FTIR Instruments Market Size, Share, Growth, and Industry Analysis, By Type (Stationary and Handheld), By Application (Food & Beverages, Petroleum Industry, and Chemical Industry) and Regional Insights and Forecast to 2032

Updated On: 15 April 2024

FTIR Instruments MARKET REPORT OVERVIEW

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The global FTIR Instruments Market size was USD 326.9 million in 2022 and will touch USD 463.2 million by 2028, exhibiting a CAGR of 6.0% during the forecast period.

A Fourier transform infrared (FTIR) instrument measures the concentration of a particular material in gas or liquid phase samples using the method of infrared absorption. By measuring the wavelengths of gases and liquids, it analyzes them and divides them into several categories. In order to increase accuracy, security, and safety when investigating unknown materials, FTIR spectrometers now offer simultaneous observations at two separate frequencies.

One major reason propelling the growth of the (FTIR) instruments market is the rise in applications for FTIR spectroscopy. FRIR spectroscopy has several applications in life science, research, food and packaging, gas analysis, environmental analysis, medicines, and forensics. The FTIR Instruments Market growth  is mostly being driven by the expansion of applications for FTIR spectroscopy.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 was the duration where the whole world faced extreme situations a drastic disruption in the health issues and economical issues. This fall faced by the people during pandemic caused a lot of disruptions especially in the machinery sector but the most affected sector was the equipment sector as complete halt on the activities related to this sector was imposed due the newly founded rules of social distancing, curfew and lockdowns for the betterment of people. These factors brought a lot of challenges in front of the (FTIR) instrument market share but past pandemic these challenges have been faced and put to rest since then.

LATEST TRENDS

"Rising Technology to Drive Market Growth"

Food makers may now swiftly ascertain the trans fat content of their products by using the IR attenuated total reflectance approach. Throughout the projected period, the pharmaceutical and life science sectors will increasingly employ FTIR instrument, which will fuel market expansion.

FTIR Instruments MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Stationary and Handheld amongst which the leading segment is the Stationary.

• Stationary: A stationary type of this particular product is widely used.

• Handheld: Handheld type of this product is popular and also extremely efficient resulting in the proliferated demand and sale.

By Application

Based on application the global market can be categorized into Food & Beverages, Petroleum Industry, and Chemical Industry amongst which the leading segment is the Food & Beverages.

• Food & Beverages: It nothing but a segment which this product applied to in a large amount of numbers.

• Petroleum Industry: It majorly is an industry which uses this in the second largest supply and demand scale.

• Chemical Industry: Third most used application of this particular product industry.

DRIVING FACTORS

"Pharmaceutical Sector to Boost the Market"

FTIR instrument is used in the pharmaceutical sector, food analysis, petrochemical engineering, polymer research, and organic synthesis. Stated differently, it can be applied to a wide range of tasks, such as process monitoring, compound identification, and separation of mixture components. A competitive edge is provided by the increasing application of Fourier transform infrared (FTIR) in the chemical and food and beverage sectors. A primary driver of the Fourier Transform Infrared (FTIR) market's expansion is the growing use of portable spectrophotometers in fields such as materials chemistry, biology, astronomy, and non-contact temperature measurement.

"Rapid Urbanization to Expand the Market"

The market is further affected by the higher spending on R&D initiatives. The food fingerprinting techniques are advantageous to the market. The market for Fourier transform infrared (FTIR) is benefited by quick industrialization, rising investments, and the growth of the manufacturing sector. There has also been a rise in the use of FTIR instruments due to strict packaging and food labeling laws. To ascertain the trans-fat content of food goods, for instance, food makers employ the infrared attenuated total reflectance (ATR) technology. In the process of developing new drugs, FTIR equipment are frequently employed for validation, analysis, and fast raw material verification. Opportunities for the FTIR market to develop are created by the growing use of FTIR instruments in pharmaceutical and life science applications.

RESTRAINING FACTOR

"High Costs to Impede Market Growth"

The market for Fourier transform infrared (FTIR) will be further challenged during the forecast period by issues with the growing cost of these instruments as well as trade-offs between accuracy and cost of the density meter instrument. Both of these factors are major restraints on the market growth.

FTIR Instruments Market REGIONAL INSIGHTS

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"North America Dominating the Market due to Advanced Technology"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Due to the increased need to identify minerals and gases and to explore oil shale reserves, North America currently holds a dominant market share in the Fourier transform infrared (FTIR) market. The growth of the petrochemical and petroleum industries is another factor propelling market expansion in this region.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• ABB (Switzerland)
• Thermo Fisher Scientific (U.S.)
• Agilent Technologies (U.S.)
• PerkinElmer Inc. (U.S.)
• Shimadzu Scientific Instruments (Japan)

INDUSTRIAL DEVELOPMENT

April 2023: The new-age technology has been introduced the field of machinery and equipment by the invention of buyback by the market player ABB (Switzerland).

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.