The global imaging chemicals market, valued at approximately US$24 billion in 2022, is poised for robust growth in the coming years, driven by sustained demand from key sectors such as healthcare, construction, and packaging. A recently published market analysis report highlights the key drivers, trends, and opportunities shaping this thriving industry.
Rising Need Across Multiple Industries
The escalating demand for imaging chemicals across various end-use sectors, including healthcare, packaging, and construction, is expected to fuel the markets expansion. The report underscores the significance of the increasing adoption of new technologies to meet the growing demand and the heightened reliance on medical imaging technologies as major growth catalysts.
Digital Printing Revolutionizes Textiles
The proliferation of digital printing in textiles has revolutionized textile design and manufacturing, contributing to market growth. Additionally, the industrys emphasis on organic color creation and eco-friendly printing techniques promises significant market potential.
Hyperspectral Imaging Drives Quality Assurance
The utilization of hyperspectral imaging for in-line inspection of raw materials and materials in the production process to enhance the quality and quantity of finished products is set to propel market growth.
Key Findings from the Report
- The global imaging chemicals market reached nearly US$24 billion in 2022.
- Growth prospects are being driven by diverse applications in healthcare, diagnostics, pharmaceuticals, construction, and digital printing packaging.
- The resurgence of film-based imaging is expected to favor market expansion.
- Printing inks will remain the leading application segment.
- Substantial demand for imaging chemicals will continue to originate from the printing and packaging sector.
- Asia Pacific accounts for over a quarter of the total market revenue, with North America maintaining its dominance.
Technological Shift to Digital and On-demand Printing: Digital printing, known for its quick turnaround time, high quality, and cost-effectiveness for shorter print runs, is set to gain a significant market share. However, traditional printing will still find utility in high-volume applications like newspaper and magazine printing.
Resurgence of Film-based Imaging: Film-based photography is experiencing a resurgence, particularly among professional photographers and hobbyists. Film-based medical imaging technologies remain in use, especially in regions with limited access to digital imaging.
The COVID-19 Impact
The COVID-19 pandemic initially disrupted the imaging chemicals market due to temporary closures of industrial units and supply chain interruptions. However, demand from the healthcare sector remained stable, with a surge in line with the increasing need for healthcare services. Other industries also contributed to the markets resilience.
Increasing Digitization: The shift from film-based to digital imaging technologies has led to reduced demand for imaging chemicals in traditional photography and medical imaging. Digital cameras and smartphones have made it easier to take and share photos instantly, reducing the need for printed photos.
Key Market Segments
Printing Inks Sector Tops the List: In 2021, printing inks accounted for a significant share of the imaging chemicals market, driven by their use in traditional and digital printing technologies across various industries.
Printing and Packaging Category Dominates: The printing and packaging category, fueled by medical imaging printing, leads the imaging chemicals market. It encompasses a range of imaging chemicals used in digital printing technologies for high-quality medical images and other applications.
The increasing prevalence of cancers and brain-related conditions presents numerous opportunities for research and development in diagnostics, pharmaceuticals, and digital printing packaging. Growing demand for medical imaging printing in healthcare is expected to unlock further revenue opportunities. Innovations in organic and sustainable color printing and the emergence of newer imaging technologies like hyperspectral and 3D are set to create additional opportunities in the future.
Key Players in Imaging Chemicals Industry
Leading players in the global imaging chemicals market include:
- Flint Group
- DIC Corp.
- Vivimed Labs
- T&K Toka
- The Eastman Kodak Company
- Sakata Inx
- Toyo Ink SC
- Siegwerk Druckfarben
The global imaging chemicals market is poised for sustained growth as it continues to cater to diverse industries and adapt to changing technological landscapes.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/imaging-chemicals-market
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This press release first seen on Brilad
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.