Overview of This Study:
This research study involves the extensive usage of secondary sources, directories, and databases [such as World Health Organization (WHO), Organisation for Economic Co-operation and Development (OECD), World Bank, the European Chemical Industry Council, US Energy Information Administration, US Department of Energy, American Chemistry Council, US Census Bureau, Federal Ministry of Economic Affairs and Energy (Germany), Department of Petroleum Engineering and Applied Geophysics (Germany), Medicines & Healthcare Products Regulatory Agency (UK), and Food & Drink Sector Council (UK)], in order to identify and collect information useful for this technical, market-oriented, and financial study of the rheometer and viscometer market.
In-depth interviews were conducted with various primary respondents, including subject-matter experts (SMEs), C-level executives of key market players, and industry consultants to obtain and verify qualitative and quantitative information and to assess market prospects.
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Future Revenue Growth Prospects:
The global viscometer market is projected to reach USD 878.6 million by 2023 from USD 721.5 million in 2018, at a CAGR of 4.0%.
Major Growth Boosters:
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.
Global Industry Segmentation:
This report broadly segments the rheometer and viscometer market into product, sample type, end user, and region. On the basis of product, the viscometer market is segmented into rheometers and viscometers. The viscometers segment is expected to account for the largest share of the global rheometer 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 Viscometer Market is categorized 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.
End Users:
On the basis of end user, the viscometer 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 rheometer and viscometer market during the forecast period. The high growth can be attributed to the rising production output & capabilities of major product manufacturers.
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Geographical Growth Scenario:
This report covers the market across four major regions, namely, North America, Europe, the Asia Pacific, and the RoW. North America is expected to command the largest share of the market in 2018.
Dominant position of North America in the global viscometer market is attributed to the ongoing technological advancements in the field of rheometers and viscometers, growing number of disease diagnostic procedures based on viscosity/rheology analysis, strong presence of major device manufacturers, and the wide availability of rheometers and viscometers in the region (owing to the strong distribution networks of major product manufacturers in North America).
Global Leaders:
The major players in the market are Brookfield Engineering Laboratories (US), Anton Paar (Austria), Spectris (UK), Waters Corporation (US), and Cannon Instrument Company.
