LONDON--(BUSINESS WIRE)--#CleanroomConsumablesMarket--The new cleanroom consumables market research report from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growth of pharmaceutical and biotechnology industries in APAC,� says a senior analyst for Industrials at Technavio.
The pharmaceutical and biotechnology industries are witnessing high growth in APAC, especially in developing countries such as China and India. This can be attributed to various initiatives taken by regulatory bodies to strengthen the pharmaceutical industry. For instance, the Government of India allocated about USD 8.8 billion in its Union Budget 2019-2020 for the development of the healthcare sector. The country has also eased the FDI rules to attract investments in the healthcare sector. Many such factors have been contributing to the growth of the pharmaceutical and biotechnology industries in APAC. The pharmaceutical and biotechnology industries are the major end-users of cleanroom consumables. Thus, all these factors are expected to drive the demand for cleanroom consumables during the forecast period. As the markets recover Technavio expects the cleanroom consumables market size to grow by USD 2.64 billion during the period 2020-2024.
Cleanroom Consumables Market Segment Highlights for 2020
- The cleanroom consumables market is expected to post a year-over-year growth rate of 0.53%.
- The semiconductor industry was the largest end-user segment in the global cleanroom consumables market in 2019.
- The rising adoption of laptops, smartphones, and tablets has boosted the demand for cleanroom equipment and cleanroom consumables in the semiconductor industry. In addition, the steady growth in the R&D activities in the electronics industry has further fueled the demand for cleanroom consumables.
Regional Analysis
- 63% of the growth will originate from the APAC region.
- Market growth in APAC is driven by factors such as the rising prominence of the electronics and semiconductor industries and the increasing investments in the pharmaceutical industry.
- China, Japan, and India are the key markets for cleanroom consumables in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The cleanroom consumables market size is expected to accelerate at a CAGR of about 5% during the forecast period.
- The cleanroom consumables market is segmented End-user (Semiconductor industry, Pharmaceutical industry, Hospitals, and Others) and Geographic (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Alpha Pro Tech Ltd., Ansell Ltd., Aramark Corp., Berkshire Corp., Cantel Medical Corp., Contec Inc., DuPont de Nemours Inc., Illinois Tool Works Inc., Kimberly-Clark Corp., and STERIS Plc.
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