Global Safety Cabinets and Cans Market – Growing Biopharmaceutical Industry to Boost the Market| Technavio

34
0
SHARE

LONDON–The global safety cabinets and cans market is expected to grow at a CAGR of close to 3% during the period 2017-2021, according to a new market research study by Technavio.

The report categorizes the global safety cabinets and cans market by end-user which includes the chemical and petrochemical sector, oil and gas industry, manufacturing sector, pharmaceutical sector, mining industry, and construction sector. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

Market driver: growing biopharmaceutical industry

The global biopharmaceutical market is witnessing substantial growth, owing to the factors, such as the rise in aging population, increased incidences of chronic diseases, and increased investments in R&D. The safe storage of sensitive drugs manufactured in the biopharmaceutical industry is therefore essential to alleviate the risk of contamination and associated hazards. Hence, the expansion of the biopharmaceutical industry will fuel the demand for safety cans and cabinets over the forecast period.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Market trend: global chemical industry witnessing mergers and acquisitions

The global chemical industry has witnessed several mergers and acquisitions. Irrespective of being organic or inorganic, the expansion of companies through mergers and acquisitions is experiencing gratifications from investors and industry analysts in the market.

According to Neelesh Prakash Singh, a lead analyst at Technavio, “Consolidation and realignment of portfolios by companies is expected to grow in the forthcoming years to develop new and innovative assets in terms of research processes, driving the chemical industry. This is expected to significantly call in for more operational activities, along with the adoption of storages, such as safety cabinets and cans, which augurs well for the growth of the market during the forecast period.”

Market challenge: high cost of R&D

R&D involves significant costs, and the inability of small and medium-sized firms, original equipment manufacturers, and distributors to meet expenses restricts the adoption and innovations of several technologies. The high cost incurred for R&D has a negative impact on the procurement of safety equipment, such as safety cabinets and cans, for laboratory and research facilities. Organizations compromise on the use of such equipment to reduce the expenses incurred.

Is your business on track for a successful future? Learn how Technavio can help

Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.

Key vendors in the market

  • DENIOS
  • Eagle Manufacturing Company
  • ECOSAFE
  • Justrite

The global safety cabinets and cans market is fragmented because of the presence of a substantial number of vendors. In addition, the manufacturing of safety cabinets and cans largely depends on the type of application. Key vendors offer products for specific as well as multiple safety cabinets and can applications worldwide.

Get a sample copy of the global safety cabinets and cans market report free of cost

Access Technavio’s continuously growing power research library and find expert analysis on hundreds of markets.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

Powered by WPeMatico