Global elemental analyzer market size in 2018 - nearly USD 3.8 Billion. The elemental analyzer market is expected to observe a CAGR of approximately 5.8% over 2019 to 2027.
According to the recent statistical data by the World Bank:
The metals index is estimated to witness an increase following a 9% fall in the prices of iron ore, which is offset by an increase in the prices of base metals. Of these, nickel has witnessed the highest increase of approximately 30%. Precious metals are estimated to increase by 3% in the wake of higher inflation expectations and an increase in the USA interest rates. According to Ayhan Kose, the director of World Bank’s Development Economics Prospects Group “Oil exporters with flexible currency regimes, relatively large fiscal buffers, and more diversified economies have fared better than others since the oil price collapse.
Middle East & Africa, and Asia Pacific will remain among the most lucrative regional markets for elemental analyzers. In the Middle East & Africa, Saudi Arabia is one of the leading providers of oil, gas, and natural resources. In Asia Pacific, China and India are registering significant growth in the construction industry, which is estimated to significantly drive the growth of elemental analyzer market.
Rapid growth has been observed in the pharmaceutical & mining and construction industries, which is expected to significantly contribute to the global growth of the elemental analyzer market at a significant CAGR during the forecast period. The availability of benchtop and handheld/portable elemental analyzers is expected to boost the market
The increasing demand for elemental analyzers in the field of mining industries and petrochemical industries is expected to boost the elemental analyzer market across the globe over the forecast period. Elemental analyzers are robust, easy to use, and provide accurate & reliable results in lesser time. Another factor that propels the demand for elemental analyzers is the presence of prominent players in developed and developing regions.
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Increasing demand in the pharmaceutical industry
The pharmaceutical industry is growing a rapid pace. Elemental analyzers are used in the pharmaceutical industry to measure the concentration of carbon, sulphur, oxygen, and hydrogen content in pharmaceutical products. The increasing usage of elemental analyzers in the pharmaceutical industry to ensure the quality of pharmaceutical products is boosting the elemental analyzer market across the globe.
Frequent usage in the mining industry
Elemental analyzers are mainly designed for the analysis of ores, rocks, and coal. Elemental analyzers are used to measure the carbon and sulphur content of fuel, as the carbon and sulphur content indicates the effective calorific value, which decides the quality of the fuel. Frequent use of elemental analyzers in the mining industry to measure the accurate proportion of carbon and sulphur is boosting the demand for elemental analyzers.
Increasing demand for user-friendly elemental analyzers
Increasing demand for the determination of the elemental composition of solid materials is one of the prime factors that is accelerating the growth of the elemental analyzer market. Elemental analyzers can analyse inorganic and organic materials and provide reliable results.
Simultaneous sulphur and carbon determination makes elemental analyzers user-friendly. The increasing demand for elemental analyzers in industries such as construction, mining, petrochemical, and pharmaceutical industries, for the determination of the elemental composition of material is promoting the growth of the elemental analyzer market.
The growth outlook for the elemental analyzers market is predicted to advance at a CAGR of 5.8% from 2022 to 2032.
The Middle East & Africa and Asia-Pacific regions will remain among the most lucrative regional markets for the elemental analyzers during the forecast period.
The elemental analyzers market is likely to hold a valuation of USD 8.37 billion by 2032.
The construction industry sector is projected to be the key end user in the elemental analyzers market.
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Elemental Analyzer Market
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