Global Radiation Shielding Materials Market Value to cross USD 1225 million By 2027
Posted On January 15, 2021
Radiation protecting materials works on the principle of attenuation, these materials have the capacity to diminish a wave's or beam's impact by hindering or bobbing particles through a barrier material. Charged particles are constricted by losing energy to responses with electrons in the barrier, while x-beam and gamma radiation are lessened through photoemission, dispersing, or pair production. Radiation Shielding Materials serves to provide thermal protection from the intense heat generated by the absorption of nuclear radiations, biological protection to personnel, apparatus and, instrument shielding to protect electromagnetic apparatus and electronic instruments.
Global radiation shielding materials market was valued at around USD 965 million in 2019 and expected to reach USD 1225 million in 2027, CAGR 6.81%.
Radiations are widely used in industries and medicines for various technical and treatment purpose. However, they present significant health risk to human on an exposure. This is where radiation shielding material finds significance. Radiation shielding material provides protection to human and structural material from harmful effects of exposure.
Factors such as the growing use of radiation therapy and nuclear energy, rise in the number of diagnostic imaging centres, the surge in safety awareness among people, growth in the healthcare industry worldwide, and increase in the number of nuclear energy plants are prominently driving the development of the global radiation shielding materials market. Rising emphasis on implementing guidelines and improving healthcare infrastructure in emerging nations will probably present lucrative opportunities for the radiation shielding materials market. However, the high cost associated with radiation shielding equipment is anticipated to hamper the market to some extent.
LEAD SEGMENT HELD MAJOR CHUNK OF THE GLOBAL SHARE.
Lead has been considered the standard in radiation shielding. The material is easy to process, cheap, and provides durable shielding. It is a common choice for fabricating radiation shielding products. Lead is fabricated into different product forms to provide radiation shielding and protection, and which includes sheets, plates, slabs, & foils, shots, wools, epoxies, putties, bricks, pipe, tubing, sleeves, glass, and, and many more.
ELECTROMAGNETIC RADIATION TO REMAIN DOMINANT BY THE END OF FORECAST.
The growth of the electromagnetic radiation is majorly driven by spurring demand for consumer electronics, and increasing electromagnetic pollution. On-going demonstrations to develop the viability of 5G technology, and stringent environmental and EMC regulations across industries also significantly contribute to the growth.
MEDICAL IS THE LARGEST APPLICATION MARKET.
Increasing radiation therapy procedures in oncology departments and diagnostic centres to treat cancer patient populations worldwide, increasing safety awareness among people while handling the radio-active equipment, and rising number of diagnostic imaging centres is steering demand for radiation shielding materials in medical field. Growing healthcare spending, the technological advancements, and the rising adoption rate of radiation integrated medical diagnostic equipment are other factors supplementing growth to the segment.
APAC TO EMERGE AS THE LARGEST MARKET FOR RADIATION SHIELDING MATERIAL.
APAC market is foreseen to record remarkable growth during the forecast period due to the significant research activities supported by the region's government. Rising awareness about radiation safety, increasing adoption of radiation therapy is contributing to the growth of the APAC radiation shielding materials market. Some of the best growths will be exhibited from China and India.
The Report Segments Global Hospital Furniture Market -
- Depleted Uranium
By Radiation Type
- Electromagnetic Radiation
- Particle Radiation
- Acoustic Radiation
- Gravitational Radiation
- Diagnostic Centers
- Oncology Departments
- Nuclear Energy Plants
- Radiography Centers
PROMINENT PLAYERS IN THE MARKET:
ETS-Lindgren, Marshield Radiation Shielding, Nelco Inc., Ray-Bar Engineering Corp., Spira Manufacturing, Sealing Devices Inc., Select Fabricators Inc., Amray Radiation Protection, Gaven Industries, Inc., A&L Shielding.
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