Published: December 2023 | Report Code: 12814 | Available Format: PDF
The imaging chemicals market is set to generate USD 31.7 billion revenue by the end of 2023 and witness a CAGR of 5.8% during 2024–2030, reaching USD 47.0 billion by 2030. This is attributed to the various applications of these chemicals, such as printing, packaging, medical diagnostics, and textiles.
The increasing prevalence of cancer, brain disorders, and many other diseases drives the requirement for diagnostic imaging tests, such as X-rays, magnetic resonance imaging (MRI), and computed tomography (CT). Imaging chemicals, including contrast agents and film developers, are essential for enhancing the visibility of anatomical structures and detecting abnormalities in medical images. This way these chemicals ensure quality, diagnostic accuracy, and patient safety.
The expanding scope of medical imaging procedures and the need for more- effective diagnostic tools drive the demand for innovative imaging chemicals in the healthcare sector. In this regard, the rising geriatric population all around the world is driving the growth as it is at a perpetual risk of serious health conditions. The chemical imaging industry is itself undergoing various advancements, driven by the increasing demand of the medical sector for better images for diagnostics, disease staging, and therapeutic effect monitoring. Advanced chemicals decrease the time in the processing of the images and also provide clarity.
In the same way, the imaging chemicals are widely used on textiles. The increasing global demand for textiles, evolving fashion trends, and rising popularity of e-commerce are adding fuel for the growth of the market in this regard. The rise of online shopping has expanded the market reach of textiles, making them more accessible to consumers globally. The ease of international trade and the ability to source material and labor from various regions contribute to the industry’s growth.
These chemicals are now being innovated for industries other than healthcare and textiles as well. For instance, scientists at the University of California have created a new method of chemical imaging, which can capture spectral images of materials in the mid-infrared part of the electromagnetic spectrum. This will help scientists and industries quickly visualize the chemical composition of various materials.
By type, printing inks hold the largest share, of 70.0%, in the market, and this category is expected to grow at a significant rate during the forecast period. This is due to their wide range of applications in the coloring of paper, metals, plastics, glass, and textiles.
Moreover, the increasing popularity of digital printing, because it is faster and more efficient than conventional methods, is propelling the growth of this category. The popularity of digital printing is also increasing due to the changing demands of customers.
The increasing need for high-quality printing and labeling on packaging materials is directly driving the demand for imaging chemicals. These formulations play a crucial role in good-quality printing by enabling the printing of detailed graphics on packaging, which is essential for brand visibility and consumer appeal. Furthermore, the advancement in the imaging chemical technology contributes to improved print durability, resistance to environmental factors, and adherence to various materials. Hence, companies’ increasing attraction toward colorful packaging and the growing e-commerce sector are aiding the advance of the packaging, thereby increasing the demand for imaging chemicals for packaging.
By application, the printing & packaging category holds the largest share of the imaging chemicals market, due to the increasing demand for printing and packaging around the world. Thus, the burgeoning demand for the various chemicals used for this purpose is making the market competitive. For instance, in February 2023, hubergroup Print Solutions launched a line of heat-set and cold-set inks for food-compliant paper packaging, to make the entire process creative and sustainable.
Moreover, the increasing demand for medical image printing is expected to enhance the growth potential of this category. A range of formulations are used in significant volumes for enhancing medical images’ clarity, to enable doctors to better diagnose diseases and treat them accordingly. Thus, the increasing prevalence of chronic diseases that require radiological studies will propel the imaging chemical market over this decade.
In addition, the increasing production of plastic packaging is increasing the demand for these chemicals for printing on such materials. in the same way, the increasing demand for textiles with vivid colors, designs, motifs, and characters is propelling the growth of the market.
Market Size in 2023
USD 31.7 Billion
Market Size in 2024
USD 33.4 Billion
Revenue Forecast in 2030
USD 47.0 billion
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Type; By Application; By Region
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Geographically, North America accounts for the largest share in the market, of 45%, in 2023. This is because of the presence of highly advanced healthcare infrastructure in the region, as well as the rising consumer expenditure on healthcare. Further, in North America, the U.S. generates significant revenue, attributed to the usage of advanced healthcare technologies in the U.S. and increasing research activities in in this sector.
APAC is projected to be the fastest-growing region in the global market during the forecast period. This is because of the growing economy, increasing number of production facilities of imaging chemicals, and rising efforts of the key players to expand their share in this region.
In addition, the robust growth of the packaging industry will be a major driving factor for the APAC market. All industries that require precise labeling to ensure the sale of high-quality goods to customers rely heavily on packaging. Hence, the development of the food & beverage, healthcare, and consumer goods industries has raised the use of these formulations. As a result, it is expected that the rise in the annual spending on packaged food items will drive the demand for printing chemicals throughout the forecast period.
Moreover, the growing awareness of the harmful effects of volatile organic compound (VOC) emissions and the increasing concerns about the presence of heavy metals in printing inks are resulting in the widespread adoption of bio-based and water-borne products across APAC. Additionally, these technologies enable the efficient separation of inks from paper, thereby resulting in improved paper recyclability, which would further augment the demand for bio-based chemicals for food packaging.
The study uncovers the biggest trends and opportunities in the imaging chemicals market, along with offering segmentation analysis at the granular level for the period 2017 to 2030.
Based on Type
Based on Application
The market for imaging chemicals values USD 31.7 billion in 2023.
The imaging chemicals industry current CAGR is 5.8%.
Boi-based and water-borne variants are trending in the market for imaging chemicals.
Printing inks dominate the imaging chemicals industry.
The key end users in the market for imaging chemicals are the printing & packaging, healthcare, and textile industries.
The imaging chemicals industry is driven by the wide application area of these formulations.
APAC is the fastest-growing market for imaging chemicals.
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