Global Radiation Shielding Materials Market Overview
The key driver impacting the radiation shielding materials market is the rapidly expanding usage of nuclear energy. For instance, according to the World nuclear association, Nuclear is the world's second-largest source of low-carbon power (29% of the total in 2018). More than 50 countries make use of nuclear energy in about 220 research reactors. Other than research, these reactors are majorly utilized to produce industrial and medical isotopes and electricity generation. In 2019 nuclear plants supplied 2657 TWh of electricity, raised from 2563 TWh in 2018.
According to Value Market Research, the global radiation shielding materials market was valued close to USD 965 million in 2019 and is estimated to grow at a CAGR of about 6.81% during the forecast year of 2020-2026.
In addition to this, the growing trend of using radiation therapy and nuclear medicines in treating across the globe is anticipated to increase the radiation shielding materials market demand under the forecast period. For Instance, According to the International Journal of Medical Science, around 50% of all cancer patients will receive radiation therapy during their course of illness. It is estimated that radiation therapy contributes to over 40% of curative cancer treatment and other chronic diseases.
The rise in the number of diagnostic imaging centers and increased safety awareness among people are also estimated to be a key determinant that adds growth to the market. However, the high-cost associated with radiation shielding equipment may hamper the global radiation shielding materials industry in the long run. The dearth of expertise in designing systems based on radiation shielding materials is likely to restrict the market growth. The current industry trend of strengthening regulations and improving healthcare infrastructure in emerging countries creates new market opportunities for the key players in the coming decade.
The radiation shielding materials market is vast, with a large number of local and global players. The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world. The dominating players included in the report are 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, and others have always been the initial targets of radiation shielding materials companies and many others.
In this market research report, the market is segmented by product, radiation type,end-user and region.
Analysis by Product:
By product, the report is categorized into ceramicrete, plexiglas, depleted uranium, tin, antimony, tungsten, bismuth, lead, rubber, PVC, and others. A Lead is considered the most common choice for use in produce radiation shielding products. It can be fabricated into different product forms such as lead glass, lead bricks, and lead wools to provide radiation shielding and protection, leading to its more adoption and driving the product segment of the radiation shielding materials market during the forecast period.
Analysis by Radiation Type:
By type, the report is categorized into electromagnetic radiation, particle radiation, acoustic radiation, and gravitational radiation. The electromagnetic radiation include microwaves, radio waves, infrared, ultraviolet, visible light, x-rays, and gamma radiation. Electromagnetic radiation is utilized in various medical and industrial applications, driving the type segment of the radiation shielding materials market in the coming years.
Analysis by End-User
By end-user, the report is categorized into hospitals, diagnostic centers, nuclear energy plants, oncology departments, radiography centers, and others. Oncology departments and diagnostic centers use radiation therapies and nuclear medicine to treat expanding cancer patient populations across the globe. The technological advancements, the growing trend in health care spending, and the rising adoption rate of medical diagnostic equipment are key factors driving the end-user segment of the radiation shielding materials market in the forecast period.
Analysis by Region
In the regional outlook of the global radiation shielding materials market. North America and Europe region dominate with a market share of 60% together in terms of revenue. It is due to rising funding’s for the research and development in the field of nuclear medicine and the rising prevalence of cancer and other chronic diseases across the U.S. and other regions of North America. APAC market is anticipated to record considerable growth during the forecast period due to the significant research activities supported by the region's government. Moreover, the increase in radiation therapy adoption, a growing number of hospitals, and a rise in awareness about radiation safety in countries such as China and India are also contributing to the growth of the radiation shielding materials market in APAC.
Market Segmentation covered in the Report:
By Radiation Type
- Depleted Uranium
- Electromagnetic Radiation
- Particle Radiation
- Acoustic Radiation
- Gravitational Radiation
- Diagnostic Centers
- Oncology Departments
- Nuclear Energy Plants
- Radiography Centers
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.