Lab Chemicals Category - Procurement Intelligence

In this lab chemicals procurement intelligence report, we have estimated the pricing of the key cost components. Raw materials, staff salaries, laboratory supplies, equipment and tools, and energy costs are some of the important cost components in the category. Other considerations include repairs and maintenance, legal costs, insurance, and packaging and transportation. Starting a lab chemical business requires a significant initial investment to cover various expenses such as setting up laboratory, equipment installation, and office deposit/rent. The cost of research and development depends on the size of the company and the complexity of the chemical being produced. The average cost of R&D for small companies can be around USD 300,000 to USD 1 million each year, whereas for large companies’ costs can go beyond USD 100 million annually. Insurance and legal costs are also important components that cannot be overlooked. Insurance not only covers staff but also includes compensation for equipment and supplies.

To cut expenses and the impact of hazardous chemicals on the environment, providers of lab chemicals are adopting green chemistry. It uses renewable energy sources to reduce the impact of hazardous chemicals resulting in lower costs of feedstock. The legal cost of the business depends on the location and the chemical the laboratory is researching as they must comply with regulations of different bodies such as the FDA, EPA, and OSHA.

Order your copy of the Lab Chemicals category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Operational Capabilities - Lab Chemicals

  • Geographical Service Provisions - 20%
  • Years in Service - 20%
  • Certifications - 15%
  • Employee Strength - 15%
  • Revenue Generated - 15%
  • Industries Served - 10%
  • Key Clients - 5%

Functional Capabilities - Lab Chemicals

  • Production Capacity - 40%
  • Quantity Supplied - 20%
  • Purity - 18%
  • Grade - 12%
  • Others - 10%

Rate Benchmarking

When analyzing rate benchmarking of lab chemicals, the location, chemical quality, grade, purity, employees’ level of experience, and expertise play an important role. The laboratory technician rate in the U.S. varies as compared to the countries like Japan, and the UK. The U.S. is one of the top countries in chemical production. The average hourly rate for laboratory technicians in the U.S. is USD 24.71 per hour. On the other hand, in Japan, the laboratory technician earns up to USD 12.3 per hour. In the U.K. the average hourly rate of the laboratory technician is USD 14.3 per hour. In India, a technician earns USD 4.22 per hour. Rising chemical research, and drug development activities along with the growing chemical industry in combination with technological advancements within the U.S. are anticipated to drive the demand for the job resulting in rising rates per hour.

Supplier Newsletter

In September 2023, Avantor formed a partnership with Tobin Scientific. The latter is a provider of biopharma cold chain, ambient storage, and transport & logistics services. The collaboration aims to assist biopharma customers in seamlessly relocating their laboratories, research facilities, and samples from start to finish. This strategic alliance addresses the increasing demand from customers for sophisticated logistics solutions tailored to specific temperature requirements.

In February 2022, Agilent Technologies and the University of Vermont together established the Agilent Laboratory for Chemical Analysis (ALCA). This facility would serve as an important central location/hub for institutional colleagues, regional technologically advanced start-ups, and students. The establishment would enable its interested members to study the form and composition of chemical samples.

In January 2022, Thermo Fisher Scientific acquired PeproTech. The acquiree is a developer and producer of recombinant proteins. These specialized proteins play a crucial role in the creation, production of cell and gene therapies, and various cell culture applications. PeproTech's recombinant proteins portfolio was integrated with Thermo Fisher's existing cell culture media products to provide customers with a unified product offering.

List of Key Suppliers

  • Thermo Fisher Scientific
  • Avantor
  • Merck Group
  • Thomas Scientific
  • Agilent Technologies
  • Perkin Elmer
  • TCI America
  • BD Biosciences
  • AquaPhoenix Scientific
  • GE Healthcare
  • Bio-Rad Laboratories

 

Browse through Grand View Research’s collection of procurement intelligence studies: 

Lab Chemicals Procurement Intelligence Report Scope

  • Lab Chemicals Category Growth Rate : CAGR of 4.3% from 2023 to 2030
  • Pricing Growth Outlook : 5% - 6% increase (Annually)
  • Pricing Models : Volume-based pricing, cost plus pricing, value-based pricing, competition-based pricing
  • Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
  • Supplier Selection Criteria : Product range, purity, and grade, end-to-end services, global reach, regulatory compliance, operational capabilities, quality measures, certifications, data privacy regulations, and others.
  • Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

  • Market Intelligence involving – market size and forecast, growth factors, and driving trends
  • Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
  • Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
  • Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions