United Kingdom: Composite Laboratory Reagents Market 2024

Composite Laboratory Reagents Market Size in the UK

After three years of growth, the UK composite laboratory reagents market decreased by -41.3% to $X in 2022. Overall, consumption, however, recorded strong growth. As a result, consumption attained the peak level of $X, and then dropped rapidly in the following year.

Composite Laboratory Reagents Production in the UK

In value terms, composite laboratory reagents production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.1% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 57% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Composite Laboratory Reagents Exports

Exports from the UK

In 2022, exports of composite diagnostic or laboratory reagents from the UK shrank to X tons, falling by -2% compared with 2021 figures. Overall, exports continue to indicate a mild contraction. The growth pace was the most rapid in 2017 when exports increased by 38%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, composite laboratory reagents exports declined rapidly to $X in 2022. Over the period under review, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 39% against the previous year. The exports peaked at $X in 2021, and then dropped sharply in the following year.

Exports by Country

Germany (X tons), the United States (X tons) and Belgium (X tons) were the main destinations of composite laboratory reagents exports from the UK, together accounting for 41% of total exports. The Netherlands, Ireland, China, Japan, Turkey, France, India, Iraq, Sweden and Australia lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +23.5%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for composite diagnostic or laboratory reagents exports from the UK, comprising 32% of total exports. The second position in the ranking was held by Germany ($X), with an 11% share of total exports. It was followed by the Netherlands, with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.3% per year) and the Netherlands (+14.5% per year).

Export Prices by Country

The average composite laboratory reagents export price stood at $X per ton in 2022, falling by -18.3% against the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, composite laboratory reagents export price increased by +113.6% against 2017 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 58%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank sharply in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Composite Laboratory Reagents Imports

Imports into the UK

In 2022, approx. X tons of composite diagnostic or laboratory reagents were imported into the UK; with a decrease of -63.8% compared with the year before. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 235%. As a result, imports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, composite laboratory reagents imports declined markedly to $X in 2022. Over the period under review, imports, however, showed a strong increase. The most prominent rate of growth was recorded in 2021 when imports increased by 235% against the previous year. As a result, imports attained the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of composite laboratory reagents to the UK, accounting for a 52% share of total imports. Moreover, composite laboratory reagents imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The third position in this ranking was held by the Netherlands (X tons), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +48.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-10.8% per year) and the Netherlands (-2.4% per year).

In value terms, the largest composite laboratory reagents suppliers to the UK were China ($X), the United States ($X) and the Netherlands ($X), with a combined 50% share of total imports.

China, with a CAGR of +66.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average composite laboratory reagents import price stood at $X per ton in 2022, standing approx. at the previous year. In general, the import price recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 an increase of 68%. The import price peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+22.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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