Laboratory Chemicals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Laboratory Chemicals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The laboratory chemicals market is anticipated to register a CAGR of more than 4% during the forecast period (2022-2027).

The COVID-19 outbreak negatively impacted the market in 2020. However, the market has since reached pre-pandemic levels and is expected to grow steadily during the forecast period.

Key Highlights

• The laboratory chemicals market is driven by growing R&D activities in the field of biological and chemical sciences.
• Increasing usage in wastewater treatment is also augmenting the growth of the market.
• However, the availability of substitutes for laboratory chemicals is likely to hinder the market’s growth.
• Advancements in technologies, such as cell culture, recombinant DNA, and biotherapeutics, are projected to act as an opportunity for the market in the future.

Laboratory Chemicals Market TrendsIndustrial Application to Witness the Higher Potential Growth

• Laboratory chemicals are extensively used in a wide variety of industrial processes, ranging from bromination to numerous cryogenic reactions.
• Some of the most common processes that use laboratory chemicals include acid chloride preparations, carboxylation, ion-exchange reactions, nitration, SuzUnited Kingdomi coupling, and Williamson’s ether synthesis.
• These chemicals play an important role in re-crystallization and distillation processes to manufacture a wide variety of commercial products.
• Occupational and industrial safety and disaster prevention have led to increasing investments in the R&D department to formulate new chemicals that are equally sustainable and less hazardous to the environment.
• Hence, growing demand from the industrial sector is expected to increase the demand for laboratory chemicals.

Italy to Dominate the Market in Europe

• The Italian industry has changed significantly over the years, orienting itself toward international markets and strengthening its competitiveness.
• Its focus has been particularly on medium to high technology sectors (such as pharmaceuticals, mechanics, and the chemical industry). Even in the traditional sectors, the Italian industry focused on strong innovation, as evidenced by the sharp increase in patent applications.
• The Italian manufacturing sector has started the renovation of various production plants, particularly with reference to Industry 4.0 technologies, supported by tax incentives.
• The results are clearly visible in trade balance, which almost doubled in the past decade, and it is expected to moderately expand further in the future, reaching an increase of EUR 100 billion.
• All such developments are expected to boost the demand for laboratory chemicals during the forecast period.

Laboratory Chemicals Market Competitive Analysis

The laboratory chemicals market is estimated to be partially fragmented, with the presence of global and local players. Major recognized players in the laboratory chemicals market (in no particular order) include ITW Reagents Division, Merck KGaA, Beckman Coulter Inc., General Electric, and Avantor Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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