Pharmaceutical sector to drive global flow chemistry market growth over 2016-2024, APAC to lead the regional demand
Flow chemistry market is poised to witness a lucrative roadmap ahead with the products’ ability to enable sustainable manufacturing processes, owing to the minimal energy consumption, maximum production, and cost effectiveness with deployment of these products. Driven by the paradox shift observed in preference of ecofriendly processes both in chemical and pharmaceutical sectors, the market looks extremely promising from growth perspectives in the coming timeframe. As per a report by Global Market Insights Inc., “Flow chemistry market is estimated to surpass USD 2 billion by 2024, registering a remarkable annual growth rate of 10% over the period of 2016-2024.”
U.S Flow Chemistry Market share, by end-user, 2013-2024 (USD Million)
Harmful toxic gas emissions which has been a major concern in the chemical sector for years, now can be addressed with the adoption of flow chemical processes as these involve least heat exchange and consequently offers better reaction productivity. In response to this fact, chemical manufacturing units are emerging as one of the prominent revenue contributors of the flow chemistry industry.
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Pharmaceutical sector is further adding to a huge share of the flow chemistry industry. The report estimates that this sector will be the fastest-growing segment in the end-use landscape. Rising preference of flow chemistry products over batch reactors driven by safety parameters, usage in drug manufacturing, and ability to increase the production rate at a lower cost are the factors driving the flow chemistry market size in pharmaceutical applications.
North America flow chemistry market on this ground is experiencing a rapid growth with the expanding petrochemical and pharmaceutical industry base. It is set to register a CAGR of 9% over the period of 2016-2024. U.S. is the prominent country leading the regional growth with considerable natural gas and petrochemical feedstocks.
Petrochemical and chemical industry is also witnessing a huge adoption of flow chemistry products. In this regard, continuous stirred tank reactor has gained a significant prominence in the flow chemistry industry having dominated the flow chemistry product landscape in 2015. The huge demand for these products is driven by their ability to substantially increase the productivity with a parallel reduction in the cost.
Academic & Industrial research units are also driving the industry share lucratively. The most common product deployed across these units are Microreactor systems, which possess superior heat and mass transfer properties, thereby regulating the heat during chemical reactions. As per the estimates, Microreactor systems flow chemistry market is projected to witness highest gains at 15% over the coming seven years.
In 2015, Asia Pacific led the regional race and dominated the global flow chemistry industry landscape. The growth path ahead looks strong for APAC with the shifting focus of the manufacturers to establish manufacturing units in this region, driven by its low initial investment and promising government backing. India and China will be the major revenue pockets for APAC over the coming timeframe, backed by the large manufacturing base across these countries.
The commercialization of flow chemistry products is one of the major roadblocks for this industry growth as it requires heavy capital investments and advanced equipment. However, with the current developments in the market such as collaboration of manufacturers with the petrochemical, pharmaceutical, and chemical MNCs will combat the growth restraints.
Flow chemistry market is consolidated with the major giants sharing more than 40% of the business space. However, the company is still competitive and is governed by the major differentiation parameters of pricing and technological advances. Key flow chemistry industry participants include Uniqsis Ltd, Koninklijke DSM N.V. FutureChemistry Holding BV, ThalesNano, AM Technology, Vapourtec Ltd, Chemtrix B.V., and Milestone Srl.
Author Name :Satarupa De