In Line Process Viscometer (ILPV) market trends: Asia Pacific to drive the industry growth over 2016-2023
Global expansion of the refinery industries will significantly drive in line process viscometer (ILPV) market share over the coming six years. According to Global Market Insights, Inc., “Global In Line Process Viscometer (ILPV) market is anticipated to record a revenue of over USD 225 million by 2023.” ILPV is primarily used to measure viscosity of fluid across pharmaceutical and food& beverages industry, which is projected to enhance the in line process viscometer industry outlook. Additionally, growing demand for petroleum products across the APAC region, owing to the large population along with favorable FDI policies will further generate heavy opportunities for ILPV market.
MEA In Line Process Viscometer (ILPV) market size, by application, 2012-2023 (USD Million)
Petroleum, pharmaceutical, chemicals, and food & beverage are some of the key application sectors for in line process viscometer market. Petroleum will dominate the application landscape by collecting a revenue of more than USD 85 million by 2023, owing to the powerful crude oil business competition. Pharmaceutical application is anticipated to register an attractive growth rate of more than 6.8% over the period of 2016 to 2023, driven by its growing demand in ophthalmic products due to expanding healthcare industry.
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In line process viscometer market share in the chemical application will gather a revenue of over USD 54 million by 2023. The major growth attributing factor is growing automation in the manufacturing sector.
Based on technology, in line process viscometer market is segmented into acoustic wave (solid state), torsional oscillation, vibration, rotational, dynamic fluid pressure, Coriolis, and moving piston. Acoustic wave technology is predicted to record an attractive growth rate of more than 7.3% over the period of 2016 to 2023. The growth can be attributed to its surging demand for automotive and petroleum applications. Vibration based technology market exhibited a heavy demand over the past few years and is projected to collect a revenue of over USD 48 million by 2023, owing to its extensive demand in oils, chemicals, adhesives, paints, shampoos, plastics, paper, foods, coatings, refineries, and inks applications.
Torsional oscillatory viscometer (TOV) industry share will witness a CAGR of over 6.8% over the coming period of 2016 to 2023, driven by the growing adoption of this technology in the healthcare sector to measure human blood viscosity. In addition, this technology is widely used in the polymer, petrochemical, oil refining, and adhesives applications.
Asia Pacific in line process viscometer market size dominated the regional landscape and is expected to exhibit an income of more than USD 66 million by 2023, owing to its growing requirement for the refineries & chemical industries, which are established on large scale across the APAC. India and China will be the major regional revenue contributor.
MEA ILPV industry is anticipated to grow at a CAGR of over 6.9% over the coming six years. The growth can be attributed to the large-scale presence of chemical industries. The demand for ILPV for pharmaceutical and food & beverages applications are growing significantly across North America, with an estimated annual growth rate of more than 6.1% over the coming years of 2016 to 2023.
Brookfield Engineering, Anton Paar GmbH, ProRheo, and Cambridge Viscosity, Inc are the major players having shared 12% of the global business space in 2015. Vectron International, Marimex America, Lamy Rheology, Fuji Ultrasonic, Bartec Group, Norcross Corporation, and VAF Instruments are other prominent industry participants in the in line process viscometer market.
Author Name : Sunil Hebbalkar