The market for imaging chemicals is expected to grow from US$25.43 billion in 2021 to US$26.94 billion in FY 2022. The industry saw a 5.9% year-over-year gain in the last 12 months. Sales of imaging chemicals are expected to grow at a compound annual growth rate (CAGR) of 6% from 2022 to 2032, reaching a value of US$ 48.2 billion by the end of that year.
With a recorded CAGR of 6% during the historical period of assessment from 2015 to 2021, the demand for printing inks is expected to continue to grow, while the demand for imaging chemicals for medical diagnostics increased at a pace of 7% during the same period. The global market will be dominated by North America, which is expected to expand by $12.5 billion between 2022 and 2032.
Country-wise Analysis:
The Centers for Disease Control and Prevention (CDC) reports that 60% of U.S. adults suffer from at least one chronic disease, with 4 in 10 having two or more, including chronic lung disease, heart disease, and cancer.
As a result, the demand for X-rays, CT scans, MRI scans, and ultrasounds—all of which rely on high-grade imaging equipment—has surged, driving the need for imaging chemicals in the healthcare sector.
Category-wise Insights:
At a compound annual growth rate (CAGR) of 6%, printer ink sales are expected to reach US$ 16.4 billion by 2032. Printing inks are widely used in a wide range of sectors, from technical domains like industrial printing to general media.
Manufacturers are concentrating on cutting-edge printing solutions to satisfy growing demands as the importance of appropriate labelling increases. Industry surveys predict that this tendency will greatly accelerate the expansion of the imaging chemicals market.
Competitive Landscape:
Leading imaging chemical companies focus on partnerships, collaborations, acquisitions, and new product launches to maintain their competitive edge. A key priority for these players is continuous innovation to enhance client-customer relationships.
In June 2021, ALTANA AG secured a revolving credit facility from a consortium of eight major banks, amounting to €250 million. This funding, spanning 5 to 7 years, supports ALTANA’s sustainability agenda, requiring adherence to stringent ESG (Environmental, Social, Governance) practices in areas including imaging chemicals.
Additionally, in June 2021, Eastman Kodak Company and West World Paper (WWP) entered into a reseller agreement, positioning WWP as a key supplier of Kodak Commercial Print Solutions across Western Canada for the foreseeable future.
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