Chemical Reactor Market Size, Share, Opportunities, And Trends By Type (Batch Reactor, Continuous Stir Tank Reactor, Plug Flow Reactor, Others), By Material (Metal, Ceramics, Plastics), By End-User (Chemical, Oil & Gas, Pharmaceutical, Food & Beverage, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jun 2023
- Report Code : KSI061615501
- Pages : 155
The chemical reactor market is expected to grow at a CAGR of 4.08% from US$579.468 million in 2021 to US$766.865 million in 2028.
Chemical reactors are containers or systems that enable the transformation of reactants into desired products while containing chemical processes. The chemical, petrochemical, pharmaceutical, and other process industries all employ these reactors extensively. Over the years, the chemical reactor market has grown consistently. The market has been significantly influenced by the rising demand for chemicals, including polymers, speciality chemicals, pharmaceuticals, and so on.
- Rising demand for petrochemicals
Chemical reactors are widely used in the petrochemical industry. Ethylene, propylene, benzene, toluene, and xylene are just a few of the petrochemicals that are produced in chemical reactors. These substances act as raw materials to produce synthetic fibers, resins, and other products generated from petrochemicals. Further, petrochemicals are expected to account for more than a third of the increase in oil consumption through 2030 according to the IEA. Thus, the chemical reactors market has benefited from the rising demand for various petrochemical goods like polymers, resins, and synthetic fibers.
- Stringent environmental regulations and sustainability efforts
The development of chemical reactors has been driven by strict environmental restrictions as well as the necessity for sustainable production methods. Reactors that reduce emissions, waste production, and energy use assist the industry in adhering to environmental regulations while reducing their environmental impact. Further, the need for chemical reactors appropriate for bio-based processes has also increased as a result of the growing emphasis on sustainability and the transition towards renewable feedstocks. These reactors assist in lessening dependency on fossil fuels and ameliorate environmental effects by enabling the manufacture of sustainable chemicals, fuels, and materials from biomass.
- Sizable capital and operational expenses
Chemical reactors require a sizable initial capital outlay, particularly for large-scale or specialized reactors. Material costs, design fees, building costs, and installation costs might be high. In addition, costs associated with operation and upkeep, such as energy use, routine maintenance, and component replacement, can add to overall costs which is expected to limit the chemical reactors market growth.
- Safety concerns regarding toxic or reactive chemicals
Chemical reactions can be dangerous because they involve high temperatures, high pressures, and potentially toxic or reactive chemicals. Pressure release mechanisms, safety interlocks, and emergency response procedures must all be put in place in order to ensure the safety of chemical reactors and the surrounding area. Further, the design, use, and upkeep of chemical reactors are made more complicated and expensive by safety issues.
- Buchi AG is a Swiss business renowned for its creative approaches to chemical reactors used in lab and industrial settings. They provide a variety of reactors, such as parallel synthesis reactors, pressure reactors, and jacketed glass reactors. In chemical, pharmaceutical, and academic research labs, Buchi's reactors are frequently employed.
- Chemical reactors are among the laboratory instruments offered by Thermo Fisher Scientific, which also offers a large selection of other instruments. Their product line includes jacketed reactors, stirred reactors, and high-pressure reactors that are employed in chemical, pharmaceutical, and academic research facilities.
- For research and manufacturing, Anton Paar provides a variety of high-pressure chemical reactors. Their reactors feature intricate temperature, pressure, and reaction control mechanisms.
- In the design and construction of modular chemical reactors and pilot plants, Zeton is a world leader. Several industries, including petrochemicals, chemicals, medicines, and renewable energy, use Zeton's reactors.
Applications by key end-user industries
By end-users, chemical reactors are essential in the chemical industry for carrying out various chemical processes, such as mixing, heat transfer, and reaction control. Chemical reactors are used to make speciality compounds like catalysts, surfactants, additives, and colors. The growth of the chemical industry will lead to an increase in the demand for chemical reactors. Moreover, the pharmaceutical industry is another major market that is expected to propel the chemical reactors market. Active pharmaceutical ingredients (APIs) and intermediates are synthesized in chemical reactors during the pharmaceutical production process under regulated conditions, ensuring product purity and yield.
The Asia-Pacific region has become an important market for chemical reactors. The need for chemical reactors has been spurred by the industrial boom in emerging economies, particularly in Asia-Pacific nations like China and India. The market has grown owing to rapid industrialization and the construction of chemical manufacturing facilities.
The shale gas revolution has helped the United States regain its position as a low-cost center for chemical manufacturing. According to IEA, approximately 40% of the world's ethane-based petrochemical manufacturing capacity is currently located in the United States. Hence, the United States is a major player in the sizeable North American chemical reactors market owing to a thriving chemical industry exists, which produces petrochemicals, polymers, medicines, and specialty chemicals.
Further, the Middle East continues to be the low-cost region for the production of petrochemicals and is expected to grow during the forecast period. Countries like Saudi Arabia, Qatar, and the United Arab Emirates have invested heavily in the development of large petrochemical facilities, which require a significant number of chemical reactors. Moreover, the demand for reactors in the petrochemical industry is driven by the region's easy access to feedstocks such as natural gas and crude oil.
- August 2022- A joint development agreement to test a fully electric chemical reactor for clean hydrogen production was announced by Syzygy, LOTTE Fine Chemical, LOTTE Chemical, and Sumitomo Corporation of America. The reactor is expected to be set up and made operational in Ulsan, South Korea, in the second half of 2023. The deal clearly identifies LOTTE Chemical and SCOA as early adopters of disruptive technologies and strengthens their leadership position in the decarbonization of Korea.
- July 2022- A three-year initiative to create a strategy for recycling spent nuclear fuel by TerraPower, Idaho National Laboratory, Savannah River National Laboratory, and New Mexico State University was announced. The Optimising Nuclear Waste and Advanced Reactor Disposal Systems (ONWARDS) programme of the Department of Energy's Advanced Research Projects Agency-Energy has awarded the project a grant of US$8.5 million. The goal of ONWARDS is to both enhance the use of nuclear energy as a dependable, clean energy source and reduce the amount of waste produced by modern nuclear reactors. This project includes designing a chemical reactor for purifying spent fuel.
Chemical Reactor Market Scope:
|Market Size Value in 2021||US$579.468 million|
|Market Size Value in 2028||US$766.865 million|
|Growth Rate||CAGR of 4.08% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Material, End-Users, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||MAN Energy Solutions, Godrej & Boyce Mfg. Co. Ltd., GMM Pfaudler, Buchi AG, Syrris Ltd, Hydrion Scientific Instruments, Capital Resin Corporation, Corning Incorporated|
|Customization Scope||Free report customization with purchase|
- BY TYPE
- Batch Reactor
- Continuous Stir Tank Reactor
- Plug Flow Reactor
- BY MATERIAL
- Stainless Steel
- Carbon Steel
- BY END-USERS
- Oil & Gas
- Food & Beverage
- BY GEOGRAPHY
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. CHEMICAL REACTOR MARKET ANALYSIS, BY TYPE
5.2. Batch Reactor
5.3. Continuous Stir Tank Reactor
5.4. Plug Flow Reactor
6. CHEMICAL REACTOR MARKET ANALYSIS, BY MATERIAL
6.2.1. Stainless Steel
6.2.2. Carbon Steel
7. CHEMICAL REACTOR MARKET ANALYSIS, BY END-USERS
7.3. Oil & Gas
7.5. Food & Beverage
8. CHEMICAL REACTOR MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. MAN Energy Solutions
10.2. Godrej & Boyce Mfg. Co. Ltd
10.3. GMM Pfaudler
10.4. Buchi AG
10.5. Syrris Ltd
10.6. Hydrion Scientific Instruments
10.7. Capital Resin Corporation
10.8. Corning Incorporated
MAN Energy Solutions
Godrej & Boyce Mfg. Co. Ltd.
Hydrion Scientific Instruments
Capital Resin Corporation
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