Global Chemical Indicator Inks Market to surpass $78.35 mn by 2024, at a CAGR of over 8%
OCEAN VIEW, Del., Oct. 27, 2017 /PRNewswire-iReach/ -- Chemical Indicator Inks Market is 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.
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Sterilization processes are mostly used to sterilize and disinfect surgical equipment owing to its direct patient contact during surgery. The growing use of these processes to prevent hospital- acquired infections will promote the growth for chemical indicator inks over the coming years. As per Global Market Insights Inc., "Chemical Indicator Inks Market size worth USD 35 million in 2015, is anticipated to reach USD 78.30 million mark by 2024, growing at a CAGR of 7% over the period of 2016-2024." In addition to this, advanced sterilization processes such as vaporized hydrogen & plasma, steam, ethylene oxide, and formaldehyde are predicted to further stimulate the industry growth over the coming years. The global surgical instrument industry produced a revenue over USD 5.5 billion in 2015 and is expected to boost chemical indicator inks industry growth significantly.
Sterilization processes have a great significance in surgical equipment industry and is classified into steam, formaldehyde, vaporized hydrogen & plasma, and ethylene oxide process. Steam sterilization process produced revenue of USD 15 million in 2015 and is mostly preferred in medical sterilization application as it is nontoxic, sporicidal, microbicidal, heats quickly, and penetrates fabrics.
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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
Browse key industry insights spread across 150 pages with 269 market data tables & 16 figures & charts from the report, "Chemical Indicator Inks Market Share & Forecast, 2016 - 2024" in detail along with the table of contents:
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