New York, United States , May 29, 2023 (GLOBE NEWSWIRE) -- The Global Radiation Shielding Materials Market Size is to grow from USD 273.8 Million in 2022 to USD 647.1 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 8.9% during a projected period. Increased precautionary consciousness among people working with radioactive machinery, as well as an increase in the overall number of diagnostic imaging facilities and installations, as well as an increase in the incidence of long-term illnesses such as cancer, are all critical factors driving the radiation shielding materials market.
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Radiation shielding is a technique that limits the impact and rate of penetration of radioactive ray’s dependent on the type of radiation present. Radiation shielding mitigates the harmful effects of radiation by preventing particles from passing through a material layer. Radiation shielding is an important field in many industries, including nuclear energy, nuclear medicine, non-destructive testing, healthcare, and medical imaging. The global radiation shielding materials market is expanding as a result of factors such as increased use of nuclear energy, radiation therapy, diagnostic imaging centers, public safety awareness, global healthcare sector expansion, increased use of nuclear medicine, and increased number of nuclear energy plants. Another driver boosting the market for radiation shielding materials is the expansion of the aerospace sector, which requires these materials to protect astronauts and electrical components on board spacecraft and satellites from cosmic radiation.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Radiation Shielding Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Electromagnetic Radiation, Particle Radiation, Acoustic Radiation, Gravitational Radiation), By Material Type (Ceramicrete, Plexiglas, Depleted Uranium, Tin, Antimony, Tungsten, Lead, Rubber, Others), By End-Users (Diagnostic Centers, Hospitals, Oncology Department, Nuclear Energy Plant, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032". Get Detailed Report Description Here:
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The acoustic radiation segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global radiation shielding materials market is segmented into the electromagnetic radiation, particle radiation, acoustic radiation, and gravitational radiation. Among these, the acoustic radiation segment is dominating the market with the largest revenue share of 38.6% over the forecast period. This rise might be attributed to the increasing demand for Acoustic reduction and monitoring in industries including as construction, automotive, and aerospace.
The lead segment is witnessing significant CAGR growth over the forecast period.
On the basis of material type, the global radiation shielding materials market is segmented into ceramicrete, plexiglas, depleted uranium, tin, antimony, tungsten, lead, rubber, and others. Among these, the lead segment is witnessing significant CAGR growth over the forecast period. Lead is a commonly utilized substance in the production of radiation shielding equipment. Lead has been turned into many product forms to provide radiation shielding and protection, such as lead glass, lead bricks, and lead wool.
The diagnostic centers segment accounted the largest revenue share of more than 38.3% over the forecast period.
On the basis of end-users, the global radiation shielding materials market is segmented into diagnostic centers, hospitals, oncology departments, nuclear energy plants, and others. Among these, discrete industries are dominating the market with the largest revenue share of 38.3% over the forecast period. The expanding number of diagnostic centers and radiological facility installation bases are the major drivers driving the radiation shielding materials market's expansion.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. The increased need for diagnostic imaging treatments is propelling the North American radiation shielding materials market forward. The aircraft sector is also stimulating the market for radiation shielding materials in North America. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The region's increasing use of nuclear energy and radiation therapy technology is one of the key drivers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Radiation Shielding Materials Market include Nelco Inc., XrayCurtains, Aktinovolia, MarShield, ETS-Lindgren, Nuclear Shields B.V., Nuclear Lead Co., Inc., Gaven Industries, Inc., Amray Radiation Protection, Cleveland Tungsten, Inc., Swift Glass Company, Inc., A&L Shielding, Spira Manufacturing, Precision Custom Components, LLC, Ames Metal Products Co., Inc., Ray-Bar Engineering Corp., and among others.
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Recent Developments
On February 2023, MarShield's Plasti-Shield ® Boron Filled Polyethylene Neutron Shielding is a lightweight, affordable neutron shielding option for applications in industrial, healthcare, cancer treatment centers, diagnostic, hospital facilities, nuclear reactors, and nuclear storage. It is very effective at attenuating and absorbing neutron radiation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Radiation Shielding Materials Market based on the below-mentioned segments:
Radiation Shielding Materials Market, Type Analysis
- Electromagnetic Radiation
- Particle Radiation
- Acoustic Radiation
- Gravitational Radiation
Radiation Shielding Materials Market, Material Type Analysis
- Ceramicrete
- Plexiglas
- Depleted Uranium
- Tin
- Antimony
- Tungsten
- Lead
- Rubber
- Others
Radiation Shielding Materials Market, End-Users Analysis
- Diagnostic Centers
- Hospitals
- Oncology Department
- Nuclear Energy Plant
- Others
Radiation Shielding Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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