The global laboratory chemicals market is all set to benefit from various end user industries and research facilities. This will secure the market on a track where it will find a moderate CAGR to proceed further during the forecast period of 2018 to 2023.
Market Research Future (MRFR) reveals several possibilities like increasing government expenditure, better intake from the RD facilities, and inclusion of the products in the academic sector, better demand from the biotech industries, and others can provide thrust to the market. However, environmental safety and the fluctuating price will remain worrying factors during the forecast period.
North America has the infrastructure to lead the global market. In the coming days, the regional market will be in a better position with constant cash flow allotted for the research and development sector and various academic institutes. Various end user industries will also spur a huge demand for these chemicals, which would trigger growth for the market.
The US and Canada would contribute substantially. Europe would benefit from government expenditures made for RD facilities and academic institutes. The market would profit by also securing access to several end user industries. In the Asia Pacific region, a revamping of the structure would boost the global market for laboratory chemicals.
The global market for laboratory chemicals is expected to be bolstered by the recent performances of companies like PerkinElmer Inc., BD Biosciences, Lonza Biologics Ltd, GE Healthcare, EMD Chemicals Inc., bioMerieux, Beckman Coulter Inc., Shimadzu Biotech, Meridian Life science Inc., and Takara Bio Inc.
These companies are including methods that may help them in cementing their own market position and boost the global performance of the market. Mergers, acquisitions, rising investment for research, innovation, launching plans, marketing strategies, and others are expected to boost various decisions that would trigger better performance in the coming days. MRFR kept track of their recent progress to ensure a holistic grip over the movement possibilities for the market.
In April 2020, NSF International announced that it had completed the shifting of two of its laboratories to a facility in Ypsilanti, Michigan. The new facility has 20,000 sqft space. NSF International is a known name as a global public health and safety organization that works with plastic testing and certification capabilities. This will include advanced chemical and structural testing of pipes, valves, and other things. This is set to generate increased demand for laboratory chemicals.
The European market is expected to be the second-largest in terms of market share in the laboratory chemicals market. The market growth in this region can be attributed to government funding and support from the healthcare sector coupled with increasing research and development. The European chemicals market is very innovative and ultimately helps in solving issues related to climate change, nutrition, and health.
The growth of the laboratory chemicals market in the Asia-Pacific region can be attributed to the establishment of new academic institutions, especially in the areas of biological and chemical sciences. Similarly, the establishment of new pharmaceutical companies in the region will increase investments in research and development activities, thus enabling more test analysis. The increasing clinical research outsourcing activities in the Asian region has also increased the demand for chemical labs to measure drug quality, to test the quality of products in the chemical industry, and food industry and biological areas of research and development. China holds the largest share in pharmaceutical markets in Asia-Pacific, owing to economic developments in the country, along with the growing demand for healthcare facilities by the aging population.