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The laboratory chemicals market is projected to grow by USD 4.67 million with a CAGR of 4.75% during the forecast period 2021 to 2026.
This laboratory chemicals market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers laboratory chemicals market segmentation by end-user (industrial, healthcare, education, and government) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The laboratory chemicals market report also offers information on several market vendors, including Apollo Scientific Ltd., Avantor Inc., Avonchem Ltd., Beckman Coulter Inc., Becton Dickinson and Co., Bio-Techne Corp., DASIT Group SPA, FUJIFILM Holdings Corp., GE Healthcare Inc., AppliChem GmbH, Lonza Group Ltd., Merck KGaA, Meridian Bioscience Inc., Mitsubishi Chemical Corp., Morphisto GmbH, PerkinElmer Inc., Reagecon Diagnostics Ltd., Shimadzu Corp., Sisco Research Laboratories Pvt. Ltd., and Takara Holdings Inc among others.
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The increase in R&D investments in the pharmaceutical industry is notably driving the laboratory chemicals market growth, although factors such as stringent regulations on the use of laboratory chemicals may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the laboratory chemicals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Laboratory Chemicals Market Driver
The increase in R&D investments in the pharmaceutical industry is one of the factors driving the laboratory chemicals market growth. The pharmaceutical industry is more concerned about ensuring that R&D hits the intended target. There is a greater effort to focus on achieving effectiveness in meeting the demands of patients while also protecting the low-income population. Hence, the increase in expenditure and sales of new pharmaceutical products and the development of new vaccines will increase the demand for various chemicals for testing and preparing new vaccines and medicines. Thus, an increase in R&D investments in the pharmaceutical industry can become a major driver for the growth of the market during the forecast period.
Key Laboratory Chemicals Market Trend
The use of green chemicals is one of the key laboratory chemicals market trends fueling market growth. The pharmaceutical industry is increasing its consumption of green chemicals for biomedical applications. Vendors are focusing on developing medical devices using green chemicals. These medical devices are eco-friendly and durable. For instance, Tepha Inc., a medical device vendor, uses green chemicals for manufacturing its products. Europe is one of the largest consumers of green chemicals in the global green chemicals market. Thus, the use of green chemicals will be a growing trend in the market during the forecast period.
Key Laboratory Chemicals Market Challenge
Stringent regulations for the usage of laboratory chemicals are one of the key factors challenging the laboratory chemicals market growth. The major safety hazards in laboratories are the risks presented by the dangerous properties of hazardous laboratory chemicals. For these reasons, various regulations relating to the handling of laboratory chemicals have been laid by government organizations. For instance, the US introduced the Frank R. Lautenberg Chemical Safety for the 21st Century Act in 2016. This act controls the introduction of new or existing chemicals. In 2008, the European Union implemented Directive 2008/50/EC of the European Parliament to provide standards for ambient air quality and cleaner air in Europe. This, in turn, will hamper the market growth during the forecast period.
This laboratory chemicals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global laboratory chemicals market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the laboratory chemicals market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the laboratory chemicals market encompasses successful business strategies deployed by the key vendors. The laboratory chemicals market is fragmented, and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report laboratory chemicals market contains comprehensive market knowledge and an in-depth vendor landscape added on to an analysis of the key vendors.
Our In-house experts produce extensive information on the value chain and parent market of the laboratory chemicals market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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37% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for laboratory chemicals market in North America. Market growth in this region will be slower than the growth of the market in APAC.
The increasing consumption of pharmaceutical drugs will facilitate the laboratory chemicals market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 slightly decreased the demand for laboratory chemicals in North America. However, the pandemic resulted in the increased use of laboratory chemicals in the pharmaceutical and healthcare industries for the production of vaccines. Thus, the regional market is expected to grow during the forecast period.
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The laboratory chemicals market share growth in the industrial segment will be significant during the forecast period. The industrial segment will contribute to the highest share of the global laboratory chemicals market during the forecast period owing to the increasing usage of chemicals for various industrial processes, such as acid chloride preparations, carboxylation, ion-exchange reactions, cryogenic reactions, and nitration. Moreover, the rising demand from the industrial sector is anticipated to increase the demand for laboratory chemicals during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the laboratory chemicals market size and actionable market insights on the post-COVID-19 impact on each segment.
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Laboratory Chemicals Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
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Market growth 2022-2026 |
$4.67 million |
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Market structure |
Fragmented |
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YoY growth (%) |
3.67 |
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Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key consumer countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Apollo Scientific Ltd., Avantor Inc., Avonchem Ltd., Beckman Coulter Inc., Becton Dickinson and Co., Bio-Techne Corp., DASIT Group SPA, FUJIFILM Holdings Corp., GE Healthcare Inc., AppliChem GmbH, Lonza Group Ltd., Merck KGaA, Meridian Bioscience Inc., Mitsubishi Chemical Corp., Morphisto GmbH, PerkinElmer Inc., Reagecon Diagnostics Ltd., Shimadzu Corp., Sisco Research Laboratories Pvt. Ltd., and Takara Holdings Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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