The global laboratory furniture market size is expected to showcase considerable growth owing to the increasing need for research and development for various industries in the foreseeable future. This information is published by Fortune Business Insights in its report, titled “Laboratory Furniture Market, 2024-2032". The rapidly growing chemical industry worldwide is generating high demand for furniture products. For example, in March 2019, the European Chemical Council data stated that the global chemical industry contributes around USD 5.7 trillion to the world GDP.
Information Source: https://www.fortunebusinessinsights.com/laboratory-furniture-market-104275
Top Company in the Laboratory Furniture Market
Market Segmentation
By product type, the market is segmented into tables & storage cabinets, stools & chairs, and others. On the basis of application, the market is divided into educational institutions, medical, research and development centers, and others. On the basis of quality, the market is categorized into low, mid-range, and premium. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor
Growing R&D Sector to Surge Product Demand Worldwide
Various industries across the globe are rapidly establishing research and development facilities for the purpose of innovation and development. Moreover, certain industries such as chemical, pharmaceutical, cosmetics, and personal care require the presence of specialized laboratories to conduct research. Therefore, the high consumption by end-user industries of the product shall result in laboratory furniture market growth.
The education facilities worldwide are also generating a high demand for the product. For instance, in August 2020, the India brand equity Foundation announced that the education sector in India stood at a value of USD 91.7 billion in terms of revenue in 2018.
Regional Insights
Rising Investments for Military Research in North America to Aid Growth
North America is expected to hold a substantial laboratory furniture market share in the foreseeable future. This is due to the rising investment in military research centers in the region. For instance, in February 2020, the International Institute of strategic studies data estimated that the United States has spent around USD 684.6 billion for its military and defense. Search intensive investment is expected to generate high demand for the product.
Asia Pacific is projected to hold a considerable market share in the forthcoming years. This is due to the presence of personal care appliances and the pharmaceutical sector in the region. For instance, in 2019, India brand equity Foundation reported that the pharmaceutical market revenue stood at a staggering USD 20.03 billion. Moreover, the presence of large manufacturing bases of pharmaceuticals in India and China contributes highly to the market growth.