Global immersion oil market size will grow during the forecast period 2022-2028 owing to increasing focus on signal detection, improvements in illumination, and data processing. A notable demand for microscopes will spur the demand for immersion oil.
Immersion oils are used to boost the resolving power of light microscopes and enhance the brightness and resolution of images viewed through a microscope. Leading companies are likely to boost investments in innovations in science and technology. Stakeholders have also focused on the use of immersion oil for a host of microscopy, auguring well for the industry outlook.
In terms of type, synthetic immersion oil will grow over 2022-2028 on the back of increased commercialization of a host of microscopy applications. Synthetic oils have become sought-after for use with oil immersion lenses in microscopy. Manufacturers are likely to invest in synthetic oil across pharmaceuticals, diagnostic laboratories, and healthcare & life science.
Based on end-user, diagnostic laboratories will account for a notable share of global immersion oil market due to the demand for microscopic examination to boost diagnostic conclusions. The growing presence of diagnostic centers across advanced and emerging economies will augur well for the industry growth. Besides, a surge in research and development activities is expected to encourage leading companies to expand their penetration.
With respect to region, North America immersion oil market forecast will be strong by 2028 owing to the presence of leading education and research institutions and healthcare centers. Given that these oils are transparent, they have robust optical properties and viscosity, thereby making them highly sought-after for use in a range of microscopy applications. Soaring demand in research and development activities about microscopy science will bode well for industry participants gearing to expand their footprint. Industry players are likely to invest in cedarwood and synthetic immersion oil across the U.S. and Canada.
The competitive landscape of global immersion oil market indicates major companies could invest in organic and inorganic strategies, including mergers & acquisitions, product launches, innovations and technological advancements. Honeywell Research Chemicals, Nikon Industries, Ted Pella, Cole-Parmer India, Biognost, ELITechGroup, Avantor (acquired VWR International in 2017), Structure Probe, Einstinc, Cargille Labs and Leica Microsystems, among others, are some of the key players boosting the business outlook.
In April 2021, Avantor announced the acquisition of Ritter GmbH and its affiliates to bolster diagnostic and drug discovery workflows. The deal could help Avantor expand its portfolio to the healthcare and biopharma sectors and faster critical lab automation workflows.
The emergence of coronavirus hampered the business outlook following the disruptions leading to delay in raw material supply and shut down of manufacturing plants. Meanwhile, governments upped investment in the pharmaceutical sector and diagnostic laboratories, auguring well for immersion oil industry forecast. For instance, the demand for automated hematology instruments surged during the pandemic to assess the conditions of patients diagnosed with COVID-19.
The growing prominence of microscopic instruments and automated hematology systems will encourage industry participants to expand their footfall globally. Rising government investments in healthcare and life sciences will boost immersion oil market outlook.