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.
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Further key findings from the report suggest:
The global imaging chemicals market generated a revenue of USD 7,201.3 million in 2016 and is expected to grow at a CAGR of 5.8% from 2017 to 2025
Medical emerged as the largest application segment in 2016 and is estimated to generate considerable revenue by 2025
Developers was the major imaging chemical consumed with a share of over 15% in 2016. It is expected to grow at a substantial growth rate over the forecast period
The industry in the Asia Pacific is projected to witness the fastest growth over the next decade owing to rising demand from India and China.
Key players including BASF, Dow Chemical Company, and Clariant Chemical Company
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