Analytical Standards Market is anticipated to grow at a CAGR of 6.9% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Analytical Standards Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global analytical standards was valued at US$ 1,367.8 million in 2019. It is anticipated to grow at a CAGR of 6.9% from 2020 to 2030.
The growth of the analytical standards market is attributed to several factors such as stringent environmental regulation, government initiatives promoting analytical testing, and the development of the pharmaceutical sector, among others.
Companies are launching new analytical standards for a diverse range of industry verticals such as pharmaceuticals, food & beverage, petrochemicals, and forensics, among others. For instance, in September 2018, Honeywell launched a new portfolio of high-quality Fluka analytical standards, intended for utilization in analytical chemistry applications in Europe. Moreover, companies are focusing on developing new research facilities, which further contribute to market growth. For instance, in July 2020, Merck KGaA announced building a new US$ 21.3 Million laboratory facility in Buchs, Switzerland to support the company’s rapidly growing reference materials business. The new facility will enhance the efficiency of research & development, analytical production, and quality control.
Furthermore, the growing food & beverage industry is also driving the growth of the analytical standards market. According to the 2020 Food and Drink Industry Report, the food & drink industry is the UK’s largest manufacturing sector, contributing around £31.1bn to the economy annually. Food analysis requires various analytical procedures for providing information about a wide variety of different characteristics of foods, including their composition, structure, physicochemical properties, and sensory attributes.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Analytical Standards Market By Type (Organic Standards and Inorganic Standards), Technique (Chromatography, Titrimetry, Spectroscopy and Physical Properties Testing Standards), Application (Pharma and Life Sciences, Environmental, Food and Beverage, Forensics, Petrochemicals and Veterinary) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/analytical-standards-market/411
However, the lack of well-trained technicians and expensive procedures will hamper the growth of the analytical standards market to some extent.
Asia-Pacific (APAC) is expected to witness the highest CAGR in the forecast period owing to several factors such as the growing pharmaceutical sector, favorable government measures, and rising food & beverage industries, among others. Moreover, growing environmental concerns can further attribute to the market growth in this region. High levels of water pollution resulting from intensive industrial development in parts of southern China and India are raising concerns about public health impacts. It has led to a shift in regulatory emphasis on effective pollution monitoring & control. The stringent water protection regulations and pollution discharge standards have set a high bar for companies operating in the region. Hence, the extensive government initiatives for tackling environmental pollution will eventually increase pollution monitoring.
Some of the prominent players in the global analytical standards market are Agilent Technologies, Inc., Merck KGaA, AccuStandard, Inc., Thermo Fisher Scientific, PerkinElmer Inc., LGC Limited, Restek Corporation, Cayman Chemical, Chiron AS, and Mallinckrodt, among others.
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