Analytical standards was valued at US$ 1,367.8 million in 2019. It is anticipated to grow at a CAGR of 6.9% from 2020 to 2030.
The growth of the analytical standards market is attributed to several factors such as stringent environmental regulation, government initiatives promoting analytical testing, and the development of the pharmaceutical sector, among others. Companies are launching new analytical standards for a diverse range of industry verticals such as pharmaceuticals, food & beverage, petrochemicals, and forensics, among others. For instance, in September 2018, Honeywell launched a new portfolio of high-quality Fluka analytical standards, intended for utilization in analytical chemistry applications in Europe. Moreover, companies are focusing on developing new research facilities, which further contribute to market growth. For instance, in July 2020, Merck KGaA announced building a new US$ 21.3 Million laboratory facility in Buchs, Switzerland to support the company’s rapidly growing reference materials business. The new facility will enhance the efficiency of research & development, analytical production, and quality control.
Major Key Players of the Analytical Standards Market are:
Agilent Technologies, Inc., Merck KGaA, AccuStandard, Inc., Thermo Fisher Scientific, PerkinElmer Inc., LGC Limited, Restek Corporation, Cayman Chemical, Chiron AS, and Mallinckrodt, among others.
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