Laboratory Chemicals Market Forecasts to 2030 – Global Analysis By Type (Carbohydrate Analysis, Immunochemistry, Molecular Biology, Cytokine and Chemokine Testing, Environmental Testing and Other Types), Application and By Geography

Laboratory Chemicals Market Forecasts to 2030 – Global Analysis By Type (Carbohydrate Analysis, Immunochemistry, Molecular Biology, Cytokine and Chemokine Testing, Environmental Testing and Other Types), Application and By Geography

According to Stratistics MRC, the Global Laboratory Chemicals Market is accounted for $27.6 billion in 2023 and is expected to reach $42.3 billion by 2030 growing at a CAGR of 6.3% during the forecast period. A wide range of chemicals, such as solvents, acids, bases, salts, reagents, standards, analytical chemicals, and more, are available in the laboratory chemicals market. Chemical analysis, sample preparation, synthesis, and quality control are among the uses for these compounds. Academic studies, pharmaceuticals, biotechnology, clinical diagnostics, environmental analysis, food and beverage testing, materials science, and a variety of industrial operations are among the fields in which these compounds are used. In various domains, different chemicals are employed for certain tasks.

According to SelectUSA, a program by The International Trade Administration (ITA), US Department of Commerce, the medical devices market in the country is the largest medical devices market in the world, which is valued at USD 156 billion and is estimated to reach USD 208 billion by 2023.

Market Dynamics:

Driver:

Growing pharmaceutical and biotechnology industry

Laboratory chemicals are widely used in the pharmaceutical and biotechnology industries for quality assurance, medication development, and discovery. This industry uses a variety of reagents, including as buffers, cell culture medium, solvents, and reagents for analytical chemistry. Custom laboratory chemicals are typically needed by pharmaceutical and biotechnology businesses to fulfil their unique research requirements. Custom synthesis service providers meet these needs by producing specialized products thereby enhancing the growth of the market.

Restraint:

Fluctuations in the availability of key raw materials

Supply interruptions in the laboratory chemicals industry can result from fluctuations in the availability of essential raw materials. There might be difficulties obtaining the required inputs for manufacturers, which would cause delays in supply and output. Shortages of raw materials might compel producers to curtail the manufacturing of certain lab chemicals or stop producing them entirely. Customers who depend on these items for their industrial or research operations may be impacted. Different raw material substitutions can have an effect on laboratory chemistry performance and quality thus all the above factors stunt the growth of the market.

Opportunity:

Demand for environmentally friendly reagents

Using reagents and chemicals in the lab that have little effect on the environment is one of the eco-conscious techniques that laboratories and researchers are embracing more and more. Stricter environmental rules and regulations have been implemented with the goal of minimizing the usage of poisonous and hazardous substances. The creation of procedures and goods that minimize the use of hazardous materials and cut waste is emphasized by the concepts of ""green chemistry."" These ideas are supported by environmentally friendly reagents, which are frequently used in applications involving green chemistry.

Threat:

Regulatory compliance

Manufacturers of laboratory chemicals may incur increased expenses for compliance when meeting strict regulatory criteria. This covers costs for quality control, documentation, and testing, which might be transferred to customers in the form of increased pricing. The market may innovate more slowly if manufacturers are hesitant to introduce novel chemicals or formulas that need lengthy regulatory clearances. Managing a complicated supply chain to satisfy various regulatory standards in different locations may be difficult and expensive for suppliers and manufacturers with a worldwide presence.

Covid-19 Impact

Demand for laboratory chemicals and reagents surged in response to the COVID-19 pandemic, especially for research on antiviral drugs, vaccine development, and diagnostic tests. A consistent source of high-grade chemicals and reagents was required by laboratories doing COVID-19 testing and research. There were shortages and supply chain disruptions as a result of the abrupt and broad spike in demand for specific laboratory chemicals. It was difficult for suppliers and manufacturers to increase output while guaranteeing the supply of essential chemicals and reagents.

The carbohydrate analysis segment is expected to be the largest during the forecast period

The carbohydrate analysis segment is estimated to have a lucrative growth, as the identification, measurement, and characterisation of carbohydrates organic molecules made up of carbon, hydrogen, and oxygen in the laboratory chemicals market are accomplished via the use of specific reagents, standards, and apparatus. In several disciplines, such as biochemistry, food science, medicine, and environmental studies, carbohydrate analysis is crucial. Researchers, organizations, and suppliers working together can result in the creation of novel products and new techniques for analysing carbohydrates.

The industrial segment is expected to have the highest CAGR during the forecast period

The industrial segment is anticipated to witness the highest CAGR growth during the forecast period, as laboratory chemicals find wide applications in a variety of industrial processes, from multiple cryogenic reactions to bromination. Acid chloride preparations, carboxylation, ion-exchange reactions, nitration, Suzuki coupling, and Williamson's ether synthesis are a few of the most popular chemical reactions in laboratories. These substances are necessary for the distillation and re-crystallization procedures that produce a range of commercial goods.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the establishment of new educational facilities across the region, especially in the biological and chemical sciences. In the same way that new companies in the pharmaceutical sector will invest more in R&D, more test analysis will be possible. The growth of clinical research subcontracting activities in the Asian area will also drive up demand for chemical labs to evaluate drug quality or test items in the food, chemical, and biological sectors of research and development.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to more focus on global markets and enhancing its competitiveness. Italy is home to one of the biggest chemical markets globally. With about 11% of regional chemical sales, the nation has the third-highest chemical revenue in the European Union. Italy is a significant manufacturer of chemicals as well as a significant exporter of chemicals worldwide. It has mostly concentrated on medium- to high-technology industries (such the chemical, mechanical, and pharmaceutical sectors). Strong innovation was a priority for the Italian industry even in the traditional areas, as seen by the notable rise in patent applications which boosts the market growth.

Key players in the market

Some of the key players profiled in the Laboratory Chemicals Market include Applichem, Avantor Inc., BD BioScience, Beckman Coulter Inc., BiosYnth SRL, Carlo Erba Reagents SRL, GE Healthcare, ITW Reagents Division, Merck KGaA, Meridian Life Science Inc., Mitsubishi Rayon Co. Ltd, Morphisto GmbH, PerkinElmer Inc., Scientific OEM, Sigma-Aldrich Corp., UJIFILM Wako Chemicals, Wako-chem and Xilongchemical

Key Developments:

In November 2023, BD (Becton, Dickinson and Company) launched new needle-free blood draw technology compatible with integrated catheters, helping to further enable the company's vision of a ""One-Stick Hospital Stay.""

In September 2023, Avantor, Inc. has entered into an agreement with Tobin Scientific, a leading provider of biopharma cold chain. This partnership will deliver upon the growing customer need for complex logistics solutions with temperature-specific requirements.

In May 2023, Avantor® and Labguru Collaborate to Drive More Efficient Lab Buying Experience. Avantor and Labguru's combined solution will offer a single source for scientists to access a wide range of high-quality products when they need them at the lab bench.

Types Covered:
• Carbohydrate Analysis
• Immunochemistry
• Molecular Biology
• Cytokine and Chemokine Testing
• Environmental Testing
• Biochemistry
• Cell/Tissue Culture
• Other Types

Applications Covered:
• Government
• Academia/Educational
• Industrial
• Healthcare
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements