Flow Chemistry Market to cross $2bn by 2024
Flow Chemistry industry analysis is covered in this latest research report that aims to help those taking daily business decisions by providing market trends information, competitive landscape scenario, forecasts and more.
The numerous advantages offered by process reactors over batch reactors will impel flow chemistry market over the next few years. Flow chemistry encompasses a range of chemical processes that occur in a consistent flow, by means of pumping reagents using multiple reactors. Fume emissions due to conventional chemical processes and safety concerns over health have necessitated the deployment of organic synthesis in laboratories, which will propel flow chemistry industry. As per Global Market Insights, Inc., "Flow chemistry market size, worth USD 900 million in the year 2015, is anticipated to cross USD 2 billion by 2024, with a CAGR estimation of 10% over 2016-2024."
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The flow chemistry process finds applications across the chemical, petrochemical, academic research, pharmaceutical, and industrial research sectors. Flow chemistry market from pharmaceutical applications is touted to be the segment to witness the highest gains over 2016-2024. This growth can primarily be attributed to the fact that the flow chemistry process offers the benefits of low operational cost, high safety measures, and a high yield, which are vital in the pharma sector. Furthermore, most pharmaceutical companies have been deploying the flow chemistry process for drug manufacturing, thereby spurring flow chemistry market from the pharmaceutical domain.
The pharmaceutical industry has been growing rapidly across the developed regions such as Europe and North America. Subject to this factor, flow chemistry industry in North America, led by the U.S., is projected to grow at a rate of 9% over 2016-2024. Additionally, the United States boasts of an abundance of petrochemical and natural gas feedstock, which is likely to impel this market.
In 2015, continuous stirred tank reactor (CSTR) led the product segment of global flow chemistry market. Functioning in a serial operation and operating with a considerably less cost, these reactors are massively used in chemical and petrochemical sectors, which will impel CSTR flow chemistry industry in the years to come. In addition, these reactors display high productivity and consume less energy, which will further propel CSTR market size.
Microreactor system flow chemistry market is expected to have the highest growth of 15% over 2016-2024, subject to high heat transfer properties.
Key participants of global flow chemistry industry held more than 40% of the overall share in 2015, these statistics prove that this market is fairly consolidated. Leading players adopt strategies such as collaborations and partnerships with chemical and pharmaceutical companies to enhance their business position. Major firms operating in this market include Chemtrix BV, ThalesNano Inc., Uniqsis Ltd., Vapourtec Ltd., AM Technology, ThalesNano Inc., Milestone Srl, Koninklijke DSM N.V., and FutureChemistry Holding BV.
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