|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD27.25
billion
|
|
CAGR
(2023-2028)
|
3.86%
|
|
Fastest
Growing Segment
|
Corrosive
Acids
|
|
Largest
Market
|
North
America
|
Market Overview
Global Laboratory Chemicals Market was valued at USD27.25
billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 3.86% through 2028. Laboratory chemicals play a vital
role in numerous research and development processes across various industries.
These industries include pharmaceuticals, biotechnology, food and beverage,
environmental testing, and academic research institutions. As the demand for
advancements and innovations in these sectors continues to grow, the market for
laboratory chemicals expands accordingly.
One significant contributing factor to the
increasing demand for laboratory chemicals is the rise in regulatory
requirements and quality standards in sectors such as pharmaceuticals and food
and beverages. With stricter regulations in place, the need for high-quality
and safe products becomes paramount. Laboratory chemicals are instrumental in
ensuring that these products meet the necessary standards, thus driving their
market growth.
However, despite the positive growth face some
drivers some challenges. The fluctuating prices, the market for laboratory
chemicals does face some challenges. The fluctuating prices of raw materials
pose a hurdle for manufacturers, impacting the overall market growth.
Additionally, stringent regulations regarding the production, handling, and
disposal of laboratory chemicals can also impede market expansion.
Nevertheless, the industry is actively addressing
these challenges through technological advancements and improved practices. The
chemical industry is continuously striving to innovate and develop more
sustainable and efficient processes, mitigating the impact of raw material price
fluctuations and ensuring compliance with regulations.
Key Market Drivers
Rise in Biotechnology and Genomics Research
The biotech industry has experienced remarkable
growth in recent years, driven by increased funding from venture capitalists, strategic
partnerships, and successful IPOs. This surge in investment has fueled the
demand for laboratory chemicals, which play a crucial role in various stages of
biotechnological processes. From cell cultivation and DNA extraction to protein
synthesis, these chemicals are indispensable.
Notably, the National Institutes of Health (NIH)
has made substantial investments in the biomedical research enterprise,
including the field of biotech. This support has not only contributed to the
growth of the industry but has also boosted the demand for laboratory
chemicals. The NIH's commitment to advancing biomedical research has created a
favorable environment for innovation and technological advancements in the
biotech sector.
Moreover, genomics, a specialized branch of
biotechnology that focuses on studying the structure, function, evolution, and
mapping of genomes, is currently experiencing a significant boom. With the
emergence of new and powerful genome editing techniques, the field of genomics
is advancing at an unprecedented pace. This rapid progress has led to a
substantial increase in the demand for laboratory chemicals used in DNA
sequencing, gene cloning, and gene expression studies.
Furthermore, efforts to promote genomic awareness
and research participation among diverse communities have expanded the scope of
genomics research. These inclusive initiatives have not only enhanced our
understanding of genomics but have also fostered greater demand for laboratory
chemicals. As genomics research becomes more accessible and inclusive, the need
for specialized chemicals continues to grow.
In summary, the biotech industry's growth, driven
by increased funding and strategic partnerships, has propelled the demand for
laboratory chemicals. Additionally, the support from institutions like the NIH
and the advancements in genomics research have further intensified this demand.
The continuous evolution of these fields ensures that the demand for laboratory
chemicals will remain robust in the foreseeable future.
Growth in Pharmaceutical Industry
The pharmaceutical industry has been experiencing
remarkable growth, driven by the increasing global demand for medicines and
advancements in drug discovery and development technologies. This rapid
expansion has created a surge in the need for laboratory chemicals, which play
a vital role in various stages of pharmaceutical research, production, and
quality control.
Laboratory chemicals find applications across a
wide range of areas in the pharmaceutical industry. They are used in critical
processes such as the synthesis of active pharmaceutical ingredients (APIs),
formulation of drugs, and conducting essential tests to ensure the safety and
efficacy of pharmaceutical products. These chemicals are indispensable for achieving
accurate results and maintaining the highest standards of quality.
As the pharmaceutical industry continues to
flourish, the demand for laboratory chemicals is expected to skyrocket. This,
in turn, will propel the growth of the global laboratory chemicals market. With
such bright prospects, stakeholders in the laboratory chemicals market can look
forward to a promising future filled with opportunities for growth and success.
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Key Market Challenges
Disruptions in Supply Chain
The supply chain plays a critical and intricate
role in the laboratory chemicals market. It encompasses a series of
interconnected processes, starting from the meticulous sourcing of raw
materials, followed by the precise production of chemicals, and ultimately
culminating in the timely delivery to end-users across various sectors,
including pharmaceuticals, biotechnology, and academia. Any disruption, no
matter how minor, in this intricate chain can have far-reaching consequences,
leading to undesirable delays and increased costs, ultimately impacting the
overall market growth.
Several complex and interrelated factors can
contribute to supply chain disruptions in the laboratory chemicals market.
These include not only geopolitical tensions and natural disasters but also
trade restrictions and, more recently, the unprecedented challenges posed by
the ongoing COVID-19 pandemic. These events, individually or in combination,
can cause unforeseen delays in the shipment of raw materials or finished
products, leading to increased costs and reduced availability of essential
laboratory chemicals.
The COVID-19 pandemic, in particular, has sent
shockwaves throughout global supply chains, leaving no industry untouched.
Lockdown measures and travel restrictions have created substantial bottlenecks
and logistical hurdles, resulting in significant delays in the delivery of
laboratory chemicals. As a consequence, research and production activities
across various sectors have been severely affected, impeding scientific
progress and innovation.
Supply chain disruptions, irrespective of their
causes, can have far-reaching and cascading repercussions for the laboratory
chemicals market. Delays in the delivery of chemicals not only hinder critical
research activities but also disrupt the smooth functioning of laboratories and
production facilities. Moreover, increased costs associated with these
disruptions can put significant financial strain on companies operating within
the sector, potentially leading to reduced demand for laboratory chemicals.
This, in turn, further compounds the challenges faced by the market, ultimately
affecting its overall growth and stability.
Key Market Trends
Rising Adoption of Green Chemistry
Green chemistry, also known as sustainable
chemistry, is a philosophy of chemical research and engineering that encourages
the design of products and processes that minimize the use and generation of
hazardous substances. By prioritizing the principles of sustainability, green
chemistry aims to reduce environmental damage, improve resource efficiency, and
enhance safety for both the environment and human health.
As environmental concerns continue to gain
prominence in global discussions, the trend of adopting green chemistry is
expected to persist and expand. This shift towards more sustainable practices
is driven by the urgent need to mitigate the negative impacts of chemical
processes on the environment and human well-being. By embracing green
chemistry, industries and researchers can proactively address these challenges
while promoting innovations that support a greener and healthier future.
The adoption of green chemistry not only benefits
the environment but also presents new opportunities for innovation and growth
in the laboratory chemicals market. As industries strive to align with
sustainable practices, there is an increasing demand for eco-friendly
alternatives and greener technologies. This market shift creates a platform for
research and development, leading to the emergence of safer, more sustainable
chemical products that can meet the evolving needs of consumers and industries
alike.
In conclusion, the rising adoption of green
chemistry is a significant and transformative trend in the global laboratory
chemicals market. As this approach gains further traction, it is expected to
drive growth, foster innovation, and contribute to the development of safer,
more sustainable chemical products. By embracing green chemistry principles, we
can collectively work towards a more sustainable and environmentally conscious
future.
Segmental Insights
Type Insights
Based on the category of type, the corrosive acids segment
emerged as the dominant player in the global market for laboratory chemicals in
2022. Corrosive acids, such as hydrochloric acid and sulphuric acid, play a
crucial role in various industries including pharmaceutical, medical, and
automotive sectors. In the pharmaceutical sector, sulfuric acid and
hydrochloric acid are extensively used for chemical synthesis of drug
components. These acids also find application in the medical sector, where they
are used in the treatment of diseases. The constant demand for new and
innovative products in these sectors is anticipated to have a positive impact on
the usage of corrosive chemicals.
For instance, in 2021, Takeda Pharmaceutical
Company introduced moborcertinib, an FDA-approved treatment for lung cancer.
This marked a significant milestone in the field of cancer research and
treatment. Additionally, in 2019, Mylan collaborated with the Drug Controller
General of India to develop and launch Pteromalid, an experimental drug aimed
at treating pulmonary tuberculosis.
Sulphuric acid is commonly used as an alkaline
agent in cancer treatment, while hydrochloric acid has applications in
tuberculosis treatment. The introduction of such corrosive acid-based
experimental drugs is expected to further drive the demand for laboratory
chemicals, as more laboratory tests and experiments will be conducted to develop
medicine for other severe diseases. This highlights the pivotal role of
corrosive acids in advancing medical research and improving healthcare
outcomes.
Application Insights
The biochemistry segment is projected to experience
rapid growth during the forecast period. The field of biochemistry plays a
crucial role in various sectors, including medicine, nutrition, and
agriculture. In the medical field, biochemistry is instrumental in
understanding the causes and finding cures for diseases. In agriculture, it
delves into the study of soil composition and the development of effective
fertilizers. Additionally, in the realm of nutrition, biochemistry focuses on
maintaining optimal health and wellness through the study of dietary
components.
The healthcare sector has been witnessing rapid
advancements, leading to the introduction of new drugs, vaccines, and
agrochemicals manufacturing facilities. This has resulted in an increased rate
of testing and experiments. For example, in 2021, a collaboration between Merck
and Innovative Biotech led to the establishment of the first vaccine production
facility in Nigeria, specifically for designing virus-like-particle-based
vaccines. Furthermore, in the same year, the Food and Drug Administration
approved the use of monoclonal antibodies as a treatment for
primary-progressive multiple sclerosis, showcasing the continuous development
of innovative medical solutions.
As the introduction of new drugs and agrochemicals
continues, there will be a growing demand for more innovative products in the
medical and agriculture sectors. This, in turn, will lead to an increase in
testing and experiments on these new products. Consequently, there will be a
greater demand for chemicals to be used in laboratories to support these research
efforts.
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Regional Insights
North America emerged as the dominant player in the
Global Laboratory Chemicals Market in 2022, holding the largest market share in
terms of value. The region, which includes countries like the U.S, boasts some
of the largest pharmaceutical companies in the world, such as Merck, Pfizer,
and Bristol Myers. Additionally, the U.S is home to the largest chemical
industry worldwide. In 2020, the U.S Food and Drug Administration approved an
impressive 53 new innovative drugs and biologics, marking a significant 10%
increase compared to the previous year.
Furthermore, according to the 2021 report by the
European Federation of Pharmaceutical Industries and Associations, the U.S held
the largest share (63.7%) in global sales of new medicines launched between
2015 and 2020. Moreover, in 2019, the R&D expenditure in the U.S
pharmaceutical sector witnessed a 3% increase compared to Europe.
As a result of this rapid growth in R&D
expenditure and the production and launch of new products, the demand for
testing and experimental work in the pharmaceutical sector is expected to rise.
Consequently, this surge in experimental work will lead to a higher usage of
laboratory chemicals, thereby positively impacting the growth of the laboratory
chemicals industry in North America.
Recent Developments
- In November 2023, BD (Becton, Dickinson and
Company) introduced a groundbreaking needle-free blood draw technology that is now
compatible with integrated catheters. This innovative solution not only
revolutionizes the blood collection process but also aligns with BD's vision of
a "One-Stick Hospital Stay," aiming to enhance patient comfort and
overall healthcare efficiency.
- Moving forward to September 2023, Avantor, Inc.
entered into a strategic agreement with Tobin Scientific, a leading provider of
biopharma cold chain services. This collaboration was forged to address the
increasing demand for specialized logistics solutions with temperature-specific
requirements. By leveraging their respective expertise, Avantor and Tobin
Scientific are dedicated to delivering comprehensive and efficient cold chain
solutions to meet the evolving needs of their customers in the biopharmaceutical
industry.
- Additionally, in May 2023, Avantor® and Labguru
joined forces in an exciting collaboration aimed at streamlining the lab buying
experience and maximizing efficiency. Scientists and researchers will now have
access to an extensive range of high-quality products through a single
platform, Labguru, enabling them to easily obtain the necessary supplies
precisely when needed at the lab bench. This synergistic partnership between
Avantor and Labguru empowers scientists to focus more on their critical work,
accelerating scientific advancements and breakthroughs.
Key Market Players
- Avantor Inc.
- Beckman
Coulter Inc.
- BiosYnth
SRL
- Carlo
Erba Reagents SRL
- Merck
KGaA
- Meridian
Life Science Inc
- Mitsubishi
Rayon Co. Ltd
- Morphisto
GmbH
- PerkinElmer
Inc.
- Sigma-Aldrich
Corp.
|
By Type
|
By
Application
|
By Region
|
- Corrosive
Acids
- Corrosive
Bases
- Flammable
Chemicals
- Oxidizers
- Water-Reactive
Chemicals
- Compressed
Gas
- Others
|
- Molecular
Biology
- Cytokine and
Chemokine Testing
- Carbohydrate
Analysis
- Immunochemistry
- Cell/ Tissue
Culture
- Biochemistry
- Environmental
Testing
- Others
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:
In this report, the Global Laboratory Chemicals
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Global Laboratory Chemicals Market, By Type:
o Corrosive Acids
o Corrosive Bases
o Flammable Chemicals
o Oxidizers
o Water-Reactive Chemicals
o Compressed Gas
o Others
- Global Laboratory Chemicals Market, By Application:
o Molecular Biology
o Cytokine and Chemokine Testing
o Carbohydrate Analysis
o Immunochemistry
o Cell/ Tissue Culture
o Biochemistry
o Environmental Testing
o Others
- Global Laboratory Chemicals Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global
Laboratory Chemicals Market.
Available Customizations:
Global Laboratory Chemicals Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Laboratory Chemicals Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]