Laboratory Chemicals Market size is estimated to reach US$26.3 billion by 2027 after growing at a CAGR of 6.8% during the forecast period 2022-2027. Laboratory chemicals are the chemicals like oxidizers, corrosive acids, compressed gas, etc. which are used in laboratory testing and experiments. Such chemicals in laboratories are stored in ULT freezer containers and are used with apparatus like thermal cyclers or equipment like funnels, beakers, test tubes, bearers, etc. made from thermosetting plastics or nylon resin. In industrial sectors, these chemicals are used for investigative or diagnostics purposes and the major end-users of laboratory chemicals are pharmaceuticals, medical, automotive, etc. The drivers for the laboratory chemicals market are an increase in productivity in the pharmaceuticals sector, medical advancements for treating diseases, and growing investments in research & development for producing durable and eco-friendly consumer products. However, since the chemicals used in laboratories are acidic, flammable, or explosive, hence the stringent regulation imposed by the government organization relating to the usage of chemicals in laboratories has negatively impacted the laboratory chemicals industry.
The restrictions like lockdown, social distancing, and quarantining imposed by the governments in countries to prevent the spreading of COVID-19 caused disruptions in the functionality of certain end-users like medicine, cosmetics, pharmaceuticals, automotive, etc. The experimental work in these sectors is done to investigate or prepare the diagnosis of new products before their launch and to make improvements in existing ones. Hence, due to less workforce and restriction in movements of human personnel, the companies reduced their investments related to research & development and production of new products. For instance, as per the 2021 report European Union, in 2020 the overall research & development investments in EU based companies decreased by 2.2% with automobile companies showing a decrease of 4.3% in their R&D investments. Also, as per the 2020 report of the United Nations Office on Drugs and Crimes, due to restrictions in movements, there was a reduction in the production of opium medicine in Myanmar on account of the decrease in its sales. The decrease in research & development investments and production in the medicine and automotive sector negatively impacted the testing and experimental work for new products in them, which reduced the demand for laboratory chemicals in these sectors.
Laboratory Chemicals Market Segment – By Type
Corrosive acid held the largest share in the laboratory chemicals market in 2021, with a share of over 30%. This owns to factors like corrosive acids like hydrochloric acid and sulphuric acid have high applications in sectors like pharmaceutical, medical and automotive. In the pharmaceutical sector sulfur & hydrochloric acid are used in the chemical synthesis of drug components and in the medical sector they are used during the treatment of diseases. The growing demand for new innovative products in such sectors will have a positive impact on corrosive chemicals. For instance, in 2021 Takeda Pharmaceutical Company introduced FDA-approved moborcertinib as the first and most efficient treatment for lung cancer. Also, in 2019 Mylan collaborated with the Drug Controller General of India to create & launch Pteromalid, an experimental drug for treating pulmonary tuberculosis. Sulphuric acid is used as an alkaline agent in cancer treatment and hydrochloric acid is used for tuberculosis treatment. The introduction of such corrosive acid-based experimental drugs will have a positive impact on laboratory chemicals as more laboratory tests and experiments will be conducted to create medicine for other severe diseases.
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Laboratory Chemicals Market Segment – By Application
Biochemistry held the largest share in the laboratory chemicals market in 2021, with a share of over 35%. This owns to factor like findings of biochemistry is majorly applied in sectors like medicine, nutrition agriculture, etc. In medicine it is used to know the cause & cure of disease, in agriculture it investigates soil & fertilizers and in nutrition, it studies how to maintain health and wellness. The rapid development in the healthcare sector and the introduction of new drugs, vaccines, and agrochemicals manufacturing facilities, had increased the rate of testing and experiments. For instance, in 2021 Merck in collaboration with Innovative Biotech established the first vaccine production facility in Nigeria for designing virus-like-particle-based vaccines. Also, in 2021 Food and Drug Administration approved monoclonal antibodies which are laboratory-made proteins to be used as a treatment for primary-progressive multiple sclerosis. The introduction of such new drugs and agrochemicals will increase demand for more innovative products in the medical & agriculture sector leading to more testing and experiments on new products. Hence such an increase in the rate of testing will increase the demand for chemicals to be used in laboratories.
Laboratory Chemicals Market Segment – By End Use
The industrial segment held the largest share in the laboratory chemicals market in 2021, with a share of over 30%. This owns to factor like industrial sectors such as pharmaceuticals, healthcare is showing rapid development in their productivity by launching new drugs & medicine and increasing R&D investments. For instance, as per the 2021 report of the European Commission, the R&D investments of the U.S and China have increased in certain industrial sectors like, healthcare sector increased 17.9% and 30.7% in 2020. Also, in 2020 Sanofi launched drugs relating to Eczema and Dupixen which increased the pharmaceutical sale of the company by 6%. The increase in R&D investments and introduction of new medicines will lead to more testing on new drugs and medicinal products in the pharmaceutical & healthcare sector. Hence such an increase in testing will lead to more usage of laboratory chemicals, thereby having a positive impact on the growth of the laboratory chemicals industry in the healthcare & pharmaceutical sector.
Laboratory Chemicals Market Segment – By Geography
North America held the largest share in the laboratory chemicals market in 2021, with a share of over 45%. This owns to factor as the region consists of countries like the U.S which has some of the largest pharmaceutical companies like Merck, Pfizer, Bristol Myers, and also the country consists of the largest chemical industry in the world. In 2020, U.S Food and Drug Administration approved 53 new innovative drugs and biologics showing a 10% increase compared to 2019. Also, as per the 2021 report of the European Federation of Pharmaceutical Industries and Association with 63.7%, the U.S held the largest share in global sales of new medicine launched during 2015-2020. Moreover, in 2019 the R&D expenditure in the U.S pharmaceutical sector compared to Europe’s, increased by 3% from last year. The rapid increase in R&D expenditure and production & launching of new products in the pharmaceutical sector will lead to more testing and experimental work to prepare such products. Hence such an increase in experimental work will lead to more usage of laboratory chemicals, thereby having a positive impact on the growth of the laboratory chemicals industry in North America.
Laboratory Chemicals Market Drivers
Increase in R&D investments in the pharmaceutical sector
The increase in economic growth, growing healthcare demand, and rising population have increased the demand for new and effective pharmaceutical products. Hence to meet such growing demand the drug companies have increased their R&D investments for producing new medicines and disease-related vaccines. For instance, in 2021 the Serum Institute of India approved Covovax and Corbevax for COVID, and also it approved eight vaccines three of which will be developed in India. as per U.S Congressional Budget Office in 2019, the pharmaceutical industry spent US$83 billion on clinical testing, drug testing, and product extension, hence the amount invested was ten times more than the amount invested in the past two decades. Moreover, as per Food and Drug Administration, the sales of new drugs from 2010-to 2019 increased up to 60% showing a massive increase over the past decade. Hence, the increase in expenditure and sales of new pharmaceutical products and the development of new vaccines will have a positive impact on the laboratory chemicals industry as it will lead to more usage of chemicals for testing and preparing new vaccines and medicine.
Medical Advancements for treating diseases
Medical advancements have become a turning point in the way diseases are diagnosed and treated. The medicine and drugs produced through such advancements have the potential to provide improved treatment for some serious diseases. For instance, the Antiviral Oral Pills developed by Merck and Pfizer in 2021 were designed to prevent the COVID virus and Flu-related diseases from entering the body. Also, in 2021 US Centre for Drug Evaluation and Research approved the development of 50 new innovative therapeutic biological products. Such growing development of pills and medical drugs will lead to more usage of laboratory chemicals for clinical and manufacturing testing thereby having a positive impact on the growth of the laboratory chemicals industry in the medical sector.
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Laboratory Chemicals Market Challenge
Stringent regulation regarding chemical usage in laboratories
Laboratory chemicals are not of the same type, they have different properties i.e., some are highly flammable or acidic. Any mix or other composition of such chemicals can lead to damaging results of a test. For such reasons, various regulations have been laid by government organizations relating to laboratory-developed tests. For instance, in 2020 the Food and Drug Administration added certain regulations in Medical Device Amendment Act, and in July 2021 introduction of Verifying Accurate Leading-Edge In Vitro Clinical Tests Development Act of 2020 added certain regulations relating to clinical diagnostic tests and Laboratory Development tests. Such an increase in regulations on diagnostic tests leads to an increase in time, cost, and efforts in it, causing less test development. Hence such reduction in test development can lead to less usage of chemicals which can harm the growth of the laboratory chemicals industry in the medical sector.
Laboratory Chemicals Industry Outlook
The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. Laboratory Chemicals Market top 10 companies include:
ITW Reagents Division
Beckman Coulter Inc.
Meridian Life science Inc.
Dickinson and Company
Lonza Biologics Ltd
EMD Chemicals Inc.
In 2021, Merck acquired Swedish biotech Cord Therapeutics. Hence the acquisition will provide an opportunity for the company to develop cladribine for the treatment of generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD).
In 2021, GE Healthcare new molecular imaging products and solutions at the Society of Nuclear Medicine and Molecular Imaging. Hence this increases access to more innovative precisions diagnostics and radiopharmaceuticals.
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North America dominates the laboratory chemicals market, as the region consists of major countries like the U.S is the largest chemical producer in the world and is a hub to major pharmaceutical companies.
Technological advancements such as cell culture, recombination DNA, and Biotherapeutics are projected to act as growth opportunities for the laboratory chemicals market in the future.
Rapid development in major sectors such as healthcare, pharmaceuticals by making the availability of new drugs and biological products increases the treatment options of people, which can have a positive impact on the laboratory chemicals industry.
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B. Specialty Chemicals Market
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