Radiation Shielding Material Market worth $980 million | MarketsandMarkets

CHICAGO, Sept. 21, 2023 /PRNewswire/ -- In the near future, the radiation shielding material industry is poised for remarkable growth and innovation as advancements in technology, space exploration, and medical treatments continue to flourish. With increasing demands for safer nuclear energy, robust space exploration missions, and precise medical diagnostics and therapies, the industry is set to witness a surge in research and development, leading to the creation of novel materials that offer enhanced radiation protection while being more cost-effective and environmentally friendly. These cutting-edge materials will not only revolutionize the safety of nuclear facilities and space travel but also improve patient care in the field of radiology and oncology. As the world increasingly relies on radiation for various purposes, the radiation shielding material industry will play a pivotal role in shaping a safer and more sustainable future.

Radiation Shielding Material Market in terms of revenue was estimated to be worth $714 million in 2023 and is poised to reach $980 million by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in the Medical Radiation Shielding market is mainly driven by the growing usage of nuclear medicine and radiation therapy for diagnosis and treatment and Increasing use of particle therapy for cancer treatment expected to offer growth opportunities for players operating in the Medical Radiation Shielding market during the forecast period. However, the Lack of adequate healthcare infrastructure, Dearth of Skilled Oncologist/Radiologist and No mandate for using lead aprons during dental x-ray procedures in the US are restricting the growth of this market.

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Radiation Shielding Material Market Scope:

Electromagnetic Radiation segment is expected to account for the largest share in 2022.

The Radiation Shielding Material market, by product, has been segmented into Electromagnetic Radiation and Particle Radiation. Electromagnetic radiation will drive the growth of the market electromagnetic shielding refers to the use of shielding materials to block or attenuate the shielding area and the outside world of electromagnetic energy transmission. Also X-ray and gamma rays are forms of electromagnetic radiation that occur with higher energy levels than those displayed by ultraviolet or visible light. Thick, dense shielding, such as lead, is necessary to protect against the energy emitted from x-rays as Shielding and x-ray room design is a very important consideration for any healthcare facility that performs diagnostic and interventional radiology.

The Lead Shielding segment held the largest market share in the material market.

By Material, the global Radiation Shielding Material market is broadly segmented into Lead Shielding, Lead Composite Shielding and Non-Lead and Lead Free Shielding. Lead Shielding is expected to grow highest in the upcoming years. The Increasing safety awareness among people working in radiation radiation-prone environment will drive the demand for the radiation safety which will require radiation shielding product made of lead shielding material.

North America dominates the global Radiation Shielding Material market.

Based on the region, the Radiation Shielding Material market is segmented into North America, Europe, Asia Pacific and Rest of the world. The North American market is driven by the growing focus on growing government and private investments to meet the increasing demand for cancer treatment and Development of number of PET/CT scans technology.

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Radiation Shielding Material Market Dynamics:

Drivers:

1.  Increasing use of particle therapy for cancer treatment

Restraints:

1.  Dearth of skilled oncologist/radiologist

Opportunities:

1.  Raising demand for cancer treatment Increasing private investments in cancer research

Challenge:

1.  High cost of lead in manufacturing radiation accessories

Key Market Players:

The Key players in the Medical Radiation Shielding market are ETS-LINDGREN (An Esco Technologies Company) (US), Nelco worldwide (US), Infab Corporation (US), Burlington Medical (US), MarShield (Canada), Ray-Bar Engineering Corp (US), Mars Metal Company (Canada), Radiation Protection Products (US), Nuclear Lead Co (US), Ultraray (Canada), Veritas Medical Solutions, LLC (US), Global Partners in Shielding, Inc (US), Nuclear Shields (Netherlands), A&L Shielding (US), Amray Medical (Ireland), Protech Medical (US), Lemer Pax (France), Pilot Industries Limited (India), Mayco Industries (US), Nuclear Shielding Supplies & Service (US), Canada Metal North America Ltd. (Canada), Lead Shielding (US), Wardray Premise (UK), Calder Healthcare (UK) and Gravita India Ltd. (India).

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Radiation Shielding Material Market Advantages:

• Enhanced Safety: Radiation shielding materials provide crucial protection against harmful ionizing radiation, ensuring the safety of workers, patients, and the environment in industries such as healthcare, nuclear power, and aerospace.
• Innovation and Customization: Ongoing research and development efforts have led to the creation of advanced shielding materials that are more efficient, lightweight, and customizable to specific needs. This innovation allows for tailored solutions in diverse applications.
• Environmental Sustainability: The industry is increasingly focused on developing eco-friendly shielding materials that have minimal environmental impact. This commitment to sustainability aligns with global efforts to reduce the carbon footprint of various industries.
• Space Exploration: Radiation shielding materials are essential for protecting astronauts from cosmic radiation during space missions. As space exploration efforts expand, the market plays a critical role in enabling long-duration missions to Mars and beyond.
• Medical Advancements: Radiation therapy and diagnostic imaging are vital components of modern healthcare. Radiation shielding materials enhance the precision and safety of medical procedures, contributing to improved patient outcomes.
• Regulatory Compliance: Stringent safety regulations and guidelines mandate the use of radiation shielding materials in industries like nuclear energy and healthcare. This ensures compliance and fosters a culture of safety.
• Cost Efficiency: Advanced materials offer improved shielding with reduced thickness and weight, leading to cost savings in construction, transportation, and space missions.
• Radiological Emergencies: Radiation shielding materials are crucial for emergency response and disaster management in cases involving nuclear accidents or radiological incidents, helping to minimize exposure and protect first responders and the public.
• Global Health Security: In a world facing evolving threats, radiation shielding materials contribute to strengthening global health security by safeguarding against potential radiological hazards.
• Market Growth: The radiation shielding material market is expected to experience sustained growth as the demand for radiation protection increases across various sectors, offering opportunities for investment and job creation.
• In summary, the radiation shielding material market plays a pivotal role in ensuring safety, enabling innovation, and advancing various industries while contributing to environmental sustainability and global health security.

Recent Developments:

• In August 2023, ETS-Lindgren announced its strategic alliance with TUV Rheinland North America for its new Technology and Innovation Center located in Massachusetts, including AMETEK-CTS, Fair-Rite, Innova, and Rohde & Schwarz, are key supporting partners in the creation of the Technology and Innovation Center. With the cooperation of ETS-Lindgren and these industry leaders, TUV Rheinland will facilitate the integration of essential equipment, enabling the delivery of holistic customer solutions.
• In July 2022, Burlington Medical has launched the XENOLITE 800 NL (No-Lead) apron series. XENOLITE 800 NL is a lead-free, super-lightweight, flexible, and recyclable x-ray radiation protection apron. The XENOLITE 800 NL series uses antimony and tungsten, which are supported, encapsulated, and homogeneously distributed in a tough-but-flexible, high-tech plasticized Dow elastomer matrix.
• In January 2021, Infab Corporation (US) accuried MediDrapes, a provider of disposable protective drapes used in medical imaging equipment such as mini-C-arms, fluoroscopes, and ultrasound machines, added to the company's portfolio.

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