According to the Market Statsville Group (MSG), the global thermal analysis market size is expected to grow from USD 630.7 million in 2022 to USD 1012.81 million by 2033, at a CAGR of 4.4% from 2023 to 2033. Increase in crude oil and shale oil output, along with the expiry of important medicinal patents and growing research activities using thermal analyzers will boost the market of thermal analysis for the upcoming period. And on the other hand, high cost of equipment of thermal analysis will restrict the market for the farecasting period. Moreover, growing R&D activities in emerged and emerging markets will give many opportunities for the new market competitor to enter in the market.
Thermal analysis refers to a range of procedures that continuously measure a property of a sample while it is programmed through a specified temperature profile. Thermal gravimetric analysis (TA) and differential scanning calorimetry are two of the most prevalent approaches (DSC). In TA the mass loss versus increasing temperature of the sample is recorded. The mass loss of the sample as the temperature rises is measured in TA. The essential instruments are straightforward: a precision balance, a programmed furnace, and a recorder. Modern devices, on the other hand, are usually automated and feature data reduction software. Furthermore, arrangements are included for enclosing the sample with an atmosphere of air, nitrogen, or oxygen. A thermal analysis curve is interpreted by correlating the observed property versus temperature data to chemical and physical processes in the sample. It is widely used in qualitative or comparative research. The various method to calculate thermal analysis are dielectric thermal analysis, differential thermal analysis, differential scanning calorimetry, dilatometry, dynamic mechanical analysis, and many more.
The outbreak of SARS-CoV-2 termed as COVID-19 has created significant demand for diagnosis and treatment across the globe, thereby rising demand of pharmaceutical and biotechnological sector. Pharmaceutical and Biotechnology Companies, Research Institutes and Contract Research Organizations are demanding for these thermal analyzers for characterization of drug substance and packaging material: identification, purity, polymorphism. Thus, simultaneously proceed towards the treatment and release of vaccination. However, during COVID-19, the research and clinical have been at a constant pace, which in turn, affected the market growth in 2020. Moreover, the announcement of national lockdown and temporary closures of various industries impacted the worldwide demand and supply, which in turn, has nominally hampered the growth of the market in 2020 and the trend is expected to continue in 2021. Though, post COVID-19, the demand for thermal analysis will normalize, with a gradual growth in the market value during the forecast period. COVID-19 pandemic has hampered to the manufacturing of thermal analysis instruments and solutions, owing to the disruptions in the supply chain. Moreover, the sudden outbreak of COVID-19 had disrupted businesses and economic activities across the world. This, in turn, impacted the sales of the manufacturing of the products. COVID-19 has adversely impacted the overall investment sector. While businesses across all sectors can sense the repercussions of COVID-19, the emerging pharmaceutical companies have witnessed a considerable growth amidst the pandemic, thereby fostering the growth of thermal analysis market.
The constant rise in demand for processed food & beverages has encouraged the manufactures to use thermal analysis, as it analyses the temperature and time at which physical changes occur when food is heated or cooled. According to USDA Foreign Agricultural Service, the Food & beverage processing sector is one of the most pivotal sectors for the economy of Canada, accounting for around 17% of Canadian manufacturing. In the year 2018, the food manufacturing shipments reached to around USD 87 billion. The processed food exports amount to around USD 28 billion which is one of the highest among North American countries, resulting into pushing the demand and surge higher for thermal analysis market. In addition, According to Food Drink Europe, the food processing sector was the largest manufacturing sector in the European Union. The Food processing sector generated a revenue of around $1342 billion in the year 2018. There are around 294,000 organizations operating in the food processing sector of Europe. According to the Food Drink Europe, data & trends on Europe’s food &beverage industry 2019, France is the leading country in terms of number of companies operating under food & drink industry, which is valued around 54,643 in 2017, followed by Germany (23,531), Italy (56,400), and United Kingdom (10,352).
The high thermal analyzer installation cost is resisting the market's growth over the forecast years. Also, the lack of trained and skilled professionals in the utility industry is limiting the productivity and impacts in customer preference to stick to the old technology thereby, resulting in higher installation costs. For instance: the cost of SMS Technologies Differential Scanning Calorimeter, Model: DSC 1 is USD 16349.86 (INR 12 lakh) per unit. The technological development creates a new source of demand for skilled personnel in research and technological activities, coupled with the use of new equipment and machinery. This negatively influencing the growth of thermal analysis market.
R&D activities in various end-use segment with an aim to introduce new product or services into the market, augmenting the growth of thermal analysis market. For instance: as per Statista, the expenditure on research and development by United States pharma companies was USD 79.6 billion in 2018 and has risen to USD 83 billion of expenditure by pharma member companies on R&D in 2019. Further various emerging economies are investing in R&D activities For instance as per Ministry of Science & Technology Government of India, the Gross expenditure on R&D (GERD) in India has been consistently increasing over the years and has nearly tripled from Rs. 39,437.77 crore (USD $ 5.2 billion) in 2007- 08 to Rs. 1,13,825.03 crore (USD $ 15.02 billion) in 2017-18. Similarly, in 2017-18 the Indian R&D expenditure is mainly driven by central government by 45%, private sector industry by 36.8%, State sector by 6.4%, public sector industry by 4.6% and higher education sector by 6.8%.
The study categorizes the thermal analysis market based on product, functionality, and end user area at the regional and global levels.
By End User Outlook (Sales, USD Billion, 2019-2033)
Chemical & Material Manufacturers segment accounts for the largest market share by end user
Based on the end user, the market is bifurcated into chemical & material manufacturers, pharmaceutical & biotechnology companies, food & beverage industry, petrochemical industry, research & academia, and other end users. The chemical & material manufacturers segment is expected to dominate the market share in 2022 in the global thermal analysis market. This market will dominate for the company period due to chemical, polymers, and materials (such as automotive, construction, electronics, healthcare, textiles, and FMCG) is the major factor to driving the demand for thermal analysis products in this end-user segment for the upcoming period.
Based on the regions, the global interactive voice response market has been segmented across Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. North America is expected to witness the highest market share in 2021. It is due to increase in industry R&D expenditures across several end-user industries, availability of private-public research financing, strong regulatory standards for medication development, and implementation of stringent food and product safety requirements. These reasons will boost the market in this region and will dominate for the forecast period.
The thermal analysis market has significant competitors and extremely cutthroat in the sector are using strategies including product launches, collaboration, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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