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(Medical-NewsWire.com, July 22, 2020 ) Factors such as technology advancements; expansion of petrochemical & material manufacturing industries; growing stringency of the regulatory framework for product safety compliance in cosmeceutical, biotechnology, & pharmaceutical industries; and rising public-private investments to support product innovation are driving the growth of the rheometers and viscometers market. However, the high cost of viscometers and rheometers is expected to restrain the growth of this market during the forecast period.
The global rheometers and viscometers market is projected to reach USD 878.6 million by 2023 from USD 721.5 million in 2018, at a CAGR of 4.0%.
Analysis of the market developments between 2014 and 2018 reveals that several growth strategies, such as product launches, expansions, mergers, and agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the rheometers and viscometers market. Among these business strategies, product launches and market expansions were the most widely adopted growth strategies by players in the market.
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Spectris (UK) dominated the global rheometers and viscometers market in 2017. The company has a strong foothold in this market, with a broad range of viscometers and rheometers for various sample types, including resins, coatings, pastes, gels, suspensions, and slurries. The company has a strong geographic presence in more than 30 countries, such as the US, the UK, India, Germany, Switzerland, Denmark, and Canada.
In the past four years, Spectris continued to strengthen its R&D capabilities and product portfolio to help expand its consumer base and offer novel products. The company also focused on strategic mergers. In 2016, the company merged with Panalytical (Netherlands) to strengthen its product portfolio and expand its customer base.
Anton Paar (Austria) held the second position in the global rheometer and viscometers market in 2017. The company has a prominent presence in major markets, such as the US, the UK, Germany, Austria, India, France, the Czech Republic, China, Chile, Denmark, Japan, Italy, and Malaysia. The company focuses on strengthening its product portfolio.
Between 2014 and 2018, Anton Paar commercialized several products, such as the ViscoQC 100, SVM 2001, SVM 3001 Stabinger, SVM 4001 Viscometer, and powder rheometers. The company also continues to expand its manufacturing and R&D facilities to increase its market share. Anton Paar established a new manufacturing facility in Bosnia and expanded its laboratory facilities in Austria in 2017 and 2016, respectively.
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