ID: MRFR/CnM/0622-CR | May 2017 | Region: Global | 89 pages
Market Research Future (MRFR) projects the Micro Reactor Technology Market to touch USD 1,08,927.1 Million by 2022. The Microreactor technology market size is set to expand at a rate of 19.05% between 2016 and 2022 (analysis period).
The COVID-19 outbreak has had a detrimental impact on the microreactor technology industry, in view of the temporary shutdown of manufacturing facilities and weakened demand. Even as the world is trying to curb the spread of SARS-CoV-2, various leading companies are trying to bolster their supply chains and accelerate operations to control further losses. Additionally, with the gradual lifting up of the lockdown across countries and the novel coronavirus under control, the global market for microreactor technology can expect to recover quickly in the following years.
Technology Demand to Escalate Rapidly in Chemical and Pharma Industries
The micro reactor technology market has been thriving on the back of rising preference in the chemical sector coupled with the escalating use in the pharmaceutical industry. The microreactor technology’s applications have become quite extensive in biodiesel production, which can also foster the market’s growth trajectory over the given period.
Also, the various options of different types of microreactors available in multiple shapes and sizes help facilitate effective mixing as well as rapid reaction rates, along with the faster product synthesis rate, thereby elevating the total productivity in a very short period. This provision of customizability can further accelerate the adoption of the microreactor technology in an array of biodiesel production applications over the next few years.
Rising Preference for Biodiesel Promises Major Opportunities
Soaring concerns related to global warming along with the depletion of key nonrenewable energy sources have collectively bolstered the preference for biodiesel. In view of this, the demand for microreactor technology is projected to mount in the forthcoming period, as it accelerates the transesterification process, which is common during the biodiesel production. This can be seen as a huge opportunity for the top micro reactor technology manufacturers in the years ahead.
Low Production Capacity of Micro Reactors to Pose Significant Challenge
High costs and time taken to market micro reactor technology, and the production capacity for commodity chemicals can present huge challenges to the leading firms in the years ahead. The manufacturing capabilities of micro reactors is quite low, as they are small-scale in nature.
Disposable Type of Microreactor to Land the Leading Position
Different types of microreactors are disposable as well as reusable. The disposable type secured the highest share of 71% in the year 2015 and had reached USD 23,043.8 million the same year. It is also expected to procure a growth rate of 18.96% in the years to come.
Polymer Synthesis Applications to Dominate
Top applications of microreactors are Polymer Synthesis, Chemical Synthesis, Material Analysis, Process Analysis, and others. Chemical synthesis segment is at the top position as microreactors efficiently control fast and exothermic polymerization reactions on account of the excellent mass and heat transfer within their small dimensions.
Specialty Chemicals End-Use Segment to Take the Lead
End-users specified in the report include Commodity Chemicals, Pharmaceuticals, Specialty Chemicals, and more. In 2015, the lead was taken by the specialty chemicals segment. specialty chemicals manufacturers are increasingly using micro reactors to streamline the production processes and also mitigate environmental issues.
North America to Remain Dominant during the Appraisal Period
North America remains the leading markets, with the key reason being the large-scale production of pharmaceutical and specialty products. The market in the United States stands at the vanguard of the region, on account of the escalating demand for 3-d printed micro-reactor on account of its high affordability as well as impressive designing ability. Frequent technological innovations combined with the expanding nano pharmaceuticals market has been driving MRT applications in the pharmaceuticals sector. In view of the rising maturity of the pharmaceutical market in the developed countries of the region, the Nano-pharmaceutics market has been presenting a lot of attractive opportunities. Also, DDS/Drug Delivery System has emerged as a significant MRT application in nano pharmaceutics. Canada is the second highest gainer in the north American market for micro reactor technology.
Europe to Witness Fastest Growth as Environmental Concerns Mount
Europe is the fastest advancing market with the pharmaceutical sector presenting a host of lucrative opportunities in terms of micro reactor technology applications. Increasing clamor for sustainable energy resources along with the amounting concerns with regard to global warming has bolstered the demand for biodiesel to be used as an alternative fuel that have low impact on the environment. As a result, microreactor technology’s use has soared exponentially in the region, to help carry out rapid transesterification for biodiesel production.
Competition Intensifies between New and Established Players
The microreactor technology industry is mostly consolidated marked by the rise in emerging players trying to make their presence felt among the league of established firms. While the new players are striving for a higher share in the global market, the tier 1 companies are majorly focused on launching innovative technologies, and are also indulging in acquisitions and partnerships with local vendors to bolster their geographical presence.
The report overview outlines the micro reactor technology industry and associated aspects during the review period. The report has assessed the top challenges, barriers and drivers affecting the market size. The market study also comprises some of the key developments post the COVID-19 pandemic and the effects of the novel coronavirus as well as the lockdown on the global market. The report also throws light on the latest business scenario covering the expected as well as the historical value, in terms of volume and value, technological developments that induce growth. Besides, the affluent vendors and the prominent strategies they adopt to remain relevant in the competitive industry are also listed in the MRFR report.
Scope of the Report
The scope of the report covers a detailed microreactor review, focusing mainly on the microreactor technology market forecast, future microreactor price across various regions, latest microreactor technology market trends and the expected micro reactor technology market size.
Frequently Asked Questions (FAQ) :
The global micro reactor technology market is expected to touch a size of USD 108,927.1 million by 2022.
The global micro reactor technology market is expected to expand at a CAGR of 19.05% from 2016 to 2023.
North America is projected to be the biggest region of the global titanium dioxide market.
Chemical synthesis is anticipated to be the biggest application of the global micro reactor technology market.
Thaletec GmbH, Chemtrix Ltd, Little Things Factory, Ehrfeld Mikrotechnik BTS, AM Technology, Vapourtec Ltd, Microinnova Engineering GmbH, Uniqsis Ltd, and others are some of the biggest players of the global micro reactor technology market.