Australia: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in Australia

In 2022, the Australian composite laboratory reagents market increased by 121% to $X, rising for the third consecutive year after three years of decline. Overall, consumption continues to indicate prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Composite Laboratory Reagents Production in Australia

In value terms, composite laboratory reagents production rose notably to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 43% against the previous year. Composite laboratory reagents production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Composite Laboratory Reagents Exports

Exports from Australia

In 2022, after three years of growth, there was decline in overseas shipments of composite diagnostic or laboratory reagents, when their volume decreased by -4.1% to X tons. In general, exports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by 150%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, composite laboratory reagents exports soared to $X in 2022. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 90%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

New Zealand (X tons) was the main destination for composite laboratory reagents exports from Australia, with a 63% share of total exports. Moreover, composite laboratory reagents exports to New Zealand exceeded the volume sent to the second major destination, the United States (X tons), sixfold. The Netherlands (X tons) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to New Zealand totaled -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-11.3% per year) and the Netherlands (+6.6% per year).

In value terms, New Zealand ($X) remains the key foreign market for composite diagnostic or laboratory reagents exports from Australia, comprising 62% of total exports. The second position in the ranking was taken by the United States ($X), with a 10% share of total exports. It was followed by the Netherlands, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to New Zealand amounted to +29.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+8.1% per year) and the Netherlands (+41.5% per year).

Export Prices by Country

In 2022, the average composite laboratory reagents export price amounted to $X per ton, picking up by 89% against the previous year. Over the period under review, the export price recorded significant growth. The pace of growth was the most pronounced in 2017 an increase of 186%. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Canada ($X per ton) and Burkina Faso ($X per ton), while the average price for exports to Malaysia ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (+43.5%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into Australia

In 2022, imports of composite diagnostic or laboratory reagents into Australia skyrocketed to X tons, jumping by 314% on the previous year. Overall, imports showed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, composite laboratory reagents imports surged to $X in 2022. In general, imports continue to indicate resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest composite laboratory reagents supplier to Australia, accounting for a 73% share of total imports. Moreover, composite laboratory reagents imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), eightfold. The third position in this ranking was taken by Singapore (X tons), with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +69.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.6% per year) and Singapore (-4.5% per year).

In value terms, China ($X) constituted the largest supplier of composite diagnostic or laboratory reagents to Australia, comprising 50% of total imports. The second position in the ranking was held by the United States ($X), with an 18% share of total imports. It was followed by Singapore, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +85.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+6.9% per year) and Singapore (+18.6% per year).

Import Prices by Country

In 2022, the average composite laboratory reagents import price amounted to $X per ton, falling by -39.5% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 50%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+24.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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