Global Industrial Radioisotope Market Research Report 2024(Status and Outlook)

Global Industrial Radioisotope Market Research Report 2024(Status and Outlook)

Report Overview

A radioisotope is the unstable form of an element that emits radiation, which is easily traceable, and are used in industry to test, trace and measure industrial processes and operations. Radioisotopes are used in many sectors of industry and for scientific research and development. This includes radioactive tracers, as nuclear measurement systems for process monitoring, and as non-destructive testing for quality control of materials and structures as well as integrity testing.

The application of radioisotopes is progressing rapidly. At present, the research hotspots of industrial application of isotope technology in the world focus on γ-CT non-destructive testing, radiation imaging safety inspection, research and development of new nuclear measurement and control instruments, environmental pollution monitoring and control, radiation processing, etc.

With several major international reactors for radioisotope preparation nearing the end of their lives and increasing emphasis on nuclear non-proliferation constraints, the International Atomic Energy Agency (IAEA) and the Organization for Economic Co-operation and Development (OECD) are focusing on HEU production Alternative technologies for the fission product molybdenum-99 include direct reactor production with low-enriched uranium and accelerator production. At present, the Netherlands (construction of reactors), Germany (construction of reactors), Australia (expansion of production capacity), Belgium (research on low-enriched uranium technology), South Korea (construction of special isotope reactors), and Canada (use of accelerators) are carrying out related work.

The global Industrial Radioisotope market size is projected to reach US$ 1496.23 Million by 2029 from US$ 810.76 million in 2022 at a CAGR of 9.32% during 2023-2029. Rising Demand for Non-Destructive Testing (NDT) is the Radioisotope Market Growth core driving force. Radioactive materials can be used to check the integrity of metal parts and welds in a variety of industries. Industrial gamma radiography exploits the ability of various types of radiation to penetrate materials to varying degrees. Increased safety and quality assurance concerns in industries such as oil and gas, manufacturing, aerospace, and construction are driving the adoption of nondestructive testing techniques using industrial radioisotopes.

Additionally, industrial radioisotopes play a vital role in studying material flow rates, identifying inefficiencies and locating leaks, thereby aiding in process optimization. This provides material benefits to the industry, driving its demand. The increasing application of industrial instrumentation is also an important contributing factor. The use of industrial radioisotope gauges is expanding into industries requiring precise level measurements of gases, liquids and solids. These meters provide non-contact measurement capabilities, especially in challenging environments, and aid in process control and quality assurance. Factors such as the rapid development of food irradiation processing, the increasing adoption rate of emerging industries, and the gradual improvement of industry regulatory mechanisms will also play an important and positive role in the development of the industrial radioisotope market.

At the same time, factors such as limited public awareness of nuclear technology applications, regulatory compliance requirements, cost and accessibility, and the emergence of alternative technologies may hinder the rapid development of the industrial radioisotope market.

Segment by Type, the Industrial Radioisotope can be split into Tc-99m, Cobalt-60, Iridium-192, Cesium-137, Uranium-235, Carbon-14, Tritium (H-3), Cd-109, Others. Current Tc Two types of radioisotopes, -99m and Cobalt-60, are the most used and already account for 31.54% and 14.88% of the market in 2022, respectively. Tc-99m In addition to its extensive use in diagnostic imaging procedures in nuclear medicine, Tc-99m can be used in industrial radiography, flow visualization studies, environmental monitoring, and industrial research. The gamma radiation emitted by Tc-99m creates high-resolution images that aid in quality control and safety assurance in industries such as manufacturing, construction, and oil and gas. On the other hand, Cobalt-60 is widely used in industrial applications such as radiation therapy, sterilization of medical equipment, and food irradiation. It emits gamma radiation with high penetrating power, which makes it suitable for these applications.

Segment by Application, the Industrial Radioisotope can be split into Food Industry, Crack Monitoring, Inspection, Others. In 2022, the three industries of Food Industry, Crack Monitoring, and Inspection have occupied 26.04%, 27.54%, and 32.85% of the market share respectively. Radioactive isotopes such as Cobalt-60, Iridium-192, and Cesium-137 emit gamma rays and are used in radiographic testing (RT) and gamma-ray spectroscopy to detect defects, material thickness, and elemental composition. Radioisotope detection technology provides efficient and accurate results for the rapid detection of defects, inconsistencies and irregularities in materials and products. This helps ensure compliance with quality standards, minimize defects and increase product reliability. The use of industrial radioisotopes in the food industry is primarily driven by food irradiation applications. Radioactive isotopes such as Cobalt-60 and Cesium-137 are used in food irradiation to control pests, pathogens and spoilage microorganisms to improve food safety and extend the shelf life of various foods.

On basis of geography, the Industrial Radioisotope market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa, etc. Currently, the Asia-Pacific region contributes the highest revenue to the market. During the forecast period, the market size of the Asia-Pacific region will still expand at the highest CAGR of 12.81%. The Asia-Pacific region is experiencing rapid industrialization and infrastructure development, especially in emerging economies such as China, India, and Southeast Asian countries. This growth has driven the demand for radioisotopes in various industrial applications, including crack monitoring, inspection, and quality control in manufacturing, construction, and energy, among others. Moreover, the food industry in Asia Pacific is large and growing due to its population size and changing dietary patterns. The demand for radioisotopes in the food industry in Asia Pacific is expanding amid growing concerns over foodborne illnesses and the need for effective food preservation techniques.

According to our calculations, in 2022, the two indicators used to measure market concentration, CR5 and HHI, were 55.34% and 6.92% respectively. This means that the concentration of the global industrial radioisotope market is low, and the manufacturers in the market are still in the midst of fierce competition. There are numerous manufacturers operating at regional and global levels. This fragmentation is due to the ownership of radioisotope production facilities by different countries, including government agencies, research institutions and private companies. The existence of multiple manufacturers competing for market share prevents high concentration and fosters a competitive environment. Major players in the market include Eckert & Ziegler Strahlen, Nordion, IBA Group, Rosatom, ANSTO, China Isotope and Radiation Corporation (CIRC), NRG, NTP Radioisotopes, IRE ELiT, Polatom, FSUE Mayak PA, LANL (Los Alamos National Laboratory) , Board of Radiation and Isotope Technology.

This report provides a deep insight into the global Industrial Radioisotope market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Industrial Radioisotope Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Industrial Radioisotope market in any manner.

Global Industrial Radioisotope Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

Eckert & Ziegler Strahlen

Nordion

IBA Group

Rosatom

China Isotope and Radiation Corporation (CIRC)

NRG

NTP Radioisotopes

IRE ELiT

Polatom

FSUE Mayak PA

LANL (Los Alamos National Laboratory)

ANSTO

Board of Radiation and Isotope Technology

Market Segmentation (by Type)

Tc-99m

Cobalt-60

Iridium-192

Cesium-137

Uranium-235

Carbon-14

Tritium (H-3)

Cd-109

Others

Market Segmentation (by Application)

Food Industry

Crack Monitoring

Inspection

Others

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Industrial Radioisotope Market

Overview of the regional outlook of the Industrial Radioisotope Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Industrial Radioisotope Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.