Imaging Chemicals Market To Hit Value .9 Billion By 2025Posted by Mrudula Anil Karmarkar on December 4th, 2020 The global imaging chemicals market is expected to reach USD 11.9 billion by 2025, according to a new report by Grand View Research, Inc. Globally increasing application in medical diagnostics imaging has been a major factor driving market growth. In addition, growing consciousness regarding the advantages of organic pigments has also led to increased demand globally. The global market is benefitted with rapidly advancing technologies coupled with rising demand from the medical sector. These high-performance chemicals enhance the process of imaging by providing clarity to it. These chemicals have gained utmost popularity across several application segments. Medical applications dominate the overall application areas owing to higher costs of treatment. Imaging agents & toners were the largest product category in 2016 and is expected to maintain a comparatively slower growth rate over the forecast period. The developer was the major imaging chemical consumed with a share of over 15% in 2016. Mining applications are expected to observe the fastest growth over the next eight years with an estimated CAGR of around 6.8% from 2017 to 2025. It has been evident that imaging chemicals are gaining adoption in mineral exploration activities across the mining industry, which is driving its market demand. In addition, increasing usage of imaging chemicals in North America and Europe in mining is also expected to boost its demand over the forecast period. Further key findings from the report suggest:
The imaging chemicals industry is undergoing several significant transformations. The market is benefitted with rapidly advancing technologies coupled with rising demand from the medical sector. These high-performance chemicals enhance the process of imaging by providing clarity to it. They have gained utmost popularity across several application segments. Medical applications dominate the overall areas owing to higher costs of treatment. Key players include BASF, Vivimed Labs Ltd., Dow Chemical Company, Kao Corporation, Becton Dickinson and Company, Clariant Chemical Company, and others. The market is concentrated in nature where the major share is held with large key players. Companies have engaged in adopting several strategic initiatives including, product launches, collaborations, and agreements in order to strengthen their market presence. Integration across the value chain is expected to be a crucial element in the upcoming years as most of the manufacturers are trying to manage costs and, therefore, backward and forward integration will be essential. Factors such as stronger manufacturer-supplier relationships and tie-ups at multiple distribution levels are expected to be critical for companies to gain a competitive advantage over the forecast period. The integration across the manufacturing of raw materials, and direct distribution reduces the cost of individual segments in the value chain and this is a key factor for the surge in profits. The imaging chemicals industry is undergoing constant changes. The customer base is moving towards options that are eco-friendlier and do not lead to any ill-effects on health. Thus, manufacturers are focusing on product innovation and development through the incorporation of organic compounds into the final product. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/4598/ibb Key participants include BASF, Vivimed Labs Ltd., Dow Chemical Company, Kao Corporation, Becton Dickinson and Company, Clariant Chemical Company, and others. Companies are adopting backward and forward integration in order to increase their contribution margins and have higher bargaining power. This will intensify the competition and help in pushing the growth over the forecast period. Research and development activities along with the increasing of the product lines owing to the addition of new products will have a major impact on the overall competitive scenario over the forecast period. Grand View Research has segmented the global imaging chemicals market on the basis of product, application: Product Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author
|