The imaging chemicals market was USD 31.7 billion in 2023, which will touch USD 47.0 billion, with a 5.8% compound annual growth rate, by 2030.
The growth of this industry is primarily because of the different uses of these chemicals like packaging, printing, textiles, and medical diagnostics.
The growing occurrence of brain disorders, cancer, and various other illnesses boosts the need for diagnostic imaging tests, including magnetic resonance imaging, computed tomography, and X-rays.
The printing inks category, based on type, led the industry, with a 70.0% share, and it will further advance at a significant rate in the years to come. This can be because of their extensive use in the coloring of paper, plastics, metals, textiles, and glass.
Furthermore, the growing acceptance of digital printing, as it is quicker and more effective compared to traditional processes, is further boosting this category expansion. The acceptance of digital printing is also rising because of the shifting customer demands.
North America was the largest contributor to the industry in 2023, with a 45% share. This can be ascribed to the existence of highly developed healthcare infrastructure in this continent, as well as the increasing customer spending on healthcare.
In addition, the U.S. was a significant contributor to the North American industry. This is because of the use of developed healthcare technologies in this country, coupled with the rising research activities in the continent.
APAC will advance at the fastest rate throughout this decade. This can be ascribed to the developing economy, increasing efforts of the major players to increase their share in the region, and the growing count of production facilities of imaging chemicals.
With the rising application of these chemicals across different sectors, the imaging chemicals industry will continuously advance in the years to come.