Laboratory Chemical Reagents Market Size, Share, Growth, and Industry Analysis by Type (Solvents, Acids, Standards, Dyes, Solutions and Others) By Application (Academic, Government, Industry, Pharma, Environmental Institutions and Others) Regional Forecast By 2031

Updated On: 29 April 2024

Laboratory Chemical Reagents Market Report Overview

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The global laboratory chemical reagents market size was USD 22570 million in 2021, as per our research, the market is expected to reach USD 42991 million in 2031, exhibiting a CAGR of 6.6% during the forecast period.

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 rise in CAGR is attributable to the market's growth and demand returning to pre- pandemic levels once the pandemic is over.

The laboratory chemical reagents market includes a wide range of products used in scientific research and industrial applications. These reagents are essential components of laboratory experiments, and their quality and purity are critical to obtaining accurate and reliable results.

Some of the key players operating in the global laboratory chemical reagents market include Thermo Fisher Scientific, Merck KGaA, Agilent Technologies, Sigma-Aldrich Co. LLC., Bio-Rad Laboratories, Inc., and others. These companies are focusing on expanding their product portfolios, strengthening their distribution networks, and engaging in strategic collaborations and partnerships to enhance their market presence and increase their market share.

COVID-19 Impact: Reduction in Healthcare Budgets to Limit the Market Demands

The disruptions in global supply chains caused by the pandemic led to shortages of certain raw materials and chemicals, which affected the production and availability of laboratory chemical reagents. This resulted in price increases for some reagents and difficulties in obtaining certain types of reagents, especially those used in COVID-19 testing. The lockdowns and travel restrictions imposed by governments to control the spread of the virus led to a decline in laboratory activities and research, which in turn reduced the demand for laboratory chemical reagents. The pandemic created a surge in demand for certain laboratory chemical reagents used in COVID-19 testing and research, leading to shortages and price hikes.

LATEST TRENDS

"Increasing Investment in Healthcare to Augment the Market Growth"

The increasing emphasis on research and development activities across various industries such as pharmaceuticals, biotechnology, and academic research is driving the growth of the laboratory chemical reagents market. The growing demand for healthcare services worldwide is driving increased investment in the healthcare industry, which is driving the growth of the laboratory chemical reagents market. The laboratory chemical reagents industry is increasingly focused on sustainable and eco-friendly products, with many companies investing in research and development to develop new and innovative products that are less harmful to the environment.

Laboratory Chemical Reagents Market Segmentation

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• By Type Analysis

By type, market is segmented into solvents, acids, standards, dyes, solutions and others. The solvents type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into academic, government, industry, pharma, environmental institutions and others. The academic segment will lead the global share through 2031.

DRIVING FACTORS

"Increasing Demand from Various Industries to Push the Market"

The demand for laboratory chemical reagents is increasing in various industries, including pharmaceuticals, biotechnology, food and beverage, and environmental testing. The growth of these industries is driving the demand for laboratory chemical reagents. The development of new technologies and advanced analytical techniques is increasing the demand for laboratory chemical reagents. These reagents are used in various laboratory applications such as DNA sequencing, protein analysis, and drug discovery. The healthcare sector is one of the major consumers of laboratory chemical reagents. The increasing incidence of diseases and the demand for accurate and reliable diagnostic tests are driving the growth of the healthcare sector, which in turn is driving the demand for laboratory chemical reagents.

"Increasing Research and Development Activities to Boost the Market Growth"

Governments across the world are implementing stringent regulations for quality control and safety of products. The use of laboratory chemical reagents is necessary for compliance with these regulations, and this is driving the demand for these reagents. The increasing research and development activities in various fields such as pharmaceuticals, biotechnology, and food and beverage are driving the demand for laboratory chemical reagents. These reagents are essential for conducting experiments and research in these fields.

Overall, the laboratory chemical reagents market is expected to continue to grow in the coming years, driven by these and other factors.

RESTRAINING FACTORS

"Competition from Alternative Technologies to Slow the Market Growth "

Many laboratories chemical reagents have a limited shelf life, which can lead to waste and higher costs if not used before expiration. There are alternative technologies available that can replace the use of laboratory chemical reagents, such as biosensors and molecular biology techniques. The disposal of laboratory chemical reagents can have environmental impacts, and there is growing concern about the sustainability of laboratory practices and the use of reagents. The laboratory chemical reagents market can be impacted by supply chain disruptions, such as shortages of raw materials, transportation issues, and geopolitical tensions.

Laboratory Chemical Reagents Market Regional Insights

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"North American Market to Grow Exponentially with the Forecasted Period"

The laboratory chemical reagents market is a global market that is expected to experience steady growth in the coming years. The market is characterized by a large number of players, with a few major players dominating the market.

North America is the largest market for laboratory chemical reagents, followed by Europe and Asia Pacific. The United States is the largest market in North America due to the presence of a large number of pharmaceutical and biotechnology companies in the country. Europe is the second-largest market due to the presence of a large number of research and development activities in the region. Asia Pacific is expected to be the fastest-growing market due to the increasing investment in research and development activities in the region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Merck (Germany)
• Thermo Fisher Scientific (U.S.)
• TCI (Japan)
• American Element (U.S.)
• Sinopharm (China)
• Xilongchemical (China)
• ABCR (Germany)
• BOC Sciences (U.S.)
• Wako-chem (Japan)
• Kanto (Japan)
• Glentham Life Sciences (UK.)
• JHD (CHina)
• SRL Chemical (India)
• Applichem (Germany)
• JUNSEI (Japan)
• Euroasia Trans Continental (UK.)
• Aladdin (U.S.)
• Jkchemical (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.