Product ID: SQMIG20I2034
Report ID: SQMIG20I2034 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 67 | Figures: 75
Global Laboratory Furniture Market size was valued at USD 1856.25 million in 2021 and is poised to grow from USD 1914.4 million in 2022 to USD 2459.42 million by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).
Laboratory furniture is created specifically to facilitate studies in a lab while also standing up to the demanding circumstances of the lab setting. There are many different types of laboratory furniture, including pedestal furniture, laboratory tables, laboratory IPS units, lab benches, laboratory storage cabinets, and more.
The market is anticipated to expand faster as eco-friendly materials are increasingly used to make laboratory furniture. The demand for laboratory furniture will also increase due to other factors like the rising demand for modular lab furniture, the increased use of 3D visualization services by manufacturers to reduce furniture design and layout errors, the rising demand for ergonomic furniture, and the rising government spending on research and education.
An important and ongoing trend that will continue to have an impact on the expansion of the laboratory furniture industry is the rising usage of environmentally friendly materials like stainless steel, which increases furniture longevity and permits recycling. Additionally, less volatile and more affordable solvent-free powder coatings are becoming more and more well-liked in the market for laboratory furniture. However, the tariffs will have a detrimental effect on furniture producers who import their raw materials, which will limit the market expansion for laboratory furniture. Local businesses are also indirectly impacted by tariffs as a result of higher domestic stainless-steel costs.
US Laboratory Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.
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The Global Laboratory Furniture Market is segmented based on Type, Application and Region. Based on the Type, the Laboratory Furniture Market is segmented into Tables & Storage Cabinets, Stools & Chairs and Others (IPS Unit, Pedestal). Based on the Application, the Laboratory Furniture Market is segmented Educational Institution, Medical, Research and Development Centers and Others (Military, Pharmaceutical). Based on Region, Laboratory Furniture Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Laboratory Furniture Market Analysis by Type
The market is further divided into Lab Bench, Lab Cabinet, Fume Hood, Stool, and Accessories based on type. For the forecast period, the Lab Cabinet is anticipated to see the greatest CAGR. A lab cabinet is a mobile storage device used in labs to keep chemicals, reagents, kits, and other equipment organized. It is also known as a glass rack or a test tube rack. The length of the cabinet is determined by the amount of room inside the lab. Lab cabinets can be constructed to order and are composed of a variety of materials, including metal, plastic, and wood.
Laboratory Furniture Market Analysis by Application
On the basis of application market segments include Education, Government, Industry, Research, and Pharmaceutical. For the forecast period, the education segment is anticipated to have the greatest CAGR. Growing government spending on R&D facilities worldwide may be the cause of this. Additionally, during the projection period, it is anticipated that the growing demand for laboratory fixtures by colleges and universities will increase. Additionally, these types of furniture are widely utilized in academic institutions and universities across the globe because they need high-tech tools to effectively instruct college students while simultaneously ensuring their safety.
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The Global Laboratory Furniture Market is divided into North America, Europe, Asia Pacific, and the rest of the world based on regional analysis. North America is projected to remain the dominant market shareholder throughout the forecast period of 2023–2028. This may be ascribed to rising government spending on R&D initiatives, a growth in the diversity of medical trials, and an expansion of R&D facilities across the region. Additionally, over the course of the projected period, the growing demand for sophisticated diagnostic methods is anticipated to propel regional growth. The government of this region's increased military spending, which led to the expansion of military research facilities, had a big impact on the market's expansion. For instance, the United States has reportedly spent USD 684.6 billion on its military and defense, which is more than the top 10 militaries of other nations combined, according to data released in February 2020 by the International Institute for Strategic Studies.
A significant factor in the rise in consumption is also the expansion of analytical and quality control checking centers that evaluate and certify whether a product meets the standards necessary for mass production. A significant presence in the personal care appliances market is predicted for Asia Pacific as a result of the region's expanding pharmaceutical sector, which has led to an increase in laboratory research facilities and staff. For instance, the India Brand Equity Foundation predicts that India's domestic pharmaceutical sector would generate USD 20.03 billion in revenue in 2019, an increase of 18% from 2018. Additionally, nations with a high number of manufacturing facilities that have their own research labs, like India and China, have played a crucial role in the market growth.
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Laboratory Furniture Market Driver
The necessity for the product increases as more and more organizations across the globe build their own research and development facilities for product invention and development. According to data released by the International Organization for Accreditation, almost 85,000 laboratories, 13,000 inspection bodies, 600 proficiency testing providers and 250 reference material producers were accredited by the ILAC MRA Signatories in 2021. Since its formation in 2000, the number of accreditations from around the world has more than doubled and is predicted to rise in the coming years.
The market has grown as a result of increasing product consumption by educational institutions all over the world. For instance, the August 2020 report from the India Brand Equity Foundation states that there are 993 universities and 39,931 colleges in India as of 2019. The 2018 fiscal year's anticipated value of the educational sector is USD 91.7 billion. Additionally, the growing requirement is being fueled by the increased demand for laboratory furniture in hospital laboratories.
Laboratory Furniture Market Restraint
Technologies are developing quickly. Science parks and hubs are being developed as a result of the market expansion brought about by scientific advancement. The drawback of this is that as more and more personnel are compelled to work in smaller places, rising real estate expenses could constrain or obstruct the market for laboratory furniture. The potential of trade tariffs is another danger affecting the market growth for laboratory furniture. Many furniture businesses, particularly in North America, import furniture products and raw materials from China. Recently, North America saw a surplus of commodities imported from China compared to a severe deficit of items exported.
This was bad news for the North American economy because it raised the Section 301 Tariff rate on imports from China from 10% to 25%. While businesses who produce their laboratory furniture from locally sourced raw materials are unaffected, it is not good news for other market participants in the laboratory furniture sector. The tariffs will have a negative effect on furniture producers who import raw materials, which will restrict the expansion of the laboratory furniture sector. Local players who must deal with the rising costs of domestic stainless steel can also see the indirect consequences of tariffs. Chinese material suppliers will suffer as a result of the harsh tariffs. Chinese exporters will have to shut down or consider other options as a result of the growing taxes. China is one of the biggest exporters of laboratory furniture components; therefore, this will undoubtedly have a negative impact on the market and impede its expansion.
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Many businesses are putting their attention on organic growth techniques including product launches, product approvals, and other things like patents and events. Acquisitions and partnerships and collaborations were examples of inorganic growth tactics that were observed in the market. These actions have made it possible for market participants to increase their clientele and business. With the increasing demand for laboratory furniture on the worldwide market, market players in the laboratory furniture market can anticipate attractive growth prospects in the future.
Laboratory Furniture Market Top Company Profiles
Laboratory Furniture Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Laboratory Furniture Market Analysis, the increased establishment of research and development centers by various businesses and educational institutions throughout the world serves as a driver for the market's expansion. Increase in greener labs and use of eco-friendly material to leave a positive impact on the growth of global laboratory furniture market.
|Market size value in 2021||USD 1856.25 million|
|Market size value in 2030||USD 1914.4 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Laboratory Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Laboratory Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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