Global Radiation Shielding Materials Market Insights Forecasts to 2032
- The Global Radiation Shielding Materials Market Size was valued at USD 273.8 Million in 2022.
- The Market is growing at a CAGR of 8.9% from 2022 to 2032.
- The Worldwide Radiation Shielding Materials Market is expected to reach USD 647.1 Million by 2032.
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Radiation Shielding Materials Market Size is expected to reach USD 647.1 Million by 2032, at a CAGR of 8.4% during the forecast period 2022 to 2032. Increased precautionary consciousness among people working with radioactive machinery is a critical factor driving market growth, as is a growth in the overall number of diagnostic imaging facilities and installations, as well as a rise in the incidence of long-term illnesses such as cancer, which are major factors driving the radiation shielding materials market.
Radiation shielding is the method of limiting the impacts and rate of penetration of radioactive rays based on the type of radiation present. Radiation shielding reduces the damaging effects of radiation by preventing particles from passing through a layer of material used. Radiation shielding is a crucial field in a variety of industries such as including nuclear energy, nuclear medicine, and non-destructive testing, as well as healthcare and medical imaging. Radiation shielding materials are employed in a wide range of radiologic applications. Radiation shielding garments are routinely used in hospitals, clinics, and dentistry offices to protect medical patients and personnel from both primary and secondary radiation exposure during imaging procedures for diagnostic purposes.
Over time, radiation shielding materials were made from lead (Pb). Lead shielding is commonly utilized in a range of industries such as diagnostic imaging, radiation therapy, nuclear, and industrial shielding. However, developments in radiation shielding material technology have resulted in the development of two substitute materials: lead composite and lead-free radiation shielding.
The major players in the global radiation shielding materials market include Nuclear Shields B.V., Nuclear Lead Co., Cleveland Tungsten, Swift Glass Company, A&L Shielding, Spira Manufacturing, and Precision Custom Components, LLC. To build a solid customer base in the industry, major firms have used various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product releases.
Global Radiation Shielding Materials Market Report Coverage
|Market Size in 2022:||USD 273.8 Million|
|Forecast Period 2022-2032 CAGR:||8.9%|
|2032 Value Projection:||USD 647.1 Million|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Type, By Material Type, By End-Users, By Region and COVID-19 Impact Analysis|
|Companies Covered:||Nelco Inc., XrayCurtains, Aktinovolia, MarShield, ETS-Lindgren, Nuclear Shields B.V., Nuclear Lead Co., Inc., Gaven Industries, Inc., Amray Radiation Protection, Cleveland Tungsten, Inc., Swift Glass Company, Inc., A&L Shielding, Spira Manufacturing, Precision Custom Components, LLC, Ames Metal Products Co., Inc., Ray-Bar Engineering Corp.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The global radiation shielding materials market is expanding as a result of factors such as the rising use of nuclear energy, radiation therapy, diagnostic imaging centers, safety awareness among the general public, the expansion of the global healthcare sector, the rising use of nuclear medicine, and the rising number of nuclear energy plants. Furthermore, the radiation shielding materials industry is evolving forward with the use of lightweight materials, as traditional materials are heavy and cumbersome. The application of both boron carbide and carbon fiber composites has expanded due to their equivalent shielding qualities and enhanced transportation and handling characteristics. This market trend toward lightweight radiation shielding materials is projected to continue, owing to increased demand across different consumer sectors.
In recent years, the radiation shielding materials industry has seen several technological developments. The adoption of lightweight, extremely effective borated polyethylene, which attenuates neutrons, is one of the most recent advances. The use of 3D printing technologies has also improved the precision and productivity of intricate and custom-made radiation shielding constructions. Furthermore, artificial intelligence and machine learning are currently being applied to improve the development and operation of the radiation shielding materials market. Globally, advanced technologies are being adopted in many different industries, and they are also being appropriated for use. The demand for radiation shielding materials market has expanded as a result.
As a result of the large rise in electricity consumption in emerging nations, there are an increasing number of nuclear power plants, which raises the need for radiation shielding materials to protect both workers and the surrounding ecosystem. Furthermore, another factor driving the market for radiation shielding materials is the expansion of the aerospace sector, which calls for these materials in order to shelter astronauts and electronic components from cosmic radiation on board spacecraft and satellites.
However, the high cost of raw materials utilized in the production of radiation shielding materials is one of the major restrictions. Materials such as lead and tungsten are prohibitively costly, leading to an overpriced end-product that may be beyond reach for small and medium-sized businesses. Furthermore, the industry is hampered by the strict rules and regulations governing the utilization and recycling of radiation shielding materials.
By Type Insights
The acoustic radiation segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global radiation shielding materials market is segmented into the electromagnetic radiation, particle radiation, acoustic radiation, and gravitational radiation. Among these, the acoustic radiation segment is dominating the market with the largest revenue share of 38.6% over the forecast period. The increasing demand for Acoustic reduction and monitoring in industries such as construction, automotive, and aerospace can be ascribed to this rise. Acoustic radiation shielding materials can help to reduce noise pollution while also improving occupant security and ease of use. Furthermore, the necessity to comply with safety and environmental laws drives the market for acoustic radiation shielding materials.
By Material Type Insights
The lead segment is witnessing significant CAGR growth over the forecast period.
On the basis of material type, the global radiation shielding materials market is segmented into ceramicrete, plexiglas, depleted uranium, tin, antimony, tungsten, lead, rubber, and others. Among these, the lead segment is witnessing significant CAGR growth over the forecast period. Lead is a common material used in the manufacture of radiation shielding equipment. In order to provide radiation shielding and protection, lead has been transformed into various product forms such as lead glass, lead bricks, and lead wool. Because of its high density, lead acts as an excellent barrier against X-ray and gamma-ray radiation. Other important characteristics, such as a high atomic number, great application versatility, and availability in a variety of forms, make it the finest choice.
By End-Users Insights
The diagnostic centers segment accounted the largest revenue share of more than 38.3% over the forecast period.
On the basis of end-users, the global radiation shielding materials market is segmented into diagnostic centers, hospitals, oncology departments, nuclear energy plants, and others. Among these, discrete industries are dominating the market with the largest revenue share of 38.3% over the forecast period. The rising number of diagnostic centers and radiological facility installation bases are the primary factors driving the growth of the radiation shielding materials market. Furthermore, the growing trend in global healthcare investing, a surge in the number of diagnostic imaging centers, and increased population safety awareness are projected to fuel demand for the radiation shielding materials market over the forecast period.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 38.7% market share over the forecast period. The growing need for diagnostic imaging treatments is driving the expansion of the radiation shielding materials market in North America. Furthermore, the region's nuclear industry is a big source of consumer demand for the radiation shielding materials market. These materials are critical for guaranteeing worker and environmental safety in nuclear power plants, and enormous quantities of them are needed for their development and operation. The aerospace industry is also boosting the radiation shielding materials market in North America.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. One of the major drivers is the region's expanding usage of nuclear energy and radiation therapy technologies. The growing need for energy in nations such as China and India has resulted in a growth in nuclear power plants, which has raised the requirement for radiation shielding materials to maintain worker and environmental safety. Major market participants have been expanding their presence and investing in R&D to keep up with changing consumer demands as a result of the region's growing demand for radiation shielding materials.
List of Key Market Players
- Nelco Inc.
- Nuclear Shields B.V.
- Nuclear Lead Co., Inc.
- Gaven Industries, Inc.
- Amray Radiation Protection
- Cleveland Tungsten, Inc.
- Swift Glass Company, Inc.
- A&L Shielding
- Spira Manufacturing
- Precision Custom Components, LLC
- Ames Metal Products Co., Inc.
- Ray-Bar Engineering Corp.
Key Market Developments
- On February 2023, MarShield's Plasti-Shield ® Boron Filled Polyethylene Neutron Shielding is a lightweight, affordable neutron shielding option for applications in industrial, healthcare, cancer treatment centers, diagnostic, hospital facilities, nuclear reactors, and nuclear storage. It is very effective at attenuating and absorbing neutron radiation.
- On January 2022, Ametek, a leading manufacturer of radiation shielding materials, has purchased Blore Edwards, a German firm, in order to broaden its product portfolio and increase its European presence. Blore Edwards' expertise in high-temperature and radiation-shielding materials will be used by Ametek to develop new solutions for its customers.
- On November 2021, Radiation Protection Products (RPP), a global leader, announced the expansion of its manufacturing plant in New York to accommodate rising product demand. The expansion includes the addition of new equipment and increased manufacturing capacity, which will result in shorter lead times and greater customer service.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Radiation Shielding Materials Market based on the below-mentioned segments:
Radiation Shielding Materials Market, Type Analysis
- Electromagnetic Radiation
- Particle Radiation
- Acoustic Radiation
- Gravitational Radiation
Radiation Shielding Materials Market, Material Type Analysis
- Depleted Uranium
Radiation Shielding Materials Market, End-Users Analysis
- Diagnostic Centers
- Oncology Department
- Nuclear Energy Plant
Radiation Shielding Materials Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the Radiation Shielding Materials market?The Global Radiation Shielding Materials Market is expected to grow from USD 273.8 Million in 2022 to USD 647.1 Million by 2032, at a CAGR of 8.9% during the forecast period 2022-2032.
2. Which are the key companies in the market?Nelco Inc., XrayCurtains, Aktinovolia, MarShield, ETS-Lindgren, Nuclear Shields B.V., Nuclear Lead Co., Inc., Gaven Industries, Inc., Amray Radiation Protection, Cleveland Tungsten, Inc., Swift Glass Company, Inc., A&L Shielding, Spira Manufacturing, Precision Custom Components, LLC, Ames Metal Products Co., Inc., Ray-Bar Engineering Corp.
3. Which segment dominated the Radiation Shielding Materials market share?The diagnostic centers segment in end-users type dominated the Radiation Shielding Materials market in 2022 and accounted for a revenue share of over 38.3%.
4. What are the elements driving the growth of the Radiation Shielding Materials market?The radiation shielding materials market is expanding rapidly due to a variety of causes, including increased use of nuclear power, medical imaging technology, and increased awareness of safety laws.
5. Which region is dominating the Radiation Shielding Materials market?North America is dominating the Radiation Shielding Materials market with more than 38.7% market share.
6. Which segment holds the largest market share of the Radiation Shielding Materials market?The acoustic radiation segment based on type holds the maximum market share of the Radiation Shielding Materials market.
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