By Product
Rising demand for sterilization of surgical instruments to drive chemical indicator inks market growth
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.
U.S Chemical Indicator Inks Market size, by sterilization process, 2013-2024 (USD ‘000)
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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Ethylene oxide sterilization process is anticipated to record a CAGR of 8% over the period of 2016-2024 owing to its use in pharmaceutical & medical products sterilization as well as its use in low temperature applications. Formaldehyde sterilization process is projected to record a CAGR of 7% over the forecast timeframe, owing to its use as a disinfectant for deactivating microorganisms through alkylation.
Global chemical indicator inks market is primarily driven by its applications in thermoformed trays, sterile bags, tapes, sterile bottles, IV & blood containers, pouches, refillable syringes, and tags & labels. They are also used in canned foods like fish & meat to provide information about the sterilization process completion and thus avoid excessive overheating of foods resulting in retention of food nutrients. Chemical indicator inks demand in Sterile bags applications was over USD 3.5 million in 2015 and is predicted to increase over the forecast period.
Water-based chemical indicator inks market is predicted to witness highest gains at 8% over the forecast period owing to strict government norms favoring solvents such as water due to their ecofriendly features.
North America chemical indicator inks market worth USD 13 million in 2015, is predicted to witness a significant growth over the forecast timeline due to growing geriatric population leading to heavy product demand for sterilization monitoring in the healthcare industry. U.S. market worth size worth USD 13 million in 2015, is predicted to contribute significantly towards the regional growth over the forecast timeline. Europe chemical indicator inks market is predicted to record a CAGR of 8% over the period of 2016-2024 due to rising ecological concerns due to VOC emissions.
Key industry players include 3M, Terragene SA, NiGK Corporation, STERIS, North American Science Association (NAMSA), Riken Chemical, Crosstex International Incorporation, and gke GmbH.
Author Name : Dhananjay Punekar
Corrosion inhibitors market trends are driven by demand for pure and clean water in various industries
Industry Trends
Global Corrosion Inhibitors Market size was projected to expand at more than 5100 kilo tons for 2015 in terms of size and is expected to register higher than 4% CAGR by end of forecast timeline. The industry revenue is projected to surpass $ 8.9 billion by end of forecast timeline.
Global water treatment chemicals industry is projected to register revenue of more than $32 billion by end of forecast timeline. Growing demand for pure and clean water in different industrial segments like medical segment, chemical segment and electronics segment is projected to promote corrosion inhibitors industry trends.
MEA corrosion inhibitors market size, by end-use, (USD Million) 2012-2023
Expansion of green corrosion inhibitors industry can witness a breakthrough in product techniques and demand. Increased use of corrosion inhibitors has led to correct steps being taken for its disposal. Inappropriate disposal adversely impacts the climate which can lead to instability in global corrosion inhibitors market price trends.
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Application Trends
Global corrosion inhibitors industry is segmented into various applications like oil based application or solvent based application and water based application.
Water based application segment is projected to surpass $6.8 billion revenue by end of forecast timeline. These applications are projected to experience growth and are promoted by rising water treatment requirements and demographic indicators. Rise in energy production, construction sector, refining and mining sector is projected to lead to enhanced demand for the segment.
Solvent based application segment is projected to record CAGR of 4.3% by end of forecast timeline. These kind of applications make a protective barrier coating on surface of metal to avoid contact of water and thus prevents corrosion. Consistent performance of oil or solvent based application segment is a main aspect of segment growth.
Product Trends
Global corrosion inhibitors market is segmented into organic and inorganic products. Organic products segment is projected to register a CAGR of 5.2% in terms of size during forecast timeline.
Inorganic products segment was evaluated at more than $1.8 billion for 2015. Superlative features and rising legislations about use of inorganic products are crucial for industry expansion during forecast timeline.
End Use Trends
Global corrosion inhibitors industry is segmented into end use applications like power production, oil & gas, metal processing, pulp & paper and chemical processing.
Power production segment contributed more than $1.9 billion of overall revenue for 2015. It aids in effective operations of electronics, gas turbines, switch gears and pumps. Due to all these factors the segment is predicted to experience a tremendous growth in future.
Oil & gas segment is projected to record CAGR of 5.9% by end of forecast timeline. Growing exploration of oil & gas all across the globe is projected to promote the industry growth.
Pulp & paper segment along with chemical and metal processing segments contributed to significant portion of overall demand for 2015.
Regional Trends
Global corrosion inhibitors market is segmented into key geographical locations like North America, LATAM, Europe, Asia Pacific and Middle East & Africa.
U.S. corrosion inhibitors market share is predicted to grow more than 4.1% during forecast timeline. Metal applications, cement & concrete applications and industrial coatings uses are predicted to be key drivers of the industry growth in the region in future.
European industry demand for corrosion inhibitors is projected to touch 1901 kilo tons by end of forecast timeframe. Development of construction sector, mining sector, production sector and oil & gas industry in Europe is projected to propel regional industry expansion. Further, rising concerns about water pollution as well as waste water treatment can promote inorganic items demand.
Asia Pacific, led by India and China corrosion inhibitors market share, is projected to witness more than $3 billion revenue growth by end of forecast period. Rapid industrialization in countries like India and China along with heavy requirement for minimizing maintenance prices to acquire competitive benefit is predicted to promote regional industry growth. Furthermore, heavy automobile production index in APAC promoted by product growth along with research & development activities are projected to propel industry growth in the region.
Middle East & Africa and LATAM corrosion inhibitors market expansion is predicted to witness substantial growth during forecast timeline.
Competitive Trends
Key industry players profiled in the report include The Lubrizol Corporation, Daubert Cromwell LLC, Ashland Incorporation, DuPont, Cortec Corporation, DOW, Eastman, AkzoNobel N.V., Champion Technologies, Ecolab Incorporation, Marott Graphic Services, GE Water & Process Technologies, BASF SE and General Electricals.
Author Name : Dhananjay Punekar
Global Market Insights Inc. 