Laboratory Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Laboratory Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for laboratory chemicals is anticipated to register a CAGR of more than 4% during the forecast period. The laboratory chemicals market is driven by many factors, such as growing R&D activities in the field of biological and chemical sciences.

Key Highlights

• Increasing usage in wastewater treatment is augmenting the growth of the market.
• Availability of substitutes for laboratory chemicals is likely to hinder the market’s growth.
• Advancement in technologies such as cell culture, recombinant DNA & biotherapeutics are projected to act as an opportunity for the market in future.

Key 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, Suzuki coupling, Williamson’s ether synthesis amongst few others.
• These chemicals play an important role in re-crystallization and distillation processes, to manufacture a wide variety of commercial products.
• In order to bring about a sustainable society, the Italian chemical industry is expected to serve a leading role in the industrial sector, in confidently taking on the challenge of resolving global-scale problems through technological innovations.
• 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, the growing demand from industrial sector is expected to increase the demand for laboratory chemicals.

In Europe region, Italy Country to Dominate the Market

• The Italian industry has changed profoundly over the years, and has strengthened its competitiveness, increasingly orienting itself toward international markets. In particular, it has focused toward medium to high technology sectors (such as pharmaceuticals, mechanics, and the chemical industry) and, even in the traditional sectors, it has strengthened innovative contents, 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 has almost doubled in the past decade, and is expected to moderately expand further in the near future, reaching an increase of EUR 100 billion.
• In Italy, general government expenditure on education continues to be among the lowest in the European Union, both as a proportion of GDP (3.9%, as compared to the EU average of 4.7 %) and as a proportion of the total general government expenditure (7.9 %; EU average: 10.2 %).
• The Government of Italy distributed around EUR 239 million among the Italian regions for the school, according to three criteria, i.e., population in the relevant age bracket (0-6), share of children not enrolled in pre-primary education, and current attendance rates for early childcare.
• All such developments are expected to increase the demand for laboratory chemicals, during the forecast period.

Competitive Landscape

The laboratory chemicals market is expected to be partially fragmented, with the presence of both global and local players in the market. Major recognized players in the global laboratory chemicals market include Merck KGaA, Avantor Inc., ITW Reagents Division, Beckman Coulter, Inc., and General Electric, amongst others.

Additional Benefits:

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

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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