Composite Laboratory Reagents Market

The article provides a detailed analysis of the global market for composite diagnostic or laboratory reagents, predicting an upward consumption trend with a CAGR of +3.1% from 2022 to 2030. Market volume is expected to reach 1.3M tons by 2030, while market value is projected to hit $93.6B by the same year. Consumption patterns, production trends, import and export figures are outlined, with China leading both consumption and production of composite laboratory reagents. The United States, Germany, and the Netherlands are major players in imports and exports, with price fluctuations and growth rates analyzed for each country.

Market Forecast

Driven by increasing demand for composite diagnostic or laboratory reagents worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.5% for the period from 2022 to 2030, which is projected to bring the market value to $93.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Composite Diagnostic Or Laboratory Reagents

In 2022, consumption of composite diagnostic or laboratory reagents decreased by -10.5% to 1M tons for the first time since 2019, thus ending a two-year rising trend. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 1.1M tons, and then contracted in the following year.

The global composite laboratory reagents market revenue shrank dramatically to $61.1B in 2022, dropping by -22% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $78.4B in 2021, and then declined notably in the following year.

Consumption By Country

China (224K tons) constituted the country with the largest volume of composite laboratory reagents consumption, comprising approx. 22% of total volume. Moreover, composite laboratory reagents consumption in China exceeded the figures recorded by the second-largest consumer, the United States (98K tons), twofold. The third position in this ranking was taken by India (87K tons), with an 8.6% share.

In China, composite laboratory reagents consumption increased at an average annual rate of +4.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+2.9% per year) and India (+4.0% per year).

In value terms, the United States ($11.8B) led the market, alone. The second position in the ranking was held by Germany ($4.1B). It was followed by Canada.

In the United States, the composite laboratory reagents market expanded at an average annual rate of +1.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+7.1% per year) and Canada (+15.7% per year).

In 2022, the highest levels of composite laboratory reagents per capita consumption was registered in Belgium (1,905 kg per 1000 persons), followed by Malaysia (929 kg per 1000 persons), Australia (812 kg per 1000 persons) and Canada (694 kg per 1000 persons), while the world average per capita consumption of composite laboratory reagents was estimated at 128 kg per 1000 persons.

In Belgium, composite laboratory reagents per capita consumption increased at an average annual rate of +22.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Malaysia (+14.3% per year) and Australia (+13.2% per year).

Production

World Production of Composite Diagnostic Or Laboratory Reagents

For the fourth consecutive year, the global market recorded growth in production of composite diagnostic or laboratory reagents, which increased by 23% to 1.2M tons in 2022. The total output volume increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, composite laboratory reagents production declined slightly to $50.8B in 2022 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +75.1% against 2012 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 27%. Over the period under review, global production reached the maximum level at $51.8B in 2021, and then dropped in the following year.

Production By Country

The country with the largest volume of composite laboratory reagents production was China (504K tons), accounting for 42% of total volume. Moreover, composite laboratory reagents production in China exceeded the figures recorded by the second-largest producer, the Netherlands (162K tons), threefold. The United States (103K tons) ranked third in terms of total production with an 8.6% share.

In China, composite laboratory reagents production expanded at an average annual rate of +13.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (-1.5% per year) and the United States (+0.3% per year).

Imports

World Imports of Composite Diagnostic Or Laboratory Reagents

Global composite laboratory reagents imports skyrocketed to 771K tons in 2022, increasing by 16% against 2021 figures. In general, imports showed resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 52%. Global imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, composite laboratory reagents imports rose markedly to $63.4B in 2022. Overall, imports enjoyed prominent growth. The pace of growth was the most pronounced in 2020 when imports increased by 47%. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports By Country

Germany (91K tons) and the United States (80K tons) represented roughly 22% of total imports in 2022. The Netherlands (53K tons) held the next position in the ranking, followed by Belgium (37K tons). All these countries together took approx. 12% share of total imports. The following importers - the UK (33K tons), Malaysia (33K tons), France (30K tons), Italy (27K tons), Spain (24K tons), China (22K tons), Thailand (19K tons), Japan (18K tons) and Russia (15K tons) - together made up 29% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Thailand (with a CAGR of +17.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($9.4B), Germany ($6.6B) and China ($5.6B) constituted the countries with the highest levels of imports in 2022, with a combined 34% share of global imports.

China, with a CAGR of +19.0%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average composite laboratory reagents import price amounted to $82,139 per ton, which is down by -9.1% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, composite laboratory reagents import price decreased by -16.9% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 46% against the previous year. As a result, import price attained the peak level of $98,842 per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($250,112 per ton), while Malaysia ($10,829 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Composite Diagnostic Or Laboratory Reagents

Global composite laboratory reagents exports soared to 961K tons in 2022, with an increase of 89% compared with the year before. In general, exports enjoyed a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, composite laboratory reagents exports skyrocketed to $55.8B in 2022. Over the period under review, exports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 45% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, China (302K tons) and the Netherlands (208K tons) represented the main exporters of composite diagnostic or laboratory reagentsacross the globe, together comprising 53% of total exports. Germany (131K tons) ranks next in terms of the total exports with a 14% share, followed by the United States (8.8%). The following exporters - Poland (24K tons), Ireland (21K tons), Italy (19K tons), France (18K tons), Belgium (15K tons) and Japan (15K tons) - each resulted at a 12% share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +33.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest composite laboratory reagents supplying countries worldwide were the United States ($11.4B), China ($11B) and Germany ($7.5B), together comprising 54% of global exports.

In terms of the main exporting countries, China, with a CAGR of +51.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average composite laboratory reagents export price stood at $58,078 per ton in 2022, which is down by -37.2% against the previous year. In general, the export price continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2020 an increase of 37%. As a result, the export price reached the peak level of $99,787 per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($135,046 per ton), while Poland ($19,325 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform