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IN THE NEWSJuly 2020: Kelco Supply Company announced a surge in the prices of embalming chemicals, following the short demand due to COVID-19 pandemic.
April, 2020: World Health Organization and National Funeral Directors Association (NFDA) approved the embalming of individuals who died of confirmed or suspected COVID-19, given that, all security measures and precautions are followed during the funeral and later.
Global Embalming Fluid Market Highlights over 2022 – 2030
The global embalming fluid market is estimated to grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for preservatives to store organs and body parts in hospitals, and for preserving evidences in police station. Embalming fluids are chemical used to temporarily prevent decomposition. The growing demand for embalming fluids at hospitals to preserve organs from donors, is estimated to boost the market growth. According to the data by the Global Observatory on Donation and Transplantation, 41,860 deceased people donated their organs in 2019, globally. Moreover, increasing adoption of embalming chemicals to preserve bodies at funeral homes, is anticipated to propel the growth of the market. Along with this, the various applications of these chemicals, such as, balancing the hardness of water, drawing excessive fluid out of a body, and inactivating chemotherapy drugs, are expected to boost the market growth.
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Furthermore, the rising need for organ transplants, backed by growing prevalence of chronic diseases are anticipated to encourage the market growth. Diseases, such as, kidney failure, cystic fibrosis, hepatitis, and diabetes, are associated with organ transplants. The organs donated by deceased donors are stored for a short term, using embalming fluids. According to the data by the Global Observatory on Donation and Transplantation, a total of 166,579 transplants were performed in 2019.
The market is segmented by application into cell preservation, disinfection, anti-edemic chemicals, cavity fluids, and others, out of which, the cell preservation segment is anticipated to hold the notable share in the global embalming fluid market over the forecast period on account of increasing number of organ transplants, globally, backed by rising cases of organ failure and other chronic diseases.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Embalming Fluid Market Regional Synopsis
On the basis of geographical analysis, the global embalming fluid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of easy availability and low prices of chemicals in developing countries, backed by developing chemical manufacturing industry in the region. Moreover, surging adoption of embalming fluid at funeral homes, backed by the large population in the APAC region, is estimated to boost the regional market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of rising demand for organ transplants in the region. According to the data by the U.S. Health Resources & Services Administration (HRSA), 37,584 people received organ transplant in the United States in 2020.
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The global embalming fluid market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global embalming fluid market includes the following segments:
By Methanol Content
By Application
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing demand for cell preservation is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the high demand for organ transplants in the region.
The major players in the market are Bondol Laboratories, Inc., Kelco Supply Company, TrinityFluids, LLC, Esco Micro Private Limited, Pierce Chemical Co., Frigid Fluid Company, The Dodge Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by methanol content, application, end-user, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The requirement of high initial investment is estimated to hamper the market growth.
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