LONDON--(BUSINESS WIRE)--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.
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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.
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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.
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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.
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