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North America Glass Reactors Market Is Set To Rise At A CAGR Of 5.6% Through The End Of 2031

Post Time:Nov 29,2022Classify:Industry NewsView:946

According to Future Market Insights, increased demand for glass reactors has resulted from the establishment of pilot plants to test and validate production processes before to commercialization. Due to the Covid-19 epidemic, the glass reactors market saw a modest drop in sales volume in FY2020.

North America is predicted to remain one of the most attractive markets during the forecast period, according to Future Market Insights. According to the study, the U.S. is expected to be the largest market in North America reaching US$ 326.5 Mn by 2031.

According to new data from Future Market Insights (FMI), the glass reactor market is predicted to increase by 4.6 percent year over year (YoY) in 2021, with sales of 400 thousand units. In 2021, demand for single jacketed glass reactors will increase by 4.3 percent to 286 thousand units, while demand for double jacketed glass reactors will increase by 4.4 percent to 112 thousand units. By 2031, extensive applications in chemical and pharmaceutical processes will contribute to the market’s growth.

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Demand from end-use industries including petrochemicals, research institutes, and others have waned. However, parts of the chemical and pharmaceutical sectors were unaffected due to demand generated from Covid-19 precautionary measures.

Demand for single jacketed glass reactors has been steadily increasing. This can be attributed to enhanced applications in the chemical and pharmaceutical industries, owing to which single jacketed glass reactors have secured a prominent share in the global glass reactors market.

The growing requirement for pilot plants due to the increasing adoption of new and advanced technologies coupled with Industry 4.0 norms, support the yield of glass reactors through the forecast period.

An increasing number of players are focusing on research and development related to glass reactors and are anticipated to contribute towards market growth in the years to come.

“The glass reactors market is growing at a strong pace, driven largely by investments in research and development (R&D) activities for the expansion of chemical and petrochemical projects. This will create extensive opportunities for manufacturers through 2031. Industry participants are investing in expansions, strategic alliances, and cost-effective solutions to gain a competitive advantage,” says a Future Market Insights analyst.

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Key Takeaways from Glass Reactors Market Study

  • Glass reactors with a capacity of 30 to 60 Lts. are projected to hold over 35% value share of the global market in 2021, owing to a wider scope of application.

  • Single jacketed glass reactors are set to hold 71.8% of the market share by the end of the forecast period, aided largely by cost considerations.

  • The U.S. will remain a primary market, backed by rising demand from the pharmaceutical and chemical process sector. It is expected to account for 77.1% of the demand registered in North America in 2021.

  • The markets in India and China are set to surge at a CAGR of approximately 6.4% and 6.1% over the coming decade, aided by investments in the pharma sector.

  • The U.K. is emerging as a key market in Europe, with a valuation of over US$ 34.6 Mn in 2021, growing at a 5.8% CAGR with rising investments in the research sector.

Competitive Landscape

Companies operating in the glass reactors market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product portfolio and capacity, addressing the demand of an expanding consumer pool.
• For instance, in April 2019, Pfaudler Group acquired the Industrial Mixing Solutions Division (IMSD, www.sudarshan-imsd.com) of Sudarshan Chemical Industries Ltd., Pune.
Manufacturers are also focusing on the expansion of manufacturing facilities globally to maintain their global presence.
• In December 2019, Büchi AG. laid the foundation stone for the expansion project in Kaliningrad, Russia. The new facility enabled the company to increase its footprint in Europe, expand sales into Eastern Europe, and better address its customers’ needs by producing more products and services.

Source: https://www.fmiblog.com/Author: shangyi

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