Flow Chemistry Market Forecasts and Growth Opportunity By Industry Players: DSM, ThalesNano Inc., Syrris, Milestone Srl - Analytical Division, Chemtrix BV., AM Technology
Chemical manufacturing industries are highly regulated and directed by concerns towards fume emissions and worker safety, as these fumes are extremely toxic harmful for the environment and the workers. For example, most of the chemical manufacturing companies releases carbon gases, which are toxic and are the major pollution contributor. Adapting and accepting flow chemistry process and technology will help the chemical manufacturing companies to reduce these toxic gases and thereby will boost the global flow chemistry market size by 2024.
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The biggest challenge confronted by the pharmaceutical and chemical industries involves concerns regarding technology scale up for commercialization. Scaling up for commercialization is likely to necessitate extensive new investments especially for labs and adaptable equipment. Also, the microreactor systems do not hold compatibility to support massive manufacturing units involving multipart structure. This might be a restraint to the market growth by 2024.
Drifting focus towards environmental friendly processes in pharmaceutical and chemical manufacturing will substantially boost the overall flow chemistry market size over the projected timeframe. The process encompasses least heat exchange in comparison with traditional processes including batch, which consequently offers precise and efficient results and enhances the reaction productivity. Therefore, this process is extensively preferred in end-user industries such as pharmaceuticals. In addition, the conventional batch reactor method is not appropriate for various chemical reactions due to immense heat energy released in the process. Furthermore, the process offers harmless chemical reactions, which are beneficial for the environment and the worker.
Microreactor system flow chemistry will witness highest gains over 15% CAGR by 2024. The growth is attributed to their compatibility for small scale usage like academic and industrial research. These systems hold characteristics such as efficient heat transfer and superior mass, leading to effective control of the heat evolved during the chemical reaction. However, the industry has been undergoing consistent technological advancements, which makes these systems highly looked-for across large scale applications as they need less energy. This is likely to boost the market growth by 2024.
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The industry is mainly led by continuous stirred tank reactor (CSTR). These reactors are particularly used in series in order to upgrade the efficiency of the reaction. These are widely used in the chemical and petrochemical industries, where low energy and material consumption is essential in order to reduce the overall operational cost.
North America, led mainly by the U.S. flow chemistry market share is analyzed to observe gains over 9% CAGR by 2024. The regional growth is mainly propelled by robust pharmaceutical and petrochemical industries in the U.S.
Asia Pacific region bears brighter growth aspects in the forecast period, owing to the strong prevalence of chemical manufacturers in India and China. The drifting focus among the global manufacturers, for setting up manufacturing facilities in Asia Pacific, due to small initial investments in the region and favourable government regulations, will further drive regional industry by 2024.
Global flow chemistry market size remains moderately consolidated with key industry share contributors accounting over 40% of the overall share. Key companies in the global flow chemistry market share are Vapourtec, ThalesNano Inc., Uniqsis, ThalesNano, FutureChemistry Holding BV, Milestone Srl, Koninklijke DSM N.V. and AM Technology, Chemtrix BV.
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