Sellbyville, DE -- (SBWIRE) -- 12/05/2018 -- Robust growth indicators in the sterilization equipment & disinfectants business globally will be the chief growth driver for the chemical indicator inks market over the forecast 2016-2024.
Chemical Indicator Inks Market is forecast to exceed USD 78.3 million according to this new research report. Robust growth indicators in the sterilization equipment & disinfectants business globally will be the chief growth driver for the chemical indicator inks market over the forecast timespan. Sterilization process is mainly used in surgical instruments, owing to the constant with patient throughout operation or surgery. Increasing investments in healthcare sectors of Asia Pacific countries including China, India and Japan will subsequently fuel the product demand in the near future. The industry will follow similar growth dynamics with food & beverage segment, as the product is extensively used in packaging and labelling of canned food such as meat, fish, etc.
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The solvents used in rotogravure and flexographic printing processes, have petrochemicals in it, which release substantial amount of toxic VOCs. The growing popularity of bio-based inks, which is made of organic materials as solvents shall open new growth avenues for chemical indicator inks market over the next few years.
Steam sterilization segment generated revenue close to USD 15 million in 2016. This is a preferred process in medical sterilization due to its non-toxic content and its applicability to semi-critical and critical items that are moisture and heat resistant.
Flexographic printing process demand is anticipated to rise at over 9% CAGR in the forecast timespan. It is a widely-used process and can be used in various substrates such as plastic and paper. The segment shall witness similar growth trends for the coming years on account of availability of numerous printing substrates coupled with increasing usage of eco-friendly water-based chemical indicator inks in the market.
In 2016, water-based inks segment generated revenue more than USD 18 million. This segment shall grow at significant rate owing to the increasing regulations regarding environment protection against VOC emissions.
Sterile bag segment of chemical indicator inks market in 2016 was worth more than USD 3.5 million and shall witness significant growth over the forecast duration. It is attributed to the widespread usage in medical equipment industry. Sterile bags are perforated and transparent and help in sterilant penetration for whole sterilization process.
Tapes segment will witness gains close to 9% in the forecast timespan. Tapes have adhesives on first side & chemical indicator inks on another. The product facilitates pasting convenience and instant identification of the sterilization process by change in color inks of the tapes. Indicator inks tapes are used for wrapping packs of ethylene oxide and steam. It can be printed directly with additional instructions, so that consumers can properly use and dispose it off.
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In 2016, North America, especially the U.S, held a major share of chemical indicator inks market worth more than USD 13 million. Growing demand for healthcare amenities will accelerate product demand for the sterilization process, which in turn will boost industry growth. The chemical indicator inks market in Europe shall witness a CAGR of close to 8% owing to rising environmental concerns for VOC emission, which in turn will propel water-based inks consumption.
In 2016, chemical indicator inks market was consolidated with key companies holding close to half of industry share. Key industry players are 3M, Tempil, NiGK Corporation, Terragene SA, Riken Chemical and STERIS.
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