India lab and chemicals markets: the story post 2010
The world chemicals market in the period 2014-2015 has witnessed significant changes. The market has seen very high growth paths in the years 2001-2009. Post 2010, the sce- nario has taken shift towards emerging markets. The devel- oped world particularly Europe which accounts for the largest portion of the world chemical market in terms of revenue is now taking a slug- gish path. Asia is now the focus of major growth in the lab and chemical market.
Europe’s sluggish chemical market growth can be attributed mainly to the high cost of raw materials and rising stringency in the regulations particularly in the areas of environmental pro-tection. Europe is the world’s highly regulated market. There are now nearly 60 per cent more EU regulations in place than in 2008, particularly for environ- mental protection. Companies now face significantly higher costs as a result.
According to a Roland Berger forecast on the lab and chemicals market, if the Europe’s loss of rel- evance as a chemicals market continues at the current rate , then by 2035 Europe’s market share will be just 13 per cent.Asia is still gaining ground, its share of the market set to rise to 62 per cent by 2035.