Global Chemical Indicator Inks Market: Snapshot
The global market for chemical indicator inks, the inks that are utilized in the production of a variety of chemical indicators, has witnessed vast developments in terms of manufacturing technologies, available products, and the potency of these inks in terms of reliable sterilization of the target object. The market has gained traction owing to rising demand in the healthcare industry across developed as well as developing economies. With a vast rise in infectious diseases and nosocomial diseases, the healthcare industry has been focusing more on the proper sterilization of supplies, medical equipment, and surgical instruments that are often reused and are in surgeries and direct patient care.
According to the report, the global chemical indicator inks will exhibit an impressive 8.4% CAGR over the period between 2014 and 2020, rising from a valuation of US$30.2 mn in 2013 to a revenue opportunity of US$53.1 mn by 2020.
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Water-based Inks to Remain Leading Product Variety
Of the key product varieties in the global chemical indicator inks market, including water-based inks, UV-cured inks, and solvent-based inks, the segment of water-based inks accounted for the dominant share of nearly 50% of the overall market in 2013 and continues to lead in terms of growth pace. Water-based chemical indicator inks are likely to remain highly popular over the forecast period and their market is expected to surge at a 7.7% CAGR from 2014 to 2020. This can be attributed to the vast usage of water-based chemical indicator inks across a number of applications that require lower emission quotient of volatile organic compounds.
Based on the key applications of chemical indicator inks, the segment of tapes accounted for the dominant share of over 25% in the overall market in 2013. The segment is also likely to remain one of the leading consumers of chemical indicator inks over the forecast period. The use of these inks is also expected to rise at a promising pace in applications such as pouches, labels, and tags in the next few years. Factors such as immediate understanding about the achievement of sterilization and ease of usage are likely to help the tapes application segment lead in the global chemical indicator inks market.
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North America Market Continues to Account for Dominant Share in Global Market
Geographically, the global market for chemical indicator inks has been analyzed for regions such as Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Of these, the market in North America accounts for the dominant share in the overall market and continues its bullish run owing to the rising demand for chemical indicators in the field of medical sterilization.
The market in Asia Pacific is a lucrative one and is likely to expand at an impressive pace over the report’s forecast period. Factors such as the increased awareness regarding hospital-acquired infections, vast rise in the need for reliable sterilization methods in the food and beverages industry, and the entry of several China-based companies with economical products will work in favor of the Asia Pacific market. The market in Middle East and Africa and Latin America is also expected to present promising growth opportunities owing to a notable rise in application areas of chemical indicator inks in these regions.