Imaging Chemicals Market

Imaging Chemicals Market Size (2023-2028)

The Imaging Chemicals Market was $ 20.39 billion in 2022 and is predicted to reach $ 29.85 billion by 2028, with a CAGR of 6.1% between (2023-2028)

Asia Pacific accounted for the majority of the imaging chemicals market worldwide. Imaging chemicals are employed in photographic imaging technology, including medical and industrial X-ray imaging, consumer photography, and the production of lithographic plates employed in graphic arts. The worldwide imaging chemicals market is driven primarily by the growing call for imaging chemicals from the medical industry. This expansion can be attributed to its greater clarity in medical diagnosis. The market is positively influenced by the escalating prevalence of cancer and brain disorders and the escalating research and development of imaging chemicals in the medical industry.

The imaging chemicals market is undergoing several major transformations. These high-performance chemicals enhance the imaging process by providing clarity. They have gained the highest popularity in various application segments. Medical applications dominate all areas due to higher treatment costs. The imaging chemicals industry is constantly changing. Customers are moving towards more environmentally friendly options that do not have harmful effects on their health. Manufacturers, therefore, focus on innovation and product development by incorporating organic compounds into the final product. These are expected to fuel the demand of the imaging chemicals market. 

Imaging Chemicals Market Drivers

Due to shorter lead times, high quality, lower printing costs for smaller print quantities, and easily customized printing, digital printing is widely adopted around the world. Although the conventional printing process represents the largest printing technology, digital printing is predicted to gain a significant market share from conventional printing technology during the foreseen period. This is predicted to drive the expansion of the printing inks employed in toners and ink cartridges during the foreseen period. However, a conventional printing technology should be employed for high-volume printing applications, such as newspaper and magazine printing, due to its low cost per print (for high volumes) and reliability for printing.

Imaging Chemicals Market Restraints

A growing trend toward digitization has led to a slow expansion in imaging chemicals. Electronic storage devices are rapidly replacing printed files. Electronic newspapers, electronic media, electronic commerce, and electronic advertising have significantly reduced the use of print media. This has had an impact on the use of imaging chemicals in application areas.

Opportunities in the Imaging Chemicals Market

Digital images are rapidly replacing traditional film photography. Digital imaging offers several advantages over film photography, such as shorter response times, faster development, and better color contrast. However, the call for motion picture photography is predicted to increase due to the increased use of photographic film by professional photographers. Kodak, a leading photographic film manufacturer, has relaunched its KODAK EKTACHROME Film product, which is employed for film and photography applications. Photographic film sales at major photographic film manufacturing companies, such as Kodak, Fujifilm, and Harman Technology, have increased in the past two to three years. This return to expansion in film photography is predicted to drive calls for developers, halt bath solutions, fixatives, and other chemicals employed in photographic film development.

Challenges in the Imaging Chemicals Market

One of the shortcomings of imaging chemicals is the higher cost of printing or developing images. Photographic film development uses developers, fixer,s and bath solutions, as well as other chemicals to produce the expensive image. Image development requires a dark room to process these films. Also, the development process is tedious and time-consuming, which increases the cost. The cost incurred is much higher than that of digital media storage. Rising raw material and energy costs are one of the main challenges facing the imaging chemicals market.

IMAGING CHEMICALS MARKET REPORT COVERAGE

Imaging Chemicals Market Segmentation

_{Imaging Chemicals Market - By Type}

• Imaging agents and toners
• Developers

Imaging agents dominate the entire product segment. They are predicted to increase significantly during the foreseen period. Its overall call is predicted to increase in the coming years due to significant investment in R&D, new product development, and expansion of applications in the medical field. Its high performance helps to achieve clear image quality. Therefore, these will experience considerable calls during the foreseen period 2022 - 2027.

Imaging Chemicals Market - By Application

• Medical

• Textile

• Mining

Medical applications will dominate the general market in 2021. Call from the medical sector is growing favorably due to the increase in the geriatric population and the escalating incidence of cancer and other heart diseases. In addition, growing awareness of people's health, increased government investment in the development of diagnostic centers, and increased spending capacity have supplemented the call for imaging chemicals in the medical sector.

Imaging Chemicals Market - By Region

The Imaging Chemicals Report includes the segmentation of Regions:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East & Africa 

APAC is predicted to be the fastest-growing market, by value, between 2021 and 2026. The Printing and Packaging Applications segment is the largest imaging chemicals application in the APAC region. The textile processing application is predicted to be the fastest-growing application for imaging chemicals in the APAC region. Increased exports and increased domestic consumption of textiles are predicted to stimulate the call for the textile printing market in the region. Emerging markets, such as China, India, and Thailand, among other countries, are the main expansion engines of the APAC market. Asia-Pacific dominated the worldwide imaging chemicals market in 2021 due to the strong call for imaging chemicals from the medical industry due to escalating geriatric population coupled with rising consumer income per capita. Additionally, the high penetration of imaging chemicals in the region's burgeoning textile and mining industry is likely to drive market expansion. North America was the second-largest market in 2021 due to the strong call for imaging chemicals from the region's packaging, medical and mining industries.

Impact of Covid-19 on the Imaging Chemicals Market:

As in other industries, COVID-19 has had an impact on the chemical industry and all of its sectors, influencing trends already in play, sometimes in surprising ways.These trends have had an impact on chemical end markets, particularly in the automotive and construction industries. The arrival of COVID-19 has further complicated the situation by depressing the automotive and construction sectors (as well as many other sectors) and disrupting existing supply chains.

Recent Developments 

JB Chemical & Pharmaceutical recently launched Definity Vial, an ultrasound contrast imaging product in India, as part of a multi-year exclusive marketing agreement with Lantheus Medical Imaging. The introduction of Definity in India reinforces the important role that this diagnostic imaging agent can play in helping physicians around the world make informed decisions about treatment and patient care.

Imaging Chemicals Market Key Players:

1. Eastman Kodak Company (U.K)Vivimed Labs (India)

2. DIC CORPORATION (Japan)

3. Flint Group (Luxembourg)

4. SAKATA INX CORPORATION (Japan)

5. TOYO INK SC HOLDINGS CO. LTD. (Japan)

6. Siegwerk Druckfarben AG & Co. KGaA (Germany)

7. T&K TOKA Corporation (Japan)

8. Fujifilm (Japan)

9. Qingdao Scienoc Chemical Co., Ltd (China)