Chemical Indicator Inks Market, Size, Share, and Trends Analysis Report, by Product (Solvent-Based, Water-Based, UV Cure), By Sterilization Process, By Printing Process, By Applications (Sterile Bags, Tags and Labels, Tapes) and Segment Forecasts to 2024

Industry Insights

The global chemical indicator inks market size was valued at USD 39.4 million in 2015. The market is expected to witness growth at a CAGR of around 8% over the forecast period on account of its increasing use on tags & labels in the healthcare sector. These products are primarily employed in the sterilization monitoring process wherein they undergo a permanent change on exposure to predefined temperatures and specific sterilants.

Increasing product use in the manufacturing of IV & blood containers and pouches to avoid infection among patients is anticipated to fuel demand over the forecast period. Furthermore, numerous mandates in the U.S., France, and the UK for sterilization is expected to propel product use in the healthcare industry over the next eight years.

These products are designed to react in specific sterilization processes. Any ink that is manufactured and developed to signal in the ethylene oxide process is not likely to be successful in steam sterilization. Increasing product demand for use in numerous sterilization processes particularly in North America is expected to have a positive impact on the industry over the forecast period.

Rising R&D expenditure by companies present in the industry for the development of efficient products for use in various sterilization procedures is expected to fuel market growth over the forecast period.

Increasing occurrence of nosocomial diseases coupled with stringent regulations put forth by regulatory bodies including the EPA and EU for compulsory sterilization of surgical products such as surgical bags and pouches are expected to fuel product demand over the next eight years.

The study on chemical indicator inks market is segmented based on product, sterilization process, printing process, application, and regions. In terms of product, the market is divided into three major segments including solvent-based, water-based, and UV-cured.

An ink composition is considered to be solvent-based if they are greater than 25% solvent by weight. These inks comprise a solution of binder resin such as a phenol-formaldehyde or resorcinol-formaldehyde class of phenolic resin chemicals. UV cured chemical indicator inks are comparatively different than water-based and solvent-based inks as they do not contain solvent as drivers but instead use photo initiator polymers. Water-based inks are used on account of superior features such as eco-friendly nature, flexibility, compatibility with numerous substrates as well as their easy-to-use nature.

Fluctuating reseller margins coupled with the unavailability of raw materials contributes to price escalation. Wide supply-demand gap is a contributing factor to the price volatility, particularly for PVC, owing to widespread applications. In addition, refinery economics and alternatives to PVC production are key factors contributing to price fluctuations.

Product Insights

Water-based chemical indicator ink is expected to be the fastest-growing segment from 2016 to 2024 and will grow at a CAGR of over 9.0% in terms of revenue. Superior product properties such as enhanced color, improved surface appearance, ink performance flow behavior, and gloss coupled with eco-friendly nature are key factors influencing surging product demand among manufacturers, and this trend is expected to continue over the forecast period.

UV curable inks are anticipated to witness significant growth over the forecast period. Technological innovations associated with the use of UV LED systems to enable ink curing is expected to enhance product quality, which in turn will propel demand over the next eight years.

Application Insights

Tapes were the largest application segment accounting for over 25% of global volume in 2015. Easy and instantaneous detection post completion of the sterilization process coupled with ease of use on surgical products is expected to propel product demand in tapes over the forecast period. This application segment is anticipated to be the fastest-growing over the next eight years.

The surging demand for product use in medical pouches is expected to significantly rise over the forecast period as these pouches assure high-quality product packaging and are employed for the sterilization of surgical products thereby satisfying hospital standards. Expansion of the healthcare industry, particularly in Europe is expected to have a positive impact on the indicator inks industry over the forecast period.

Sterilization Process Insights

Steam sterilization is one of the most common processes and is expected to witness significant growth over the forecast period. In 2015, the segment accounted for over 40% of the industry in terms of volume. This process involves autoclaving at extremely high temperatures which result in rapid sterilization of a surgical product and hence are widely employed in the healthcare sector.

The growth of the healthcare industry and increasing awareness regarding the use of chemical indicator inks primarily in Asian countries such as India and China is expected to fuel product demand over the next eight years.

Printing Process Insights

Flexographic printing accounted for over 70% of the industry's size in 2015. This technique is widely used owing to the ease of handling and printing on a variety of substrates including paper, and cardboard.

Also, the cost-effectiveness of this process is expected to fuel its adoption rate over the next eight years.

Regional Insights

North America was the largest regional market for chemical indicator inks in 2015 owing to growth in the healthcare industry particularly in the U.S. Rising need for medical sterilization processes on account of stringent regulations by regulatory bodies in order to avoid nosocomial infections in hospitals and other medical institutions are expected to have a positive impact on the market over the forecast period.

Asia-Pacific is anticipated to witness rapid growth over the next eight years on account of tremendous growth in the healthcare industry. This region is estimated to grow at a CAGR of over 8% over the forecast period which in turn will fuel product market growth.

Chemical Indicator Inks Market Share Insights

The chemical indicator inks industry is highly fragmented in nature. Numerous mergers & acquisitions and new product launches coupled with creasing R&D investments for product development are major trends witnessed within the industry.

Key players operating in the chemical indicator inks industry include Steritec Products Inc., North American Science Associates Inc., Riken Chemical Co., Ltd., Propper Manufacturing Company, Inc., 3M, Tempil, NiGK Corporation, ETIGAM bv, Steris Corporation, gke GmbH, Crosstex International Inc., and Terragene.

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