Chemical Indicator Inks Market Growth by 2024: 3M, Tempil, NiGK Corporation, Riken Chemical, Terragene SA, STERIS, North American Science Associates Inc. (NAMSA), Crosste
Asia Pacific may stimulate noteworthy growth to global chemical indicator inks market. Over the past few years, the region has recorded increasing spending on healthcare. It is also registering a rising trend towards the adoption of new medical procedures.
Ocean View, DE -- (SBWire) -- 06/30/2020 --Global Market Insights, Inc. estimates chemical indicator inks market share is expected to generate USD 78.35 million by 2024. Especially in canned food, bio-based inks are used to help provide precise information regarding product sterilization. This information could help in avoiding excessive heating of canned products. Rapid advancements in metal packaging industry is likely to supplement product traction. In 2015, the global metal packaging industry was recorded around USD 100 billion. Speculating these figures, the chemical indicator inks market is anticipated to register substantial gains by 2024. Stringent government regulations that are adamant on using eco-friendly solvents could further stimulate product adoption.
As per application, chemical indicator tapes are expected to show high growth rate of over 9% by 2024. Whereas sterile bags are witnessed gaining increasing penetration in hospitals and health clinics. These bags are transparent and perforated, and offer great sterilant protection. These feature makes sterile bags a great option for various medical procedures. In 2015, demand for sterile bags had crossed USD 3.5 million and is projected to show momentous growth in the future.
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Growth Drivers are
- Robust demand in surgical instruments
- Rising awareness of sterilization procedures along with stringent governmental regulations for sterilization
In terms of regional outlook, Asia Pacific may stimulate noteworthy growth to global chemical indicator inks market. Over the past few years, the region has recorded increasing spending on healthcare. It is also registering a rising trend towards the adoption of new medical procedures.
Proactive federal regulations that eye on using eco-friendly chemical indicators inks could enhance product penetration. Increasing healthcare spending across developing countries like China may further foster APAC chemical indicator inks outlook. In 2014, healthcare spending in China accounted for 5% of the country's GDP.
Growing demand for disinfectants and sterilization equipment is expected to drive the chemical indicator inks market. The product is used in the sterilization processes of surgical instruments. Upsurge significance towards device sterilization may potentially influence chemical indicator inks demand. The advent of improvised technologies such as hydrogen peroxide & plasma, ethylene oxide and steam sterilization could further shape overall industry outlook.
Citing reports, in 2015, steam sterilization held over 40% of the global chemical sterilization share. This was mainly due to its extensive use in medical applications, positioning steam as a great sterilization process that carries no toxic content.
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Sterilization using formaldehyde has also influenced chemical indicator inks demand. According to studies, formaldehyde sterilization could experience over 7% CAGR by 2024. The process basically involves alkylation to disinfect or sterilant equipment. However, its use may be limited due to the irritating fumes and pungent odor emitted from formaldehyde.
Growing environmental awareness has accelerated the demand for water-based chemical indicator inks. The segment is expected to witness 8% growth in the coming years.
Groundbreaking advancements initiated by leading players like North American Science Associates (NAMSA), Tempil, Terragene SA, STERIS and 3M could support global chemical indicator inks market expansion. Companies like Riken Chemical, NiGK, Crosstex and gke Gmbh are aiding industry growth.
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