Radiation Shielding Materials Market Size Worth USD 319.18 million, Globally, By 2030 At 3.3% CAGR.

The latest market report published by Credence Research, Inc. is “Global Radiation Shielding Materials Market: Growth, Future Prospects, and Competitive Analysis, 2017 – 2030”. The Global Radiation Shielding Materials Market generated revenue of around USD 254.3 million in 2022 and is projected to grow a CAGR of over 3.3% during the forecast period from 2023 to 2030 to reach around USD 319.18 million in 2030.

Radiation shielding substances are specialized materials intended to protect individuals and equipment from the harmful effects of radiation. These materials are used widely in medical imaging, nuclear power, and aerospace industries. Lead-based materials and lead-free options like lead-lined drywall, radiation-shielding doors and windows, and lead glass are commonly used. The demand for radiation shielding materials is fueled mainly by the need for effective protection during medical imaging procedures, which is predicted to rise as this technology becomes more widely used. In addition, nuclear power also necessitates using radiation-shielding materials to ensure the safety of workers and the environment. Although lead-based materials have many advantages, there are market restrictions, such as high costs and environmental issues. Borated polyethylene and tungsten polymer composites, which provide a lightweight and cost-effective alternative, are gaining popularity as a solution to these issues. Despite the difficulties, the radiation shielding materials market provides significant opportunities for developing innovative and cost-effective materials that satisfy the industry’s rigorous criteria. Moreover, there is a growing interest in applying radiation shielding materials in new areas, such as space exploration and radiation therapy, for cancer treatment.

The global radiation shielding materials market is bifurcated into Radiation Type, Material, End-User, and Geography. Based on the radiation type, the market is categorized into electromagnetic radiation, particle radiation, acoustic radiation, and gravitational radiation. Based on the material, the market is divided into ceramicrete, Plexiglas, depleted uranium, tin, antimony, tungsten, lead, rubber, and others. The market is classified into diagnostic centers, hospitals, oncology departments, nuclear energy plants, and others based on the end user. Geographically, the global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

North America dominated the global radiation shielding materials market, accounting for a significant market revenue share value in 2022. The growing demand for medical imaging procedures is the main factor behind the increasing North American market for radiation shielding materials. With imaging technologies like X-rays, CT scans, and PET scans becoming more widely used, there is a higher need for shielding materials to protect patients and healthcare workers from harmful radiation. The nuclear industry also plays a significant role in driving the demand for radiation-shielding materials in the region. Radiation shielding materials are crucial to ensuring the safety of workers and the environment in nuclear power plants, and their construction and operation require large amounts of such materials.

Some of the key players in the radiation shielding materials market include Areva SA (France), BAE Systems PLC (UK), IBA Worldwide Ltd. (UK), Kuraray Co., Ltd. (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), Nucor Corporation (U.S.), POSCO (South Korea), Sheffield Nuclear Services Limited (UK), Tata Steel Limited (India), and United States Steel Corporation (U.S.).

Why to Buy This Report-

  • The report analyses the global radiation shielding materials market by segments, drivers, restraints, opportunities, current trends, challenges, and market dynamics from 2018 to 2021, with the base year of 2022 and a forecast period of 2023 to 2030.
  • The report provides an in-depth examination of the legal and regulatory environment impacting the global radiation shielding materials market, which can assist companies in comprehending the regulatory framework and policies governing the market.
  • This report comprehensively analyses the global radiation shielding materials market, with a detailed segmentation based on radiation type, material, and end-user.
  • Major countries in each region, with import/export figures.
  • The global radiation shielding materials market report also examines key trends, significant players, market growth strategies, and key global, regional, and country application areas.
  • The report includes extensive information on the global radiation shielding materials market’s key players and their company overview, product offerings, financials, and recent developments.

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