Newly released data from the imaging chemicals market analysis shows that global demand for overall imaging chemicals enjoyed a CAGR of nearly 4% from 2016 to 2020. In 2020, the imaging chemicals industry survey revealed a valuation of nearly US$ 24 Bn, which is expected to surpass US$ 34 Bn by 2031. Demand for printing inks is expected to remain especially high, surging at around 6% CAGR through 2031.
Key Points Covered in Imaging Chemicals Market Report:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Imaging Chemicals and How to Navigate
- Recommendation on Key Winning Strategies
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Imaging Chemicals Industry Historical Analysis of 2016-2020 Vs Market Outlook for 2021 to 2031
From 2016 to 2020, imaging chemical demand rose at a CAGR of nearly 4% as demand for advanced imaging and printing solutions acquired precedence, most notably across the packaging industry. Furthermore, uptake has also surged in the diagnostic imaging segment, amid high need for precision based imaging.
Adjusting for the COVID-19 pandemic related downturns, the imaging chemicals demand outlook was revised to be valued at over US$ 24 Bn in 2020, as mandatory factory shutdowns to curb the virus’s spread led to a cessation of production activities.
Future expansion prospects appear bright as a return to film based photography is taking precedence. From 2021 to 2031, imaging chemicals sales forecast have been projected to increase by a CAGR exceeding 5%.
How is Transition towards Digital Printing Broadening Imaging Chemical Demand Outlook?
Fast-paced technological advancements are penetrating the printing & packaging technology on a broad scale. Demand for faster turn-around time, high print ink quality and reduced costs are significantly enhancing uptake of imaging chemicals manufactured from various raw materials.
As per Fact.MR’s insights into the imaging chemicals market, stringent labeling and packaging regulations imposed by government authorities and regulatory agencies is spurring the need for clear printing solutions, paving the way for future adoption of high quality imaging chemicals.
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Will Resurgence of Film-based Photography Reinforce Elevated Position of Imaging Chemicals?
Although digital photography is swiftly grabbing major eyeballs, owing to faster turnaround time, reduced image development time and enhanced color contrast, a return to film-based photography is being experienced across major countries, especially by professional photographers. This is mostly due to high preference for printed photographs by photo enthusiasts over digital ones.
Furthermore, film based photography offers greater accuracy, especially when it comes to focus. Photographic film sales in leading photographic film manufacturing companies such as Kodak, Fujifilm, and Harman Technology has increased over the past few years.
This return to growth of film-based photography is expected to drive the demand for developers, stop bath solutions, fixers, and other chemicals used for photographic film development.
What Does the Imaging Chemicals Industry Analysis Conclude about the U.S. Market?
As per Fact.MR’s study, the market for imaging chemicals in the U.S exceeded US$ 6 Bn in FY 2020. Growth is ascribed to a mushrooming diagnostic imaging industry, amid an increase in chronic and infectious diseases amongst all population age groups.
The Centers for Disease Control and Prevention estimates that at least 60% of adults in the U.S suffer from one chronic disease, while 4 in 10 adults have two or more diseases. These include chronic lung disease, heart disease and cancer.
Hence, an increasing number of patients are undergoing X-ray scans, CT scans, MRI scans and ultrasound, which require high-grade imaging equipment. This is spurring demand for imaging chemicals in the healthcare sector.
What is the Imaging Chemicals Sales Forecast for China?
Analysis of imaging chemicals demand across China reveals an optimistic outlook, with sales forecast to expand at over 8% CAGR by 2031. Market for imaging chemicals in China is poised to top US$ 7 Bn by the end of the forecast period. Prospects are especially strong in the packaging industry.
According to Packaging World Insights, total revenue of China’s packaging industry will surpass US$ 308 Bn by 2023. This is mostly attributed to elevated production levels across various industries, which is augmenting demand for advanced printing & packaging solutions.
Consequently, packaging companies are incorporating highly advanced solutions with respect to printing and labelling, which is providing massive impetus to the sales of imaging chemicals across the Chinese landscape.
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Why are Imaging Chemical Printing Inks Acquiring Popularity?
By product, sales of printing inks are expected to surpass US$ 16 Bn by 2031, expanding at a record 6% CAGR. Printing inks are widely used across multiple industries, including mainstream media and technical domains such as industrial printing.
As the demand for proper labelling acquires precedence, key manufacturers are seeking out advanced printing solutions. This trend is anticipated to bolster growth prospects for the imaging chemicals domain, as per the imaging chemicals industry survey.
How is Medical Diagnostics Opening Growth Frontiers for Imaging Chemical Manufacturers?
By application, imaging chemicals for medical diagnostics is likely to account for over 40% revenue in the upcoming forecast period. Demand from the medical sector is witnessing favorable growth owing to an increasing geriatric population and rising incidences of cancer & other cardiac diseases, which require advanced imaging for future treatment.
Moreover, rising health awareness among individuals, increasing investments by governments in the development of diagnostic centers and an increase in spending capabilities has supplemented demand for imaging chemicals in the medical sector.
Key imaging chemical suppliers are investing in R&D activities to design new product lines, customized as per industry specifications. Additionally, they also invest in mergers & acquisitions, strategic collaborations and securing regulatory approvals for key products. Some notable developments are as follows:
- In June 2021, ALTANA AG secured a new revolving credit facility from a consortium of eight major banks to further its sustainability agenda. The company availed € 250 million for the next 5 to 7 years in exchange for adhering to stringent ESG processes for key business areas, including imaging chemicals.
- Also, in June 2021, Eastman Kodak Company and West World Paper (WWP) have announced a reseller agreement wherein the latter will become a key supplier of Kodak Commercial Print Solutions throughout Western Canada in forthcoming years.
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Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Available upon Request
Key Market Segments Covered in Study
- Imaging Chemicals for Printing & Packaging
- Imaging Chemicals for Medical Diagnostics
- Imaging Chemicals for Textile Processing
- Imaging Chemicals for Other Applications
- Imaging Chemical Printing Inks
- Imaging Chemical Developers
- Other Imaging Chemical Products
Imaging Chemicals Market- Scope of Report
A recent study by Fact.MR on the imaging chemicals market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering imaging chemicals.
The study also provides the dynamics responsible for influencing the future status of the imaging chemicals market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing imaging chemicals, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of imaging chemicals across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of imaging chemicals during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative markets for imaging chemicals?
- Which factors will impact the growth of the imaging chemicals market?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the imaging chemicals industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Market estimates at global and regional levels for imaging chemicals are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global imaging chemicals market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the imaging chemicals market during the forecast period.
Country-specific valuation on demand for imaging chemicals has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the imaging chemicals market, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
The global imaging chemicals market is valued at a little over US$ 24 Bn.
The market for imaging chemicals is likely to expand at around 6% CAGR until 2031 to reach over US$ 34 Bn.
From 2016 to 2020, demand for imaging chemicals increased at approximately 4% CAGR.
Large-scale digital printing penetration and medical diagnostics imaging technologies are currently spurring imaging chemical uptake.
Resurgence of conventional film-based photography is generating major growth opportunities for imaging chemical suppliers.
The U.S., Germany, Canada, Japan, and China are lucrative markets for manufacturers of imaging chemicals.
North America is likely to account for over 40% of total imaging chemical demand, with the U.S. market valued at US$ 6 Bn in 2020.
India, Australia, and South Korea are expected to remain in the limelight, contributing nearly US$ 5 Bn valuation by 2031.
ALTANA AG, Kodak, FUJIFILM Corporation, Flint Group, and Vivimed Labs are prominent imaging chemical manufacturers.
Medical diagnostics is anticipated to contribute over 40% revenue to the global imaging chemicals market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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