Feb 17,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Laboratory Chemicals Market.
It was estimated prior to this unanticipated outbreak that the Laboratory Chemicals Market was expected to grow at a CAGR of 4.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Laboratory chemicals are the substance used for performing experimental procedures or to develop drugs or other chemicals. It must maintain its purity to be used in chemical analysis, chemical reactions, or physical testing.
Laboratory chemicals can be broadly classified on the basis of their hazard class which are flammables, oxidizers, corrosives (acidic or bases), highly reactive, extreme toxic, and low hazard.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the laboratory chemicals market is segmented as industrial, education, government, and healthcare. The industrial segment is likely to remain the largest application of the market during the forecast period, owing to wider usage of chemicals for industrial processes, such as for bromination, acid chloride preparations, carboxylation, ion-exchange reactions, cryogenic reactions, and nitration.
In terms of regions, Europe to maintain its supremacy in the market during the forecast period, with the Italy being the key growth engines of the region’s market. Asia-Pacific is expected to be the fastest growing market over the next five years, propelled by China and India. China is one of the largest markets for chemical industry in the world.
Some of the major laboratory chemicals manufacturers are-