Radiation Shielding Material Market is Expected to Reach $980 million | MarketsandMarkets.

Chicago, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The radiation shielding material industry is poised for remarkable growth in the near future as advancements in technology and increased awareness of radiation-related risks drive demand. With the proliferation of nuclear energy, medical imaging, and space exploration, the need for efficient and innovative shielding materials has never been greater. Anticipated developments include the incorporation of novel materials, such as metamaterials and nanocomposites, offering superior protection while maintaining lightweight and cost-effective solutions. Furthermore, sustainable and eco-friendly shielding materials are expected to gain traction as environmental concerns grow. The industry's evolution promises not only enhanced radiation protection across various sectors but also significant contributions to the global pursuit of safer and more sustainable technologies.

Radiation Shielding Material market in terms of revenue was estimated to be worth $714 million in 2023 and is poised to reach $980 million by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in the radiation shielding material market is mainly driven by the Increasing usage of nuclear medicine & radiation therapy coupled with the rising incidence of cancer.

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Radiation Shielding Material Market Scope:

Report Coverage	Details
Market Revenue in 2023	$714 million
Estimated Value by 2028	$980 million
Growth Rate	Poised to grow at a CAGR of 6.5%
Market Size Available for	2021–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Material and Application
Geographies Covered	North America, Europe, Asia Pacific, and Rest of the World
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Raising demand for cancer treatment Increasing private investments in cancer research
Key Market Drivers	Increasing use of particle therapy for cancer treatment

Radiation Shielding Material market major players covered in the report, such as:

• ETS-LINDGREN (An Esco Technologies Company) (US)
• Nelco worldwide (US)
• Infab Corporation (US)
• Burlington Medical (US)
• MarShield (Canada)
• Ray-Bar Engineering Corp (US)
• Mars Metal Company (Canada)
• Radiation Protection Products (US)
• Nuclear Lead Co (US)
• Ultraray (Canada)
• Veritas Medical Solutions, LLC (US)
• Global Partners in Shielding, Inc (US)
• Nuclear Shields (Netherlands)
• A&L Shielding (US)
• Amray Medical (Ireland)
• Protech Medical (US)
• Lemer Pax (France)
• Pilot Industries Limited (India)
• Mayco Industries (US)
• Nuclear Shielding Supplies & Service (US)
• Canada Metal North America Ltd. (Canada)
• Lead Shielding (US)
• Wardray Premise (UK)
• Calder Healthcare (UK)
• Gravita India Ltd. (India)
• and Among Others

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This research report categorizes the radiation shielding material market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

By Type

• Electromagnetic Radiation
• Particle Radiation

By Material

• Lead Shielding
• Lead Composite Shielding
  • Rubber
  • Barium
  • PVC
  • Others
• Non-Lead and Lead Free Shielding
  • Concrete
  • Copper
  • Tungsten
  • Others

By Application

• Diagnostic x-ray room shielding
• CT Scanner shielding facility
• MRI Room shielding
• Nuclear medicine imagingshielding
• Radiotherapy shielding
• Radiation protection safety aprons/apparel/equipments

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The key stakeholders in the Radiation Shielding Material market include:

• Senior Management
• End User
• Finance/Procurement Department
• R&D Department

Recent Developments:

• In August 2023, ETS-Lindgren announced its strategic alliance with TUV Rheinland North America for its new Technology and Innovation Center located in Massachusetts, including AMETEK-CTS, Fair-Rite, Innova, and Rohde & Schwarz, are key supporting partners in the creation of the Technology and Innovation Center. With the cooperation of ETS-Lindgren and these industry leaders, TUV Rheinland will facilitate the integration of essential equipment, enabling the delivery of holistic customer solutions.
• In July, 2022, Burlington Medical has launched the XENOLITE 800 NL (No-Lead) apron series. XENOLITE 800 NL is a lead-free, super-lightweight, flexible, and recyclable x-ray radiation protection apron. The XENOLITE 800 NL series uses antimony and tungsten, which are supported, encapsulated, and homogeneously distributed in a tough-but-flexible, high-tech plasticized Dow elastomer matrix.
• In January 2021, Infab Corporation (US) accuried MediDrapes, a provider of disposable protective drapes used in medical imaging equipment such as mini-C-arms, fluoroscopes, and ultrasound machines, added to the company’s portfolio.

Frequently Asked Questions (FAQs) of Radiation Shielding Material Market:

Question 1: What is the projected market value of the global radiation shielding material market?
Answer: The Radiation shielding material market is projected to reach USD 980 million by 2028 from USD 714 million in 2023.

Question 2: What is the estimated growth rate (CAGR) of the global radiation shielding material market for the next five years?
Answer: The Radiation shielding material market is projected to reach a CAGR of 6.5% during the forecast period.

Question 3: Which type segment of the radiation shielding material market witness the highest market share?
Answer: The Electromagnetic segment is projected to observe the highest market share due to the growing usage of nuclear medicine and radiation therapy for diagnosis and treatment.

Question 4: What are the major revenue pockets in the radiation shielding material market currently?
Answer: Asia Pacific is expected to grow at the highest pace during the forecast period, primarily due to growing incidences of cancer which boost the demand for the diagnostic and radiotherapy treatment medical radiation shielding material.

Question 5: Who are the key players operating in the radiation shielding material market, and what are the key growth strategies applied?
Answer: In 2022, the global Medical Radiation Shielding market was dominated ESCO Technologies, Infab Corporation and Burlington Medical. The players adopted key strategies, such as collaborations, partnerships, acquisitions, expansions, and product launches, to increase their market penetration.

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Report Objectives:

• To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To define, describe, segment, and forecast the Radiation shielding material market by Type, Material, Application and Region
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall Radiation shielding material market
• To forecast the size of the Radiation shielding material market in five main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific, and Rest of the world
• To profile key players in the Radiation shielding material market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments, such as acquisitions; product launches; expansions; collaborations, agreements, & partnerships; and R&D activities of the leading players in the Radiation shielding material market.
• To benchmark players within the Radiation shielding material market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy

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