Global XRF analyzer market size in 2018 – nearly USD 2. 2 Billion. The XRF analyzer market is expected to observe a CAGR of approximately 5.7% 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.
The highest increase in price point has been estimated for nickel, i.e. by 30%. Precious metal prices are estimated to increase by almost 3%, in the wake of higher inflation expectations and an increase in the US 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.”
The aforementioned factors are expected to fuel the growth of the XRF analyzer market across the globe at high CAGR during the forecast period. Middle East & Africa will remain among the most prominent regional markets for XRF analyzers. In the Middle East & Africa, Saudi Arabia is one of the leading providers of the oil, gas, and natural resources. Middle East & Africa and Asia Pacific will continue to spearhead the global market for XRF analyzer.
In Asia Pacific, China, and India are among the leading providers of various metals such as vanadium, phosphates, tungsten, graphite, antimony, coal, molybdenum, tin, lead, zinc, and gold.There has been considerable growth in pharmaceutical, metal & mining, and oil & gas industries, which is expected to significantly contribute to the growth of the XRF analyzer market over the forthcoming years.
The growing availability of handheld/portable XRF analyzers is expected to boost market revenue. The increasing demand for handheld/portable XRF analyzers in the field of mining industries and oil & gas industries is expected to propel the handheld/portable XRF analyzer market across the globe over the forecast period.
Handheld/portable XRF analyzers are handy, easy to use, and lightweight. Therefore, there has been an increase in the need for the handheld/portable XRF analyzers on the field inspection of elements or metals.
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Demand for XRF analyzers in the mining industry is boosting the market
The adoption of XRF analyzers in the mining industry for the determination of numerous glass, ceramics, metals, etc. is on the rise. Handheld XRF analyzers are used to perform the on-site geochemical analysis of the drill core, mine face, or to prepare samples.As per FMI, this is estimated to remain a prominent parameter that is boosting the global demand for XRF analyzers.
The introduction of technologically advanced XRF analyzers is trending
The availability of technologically advanced XRF analyzers is fuelling the growth of the market. Technological advancements in these analyzers include proximity sensors, radiation safety, improved detection parameters, high-count, and high-resolution rate. These technological advancements are boosting the XRF analyzers market.
Increasing demand for the determination of the elemental composition of precious metals is propelling the XRF analyzers market
Increasing demand for the identification of various precious metals is fuelling the growth of the market. These metals include gold, platinum, and others. XRF analyzers are among the key devices adopted by most of the gold processing services, gold refiners, and gold recyclers. Moreover, the XRF analyzers are widely used for the determination of the gold karat or gold concentration. The market is gaining traction owing to these factors.
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XRF analyzers are finding extensive applications across multiple end use industries, including oil & gas, pharmaceutical, metal & mining, and environmental research. Quality assurance and process control requirements of end users are setting a buoyant tone for growth of XRF analyzer market in 2019 and beyond.
XRF analyzer landscape is likely to see decent growth in future, on account of its sheer proliferation across multiple end-use applications. One of such prominent application segment is metal & mining, wherein XRF analyzers are increasingly used for determining the elemental composition of glass, metals, ceramic, and other materials.
XRF analyzer also helps with seamless testing of solid and liquid material samples and offer accurate results. Such particulars provide credence to the unabated demand for XRF analyzer through 2027.
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APEJ is likely to continue being a lucrative market for XRF analyzer, driven by the renewed focus on metal & mining applications in the region. MEA is estimated to promise new opportunities for the key players of XRF analyzer market, on the back of ever-increasing pace of industrialization.
Growth of XRF analyzer market will benefit from the expanding use across multiple end use applications. XRF analyzers are well-known for providing qualitative and quantitative material characterization, which further assists end use operators to effectively handle identification, detection, analysis, process control, and quality control.
In line with the specifications of the target applications, XRF analyzer of different types and modularity will witness substantial demand.
The growth outlook for the XRF analyzer market is predicted to advance at a CAGR of 5.7% from 2022 to 2032.
The Middle East & Africa and Asia-Pacific regions are likely to hold the maximum shares of the XRF analyzer market during the forecast period.
The XRF analyzer market is likely to hold a valuation of USD 4.78 billion by 2032.
The pharmaceutical and metal & mining industry sectors are projected to be the key end users in the XRF analyzer market.
1. Global XRF Analyzer Market to Executive Summary 2. Global XRF Analyzer Market Overview 3. Global XRF Analyzer Market Analysis and Forecast 2013 to 2027 4. North America XRF Analyzer Market Size and Forecast, 2013 to 2027 5. Latin America XRF Analyzer Market Size and Forecast, 2013 to 2027 6. Europe XRF Analyzer Market Size and Forecast, 2013 to 2027 7. Japan XRF Analyzer Market Size and Forecast, 2013 to 2027 8. APEJ XRF Analyzer Market Size and Forecast, 2013 to 2027 9. MEA XRF Analyzer Market Size and Forecast, 2013 to 2027 10. Global XRF Analyzer Market Company Share, Competition Landscape and Company Profiles 10.1. Shinn Fu Company of America Inc. 10.2. Emerson Manufacturing 10.3. QuickJack, LLC 10.4. Jinyun County Zhaoshi Tools Co., Ltd. 10.5. ESCO 10.6. Gray Manufacturing 10.7. PowerStation, LLC (ARCAN) 10.8. Sunex Tools 10.9. Shanghai Arch Auto Equipment Co., Ltd. 10.10. Zhejiang Yipeng Machinery Co., Ltd. 10.11. Jiaxing Datong Machinery Co., Ltd. 10.12. Powerbuilt Tools 11. Research Methodology 12. Secondary and Primary Sources 13. Assumptions and Acronyms 14. Disclaimer
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XRF Analyzer Market
