Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Laboratory Chemicals Market Report (2023-2028)," the market is estimated at USD 27.68 billion in 2023. It is expected to register a CAGR of 4.30% during the forecast period.
Laboratory chemicals include standard chemical reagents and basic building blocks for more complex chemicals. They are also used in wastewater treatment. The laboratory chemicals market is driven by the growth of research and development (R&D) activities in biological and chemical sciences. There are substitutes available for several laboratory chemicals, which are expected to hinder the growth of this market. However, technological advancements like cell culture, recombinant DNA, biotherapeutics, and nanomaterials are expected to present more opportunities in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 27.68 billion |
| Market Size (2028) | USD 34.17 billion |
| CAGR (2023-2028) | 4.30% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increasing investments in R&D. |
| Technological advancements. |
Who are the Top Companies in the Global Laboratory Chemicals Market?
The market is partially fragmented, with the presence of global and local players. The significant players in the global laboratory chemicals market are,
- 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.
- R&D Systems
- Sigma-Aldrich Corp.
- UJIFILM Wako Chemicals
Other Reports That Might Be of Your Interest:
- Italy Laboratory Chemicals Market Report - The Italian laboratory chemicals market is expected to register a CAGR of more than 3% over the next five years.
- Textile Chemicals Market Report - The global textile chemicals market is projected to register a CAGR of 3.5% or more over the next five years.
Key Highlights from the Global Laboratory Chemicals Market Report:
Potential for Growth in Industrial Applications
- From bromination to cryogenic reactions, laboratory chemicals have diverse industrial applications. The most common laboratory chemical processes include acid chloride preparations, carboxylation, ion-exchange reactions, nitration, Suzuki coupling, and Williamson's ether synthesis.
- These chemicals play a crucial role in manufacturing commercial products through processes like re-crystallization and distillation.
- Increased agricultural output is driving the demand for chemicals like sulfuric acid. Investments in R&D for sustainable and environmentally friendly chemicals are increasing.
Europe to Dominate the Market
- Italy holds one of the world's largest chemical markets, with significant chemical revenue and exports. There is an increased focus on medium to high-technology sectors like pharmaceuticals, mechanics, and chemicals, with strong innovation.
- Germany's pharmaceutical market is attractive to global manufacturing companies, leading to expansions and investments.
- Ireland also plays a significant role in global pharmaceutical production, with the presence of major pharmaceutical companies and substantial investments.
What are the Latest Developments in the Global Laboratory Chemicals Market?
- In August 2022, Bayer was observed developing the Solida-1 pharmaceutical production facility at its site in Leverkusen, Germany, for an investment of USD 286.98 million. The facility is expected to be operational by 2024.
Mordor Intelligence has Segmented the Global Laboratory Chemicals Market Based on Type, Application, and Geography.
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Molecular Biology
- Cytokine and Chemokine Testing
- Carbohydrate Analysis
- Immunochemistry
- Cell/Tissue Culture
- Environmental Testing
- Biochemistry
- Other Types
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Industrial
- Academia/Educational
- Government
- Healthcare (Pharmaceutical)
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Laboratory Chemicals Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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