (US). The 27 Mt/year Plaquemines LNG facility began producing LNG in December 2024, making it the newest LNG export facility in the US and Venture's second. The planned expansion would have 24 trains, extending the facility's capacity by more than 18 Mt/year and bringing the total production capacity to more than 45 Mt/year; the expansion would be backed by an investment of nearly US$ 18 billion. Therefore, the proliferation of the oil and gas industry fosters the gear pump market growth in North America. Gear pumps serve as a reliable solution for various fluid-handling needs in this sector. They are commonly utilized for transporting crude oil from extraction locations to refineries. Their capacity to handle high-viscosity fluids while maintaining regular flow rates makes them perfect for this application. In addition, gear pumps are essential in refineries for transporting various petroleum products such as gasoline, diesel, and jet fuel between processing units. Their efficiency helps optimize refinery operations and reduce downtime. Gear pumps make it easier to transfer fuel (such as diesel) and other refined goods from storage tanks to vehicles and equipment. This assures an uninterrupted supply of gasoline for drilling rigs, trucks, and field machines.

As of January 1, 2023, the US had 129 operable petroleum refineries, which strive to meet the global demand for petroleum products. Also, according to the US Energy Information Administration's (EIA) International Energy Statistics, the country produces more crude oil than any other nation in the world. Crude oil production in the US averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous US and global record of 12.3 million b/d, set in 2019. Furthermore, according to IEA, the US is home to nearly 40% of the global ethane-based petrochemical production capacity. Thus, the growing crude oil, petroleum, and petrochemical production in the country is expected to raise the demand for gear pumps. Canada is also one of the largest producers of oil and gas in the world, as ~1,000 oil and gas exploration and production companies are operating in the country. These companies provide oil and gas across the country. Canada also exports oil and gas to the US to meet its growing demand for energy. In addition, the country is witnessing growth in its chemical and petrochemical industry. According to the Chemistry Industry Association of Canada (CIAC) data, in April 2023, the demand for polymers and organic chemicals increased by 2% to 7%, respectively, compared to 2022. In 2022, the total value of industrial chemical shipments reached US$ 252.84 billion, recording an annual increase of 11.2%. Further, in September 2024, Dow Canada announced the selection of Alberta as the location for a new US$ 6.5 billion net-zero scope 1 and 2 emissions petrochemical complex. The plant is scheduled to commence polyethylene production operations in 2027. Thus, the flourishing chemical and petrochemical industries generate a significant demand for gear pumps in Canada.

Jihostroj a.s.; Bosch Rexroth AG; Danfoss AS; Bucher Hydraulics GmbH; Parker Hannifin Corp; Kawasaki Heavy Industries Ltd; CASAPPA S.p.A.; Bailey International LLC; HYDAC International GmbH; Eaton Corp Plc; Marzocchi Pompe S.p.A.; KYB Corporation; Viking Pump, Inc.; and Gorman-Rupp Pumps are among the key players profiled in the gear pump market report. Companies operating in the gear pump market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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