The new report by Expert Market Research titled, ‘Global Laboratory Glassware Market Analysis, Size, Share, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global laboratory glassware market, assessing the market based on its segments like product, application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 1.04 billion
• Forecast CAGR (2023-2028): 2.50%
• Forecast Market Size (2027): USD 1.2 billion
Because test tubes provide high clarity and visibility of contents, as well as accurate volume recording, they are commonly used in laboratories for various chemical reactions and tests. Furthermore, test tubes made of glass are impervious to atmospheric gases.
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This prevents oxidative degradation of the contents. Furthermore, because the material can withstand extremely high temperatures of several degrees Celsius, test tubes are ideal for exothermic reactions. In the forecast period, these factors will contribute to market growth.
Furthermore, rising government funding for research activities in countries such as the United States and Canada is expected to support regional market growth. Furthermore, the region’s thriving food and beverage industry is expected to boost the market, as laboratory glassware is commonly used for a variety of applications in the segment.
Laboratory Glassware Industry Definition and Major Segments
The equipment made of glass for use in scientific work in laboratories is known as laboratory glassware. These are high-quality laboratory instruments with features like excellent heat resistance. Furthermore, laboratory glassware equipment is subjected to rigorous tests and chemical reactions in order to determine the product’s ability to withstand high temperatures.
The applications of laboratory glassware can be divided into:
• Research and Academic Institutes
• Hospitals and Diagnostic Centers
• Biotechnology and Pharmaceutical
• Food and Beverage Industry
According to products, the market can be divided into:
• Test Tubes
• Glass Beakers
• Glass Flasks
The regional markets include:
• North America
• The Asia Pacific
• Latin America
• The Middle East
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Laboratory Glassware Market Trends
The market is being driven by the increasing use of laboratory glassware in research and academic institutes, diagnostic centres, hospitals, and biotechnology and biopharmaceutical applications. The market is expanding due to increasing investments in R&D by leading biotechnology and biopharmaceutical companies to develop effective vaccines, drugs, and medicines, particularly after the COVID-19 outbreak. Furthermore, the growing demand for high-quality volumetric instruments for precise measurement is expected to drive laboratory glassware demand over the forecast period.
Key Market Players
The major players in the market are Corning Incorporated, Borosil Limited, Sartorius AG, Sibata Scientific Technology Holdings Limited, Bellco Glass, and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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