Laboratory Furniture Market Size, Share, Growth Analysis, By Type(Tables & Storage Cabinets, Stools & Chairs, Others (IPS Unit, Pedestal)), By Application(Educational Institution, Medical, Research, Development Centers), By Region - Industry Forecast 2024-2031

Laboratory Furniture Market Driver

• The widespread establishment of research and development centers by various businesses throughout the world serves as a catalyst for the market's expansion.

The necessity for the product increases as more and more organizations across the globe build their own research and development facilities for product invention and development. According to data released by the International Organization for Accreditation, almost 85,000 laboratories, 13,000 inspection bodies, 600 proficiency testing providers and 250 reference material producers were accredited by the ILAC MRA Signatories in 2021. Since its formation in 2000, the number of accreditations from around the world has more than doubled and is predicted to rise in the coming years.

• Growing educational institutions.

The market has grown as a result of increasing product consumption by educational institutions all over the world. For instance, the August 2020 report from the India Brand Equity Foundation states that there are 993 universities and 39,931 colleges in India as of 2019. The 2018 fiscal year's anticipated value of the educational sector is USD 91.7 billion. Additionally, the growing requirement is being fueled by the increased demand for laboratory furniture in hospital laboratories.

Laboratory Furniture Market Restraint

• The small group or individual restrictions caused by the product's high price are impeding the market's expansion.

Technologies are developing quickly. Science parks and hubs are being developed as a result of the market expansion brought about by scientific advancement. The drawback of this is that as more and more personnel are compelled to work in smaller places, rising real estate expenses could constrain or obstruct the market for laboratory furniture. The potential of trade tariffs is another danger affecting the market growth for laboratory furniture. Many furniture businesses, particularly in North America, import furniture products and raw materials from China. Recently, North America saw a surplus of commodities imported from China compared to a severe deficit of items exported.

This was bad news for the North American economy because it raised the Section 301 Tariff rate on imports from China from 10% to 25%. While businesses who produce their laboratory furniture from locally sourced raw materials are unaffected, it is not good news for other market participants in the laboratory furniture sector. The tariffs will have a negative effect on furniture producers who import raw materials, which will restrict the expansion of the laboratory furniture sector. Local players who must deal with the rising costs of domestic stainless steel can also see the indirect consequences of tariffs. Chinese material suppliers will suffer as a result of the harsh tariffs. Chinese exporters will have to shut down or consider other options as a result of the growing taxes. China is one of the biggest exporters of laboratory furniture components; therefore, this will undoubtedly have a negative impact on the market and impede its expansion.