The global rheometers and viscometers market is projected to reach USD 878.6 million by 2023 from 721.5 million in 2018, at a CAGR of 4.0%.
The demand for rheometers and viscometers across key markets is majorly driven by factors such as technology advancements; expansion of petrochemical and material manufacturing industries; growing stringency of the regulatory framework for product safety compliance in cosmeceutical, biotechnology, and pharmaceutical industries; rising public-private investments to support product innovation; and increasing burden of target diseases, globally.
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On the basis of product, the market is segmented into rheometers and viscometers. The viscometers segment is expected to account for the largest share of the global rheometers and viscometers market in 2018. The large share of this segment is attributed to the increasing adoption of viscometers among lab technicians and researchers in pharmaceutical and petrochemical industries due to the procedural benefits offered by these instruments, such as the capability to analyze samples in varied environments, high accuracy, versatility for analyzing different samples, ease of handling, fast processing time, device portability, need of small sample volume, capability to analyze time-dependent fluids, and capability to perform shear-dependent analysis at various speeds.
Based on sample type, the rheometers and viscometers market is segmented into resins & coatings, suspensions & slurries, pastes & gels, and other samples. The resins & coatings segment is expected to be the fastest-growing sample segment during the forecast period. The dominant market position of this segment is mainly due to the growing adoption of rheometers & viscometers by paint and coating manufacturers; the increasing production of paints, coatings, binders, solvents, pigments, fillers and additives; increasing usage of rheometers and viscometers among petrochemical manufacturers; and growing availability of innovative and affordable devices across emerging countries.
On the basis of end user, the rheometers and viscometers market is segmented into petroleum product manufacturers & petrochemical refineries; pharmaceutical, cosmeceutical, and biotechnology companies; chemical and material manufacturers; food and beverage manufacturers; and research & academia, and other end users. The petroleum product manufacturers & petrochemical refineries segment is expected to account for the highest growth rate of the rheometers and viscometers market during the forecast period. The high growth can be attributed to the rising production output & capabilities of major product manufacturers.
In 2018, the Asia Pacific region is expected to emerge as the new revenue-generating segment for prominent market players. The highest growth of the APAC rheometers and viscometers market can be attributed to factors, such as increasing number of related research studies, rising industrial adoption of rheometers and viscometers, and increasingly localized product manufacturing coupled with strengthening distribution networks of key product manufacturers.
