LONDON–(BUSINESS WIRE)–#Research–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
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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
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
- Eagle Manufacturing Company
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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safety cabinets and cans market report free of cost
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