The viscometer market is projected to reach US$ 300.4 million in 2021, growing at a CAGR of 6.9% between 2021 and 2031.
According to Future Market Insights (FMI), the global viscometer market is expected to rise due to the continued expansion of process industries such as chemicals, oil, and lubricants, and the resulting increased demand for viscosity tests. Following the outbreak of COVID-19, sales of viscometers dropped during the FQ-20 due to the cessation of manufacturing activities as a result of supply-chain disruptions caused by the pandemic.
Despite marginal decrease in sales, the market is set to register impressive year-on-year growth at 6.4% CAGR in 2021. The increasing demand from research, testing and certification agencies has improved viscometer market growth. Also, recovery of production across various industries, including petroleum, food & beverages, and others will aid the market growth over the coming years.
Backed by these factors, the global market will surpass US$ 587.3 Mn, reaching a shipment of 51,000 units through 2031, estimates FMI. .
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Key Takeaways of Viscometer Market Study
- Within the industrial segment, the food & beverages industry is expected to be the primary end-user, accounting for over 18% of volume sold through 2031.
- In terms of sales channel, online sales channel will be the most preferred type, contributing nearly 56.7% of global revenue.
- Based on equipment type, capillary viscometer is expected to hold potential share of the global viscometer market whereas vibrational viscometer and falling ball viscometer is projected to expand with the higher growth throughout the forecast period.
- The U.S. and Germany are expected to hold dominance over the North America and Europe market, holding potential share of 69.2% and 30.4%, respectively.
- India, Mexico, and GCC countries are anticipated to expand with substantial growth rate over the forecast period.
“Increasing application of viscometer as a primary tool for quality control and to address new product formulation across industries will continue to improve sales. With increasing adoption of viscometer in testing and certification agencies, demand in the market will continue to rise through the forecast period,” says a Future Market Insights analyst.
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Competitive Landscape
The global viscometer market is considered to be moderately consolidated, with leading players accounting for nearly 3/5th of the market share. Penetration of small regional players will result in intense competition.
AMETEK Inc., Anton Paar GmbH, A&D Company, TA Instruments, Goettfert GmbH, Fann Instrument, Freeman Technology, Brabender GmbH, Cannon Instrument Company, Lamy Rheology Instruments, and Shanghai Nirun Intelligent Technology Co., Ltd among others are some of the leading players.
These players are adopting inorganic growth strategies such as partnerships, research & development activities, collaborations, acquisitions, technological advancements and innovations in order to capture a larger share in the market and strengthen their market presence.
Market Projection
During the forecast period, the global viscometer market is expected to be an optimistic market owing to increasing deployment of automation in various manufacturing procedures as well as increasing investments of manufacturers in research & development.
Manufacturers are highly investing in research & development for product advancement to meet the industry standards and regulatory framework sanctioned by government. This in turn, is driving the growth of viscometer market globally.
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Viscometer Market by Category
By Equipment Type:
- Orifice Viscometer
- Capillary Viscometer
- Falling Piston Viscometer
- Rotational Viscometer
- Falling Ball Viscometer
- Vibrational Viscometer
By Sales Channel:
- Offline
- Online
By End User:
- Industrial
- Pharmaceutical
- Industrial Oils and Lubricants
- Paints & Coating
- Food & Beverages
- Petrochemicals
- Cosmetics
- Polymers & Rubber
- Others (Research & Academician and Building & Construction Materials)
- Testing & certification Agencies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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