Chemical Indicator Inks Market size is forecast to touch USD 78.35 million by 2024: Global Market Insights Inc.
Chemical Indicator Inks Market size is forecast to touch USD 78.35 million by 2024; according to a new research report by Global Market Insights, Inc.
Robust sterilization equipment & disinfectants demand will propel global chemical indicator inks market size. Sterilization device demand will be driven by increased surgical instruments reprocessing technique, which was valued more than USD 5.5 billion. Furthermore, improvised technologies such as steam, hydrogen peroxide & plasma and ethylene oxide will stimulate demand. For instance, steam sterilization accounted more than 40% of global share in 2015 owing to its widespread medical applications as the process carries no toxic content.
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Increasing health care spending across Asia Pacific over the last few years has complemented chemical indicator inks market share. Also, rising awareness towards sterilization along with new medical procedures adoption in these countries will enhance growth. China’s healthcare expenditure was approximately 5% of their GDP in 2014. In addition, favoring government regulations to direct chemical indicator inks use in the sterilization process will further propel industry growth.
These compounds are used in creams, lipsticks, lotions, pack materials, and nail enamels as well. Furthermore, apart from skin care products, they are also used to manufacture hair care and oral care products. They possess the ability to form an elastic film on hair, thereby imparting softness and physical strength to hair fiber. Increasing consumer’s awareness towards physical appearance is likely to upsurge chitosan market growth over the forecast timeframe.
Chemical indicator inks are highly dependent on sterilization processes used for sterilizing surgical and other instruments. Ink formulation changes according the sterilant used and significantly affects the accuracy of chemical indicators if the ink is not correctly formulated, which may hamper industry growth by 2024. Commercialization of bio-based inks for food & beverages packaging might be an opportunity towards growth. In canned food, these indicators could be certainly helpful in providing precise information regarding the completion of sterilization based on various sterilants on attainment of certain temperature. This would eventually avoid excessive food overheating, thereby retaining the nutrient value. In 2015, global metal packaging industry size was more than USD 100 billion. Consequently, propelling chemical indicator inks market size by 2024.
Browse key industry insights spread across 150 pages with 269 market data tables & 16 figures & charts from the report, “Chemical Indicator Inks Market Size By Sterilization Process (Steam, Ethylene Oxide, Vaporized Hydrogen & Plasma, Formaldehyde), By Printing Process (Flexographic, Rotogravure, Screen), By Product (Solvent-based, Water-based, UV-Cured), By Application (Sterile Bags, Sterile Bottles, IV & Blood Containers, Prefillable Syringes, Thermoformed Trays, Pouches, Tags & Labels, Tapes), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global chemical indicator inks market size is poised to surpass USD 78.35 million by 2024, at a CAGR of over 8%.
- In 2015, steam sterilization was valued over USD 15 million. This process is nontoxic, rapidly microbicidal, sporicidal, rapidly heats and penetrates fabrics, which makes it desirable over other sterilization process.
- Formaldehyde sterilization must experience gains more than 7% CAGR by 2024. Formaldehyde is used disinfectant and sterilant as it deactivates microorganisms by alkylation. However, it has limited health care use due to its irritating fumes and pungent odor.
- Rotogravure printing must experience gains over 6% CAGR.
- Water based inks are projected to witness 8% growth. Stringent government regulations favoring ecofriendly solvents such as water, will drive chemical indicator inks market size for water based product.
- In 2015, sterile bag demand for chemical indicator inks was more than USD 3.5 million. These bags are transparent, perforated and offers sterilant penetration ease for complete sterilization, making them appropriate for medical applications.
- Chemical indicator inks in tapes will witness highest growth over 9% by 2024. Increasing indicator tapes demand to provide added information will boost chemical indicator inks market share for tapes.
Global chemical indicator inks market share is highly consolidated with major industry participants accounting over half of global volume in 2015. Tempil, North American Science Associates (NAMSA), 3M, Terragene SA and STERIS are major industry players. Other prominent industry contributors are NiGK, Riken Chemical, Crosstex and gke Gmbh.