ALBANY, New York, Nov. 20, 2017 (GLOBE NEWSWIRE) -- In a fragmented cleanroom consumables market, top three players Kimberly Clark Corporation, Nitritex Ltd., and Texwipe collectively held 36% market share in 2014. The presence of a multitude of global players as well as regional players gives a tough competition to new entrants wishing to gain entry in this market. High initial investment and stringent regulations to adhere are further restricting the entry of new players in this market.
According to a report by Transparency Market Research (TMR), the global cleanroom consumables market is likely to rise at a CAGR of 4.76% for the forecast period between 2015 and 2023. Progressing at this rate, the market’s valuation will become worth US$3.04 bn from a valuation of US$2.21 bn in 2016.
North America is anticipated to hold a significant 34% market share by the end of 2023. Europe is likely to follow suit and both regions are expected to display sluggish growth compared to their market shares in 2014. This is mainly because both the regions have advanced substantially for cleanroom consumable products in the past and thus the markets are mature.
Get PDF Research Report Brochure for more Insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3995
On the contrary, Asia Pacific is anticipated to display a robust growth rate through 2023 owing to modernization of the healthcare industry and a growing geriatric population susceptible to health conditions. Key vendors in the market are increasingly seeking opportunities in Asia Pacific. This is because of low investment capital and low regulatory restrictions to set up plants in emerging economies of Asia Pacific.
Among the key product types, gloves are expected to lead in terms of growth rate over the forecast period. The gloves product segment is likely to expand at a CAGR of 5.65% over the 2016-2023 forecast period.
Adoption of Advanced Technology in Healthcare to Open Growth Avenues
The adoption of nanotechnology in healthcare and pharmaceutical industries have given a facelift to operational efficiency and precision in product manufacture, states a TMR analyst. Over the recent past, medical device manufacturers and contract manufacturing organizations (CMOs) have emerged in large numbers to serve the incessantly increasing demand for advanced devices. This in turn, has led to the increased demand for cleanroom consumables for manufacturing units of advanced medical devices.
Likewise, the growth of the biological drug industry is also acting in favor of the growth of cleanroom consumables market. The popularity of biological drugs to treat a number of chronic diseases is also stoking demand for cleanroom consumables from biological drug makers.
Regulatory Differences and Difference in Functional Requisites of Cleanroom Consumables Inhibit Trade at International Level
While cleanroom consumables are subject to high regulatory standards to be certified for use, the high level of difference in functional requisites of cleanroom consumables between regions is severely hindering the trading of cleanroom consumables on a global level.
Further, manufacturers have to enter into long term contracts to mitigate chances of drop in product quality and to mitigate the trade cost of these products.
The information presented here is based on the findings of a TMR report, titled “Cleanroom Consumables Market (Product - Cleanroom Apparels (Coveralls, Frocks, Boot Covers, Shoe Covers, Bouffants, Sleeves, and Pants, Face Masks, and Hoods), Cleaning Products (Cleanroom Mops, Buckets, Wringers, and Squeegees, Validation Swabs, and Cleaning Chemicals), Cleanroom Stationeries (Papers, Notebooks and Adhesive Pads, Binders and Clipboards, and Labels), Wipers (Dry and Wet), Gloves, and Adhesive Mats; Application - Electronics, Pharmaceutical and Biologics, Biotechnology, Medical Devices, Aerospace and Defense, and Academics and Automotive) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023.”
Buy this Research Report for more Professional and Technical Industry Insights: https://www.transparencymarketresearch.com/checkout.php?rep_id=3995<ype=S
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com